Muscat: The members of Majlis Ash’shura were briefed on the most prominent local and global government investments overseen by Oman Investment Authority (OIA), the reality of the current national investments and the contributions of OIA to supporting the state’s general budget, on Sunday.
Abdulsalam bin Mohammed al Murshidi, Chairman of OIA and CEOs of companies under OIA, staged a visual display before the members of Majlis Ash’shura in the presence of Shaikh Khalid bin Hilal al Maawali, Chairman of Majlis Ash’shura and Shaikh Ahmed bin Mohammed al Nadabi, Secretary-General of Majlis Ash'shura.
The chairman of OIA stressed that the Authority is keen on establishing an investment portfolio based on the diversification of investment tools and assets in addition to its objectives to enhance economic diversification and attract investments as well as empowering the private sector through the public-private partnership to generate job opportunities for citizens and achieve fiscal sustainability.
Al Murshidi indicated that OIA distributed its investments between local and foreign investments for several reasons including the geographical and sectoral distribution of investments to reduce risks and build financial reserves to enhance savings for future generations and stabilize credit rating. OIA also targets to bring global advanced knowledge and technologies to the Sultanate of Oman in order to serve strategic sectors.
Local investments include stocks, bonds and deposits as well as companies and factories in more than 10 sectors in addition to various funds with friendly and brotherly countries, he said.
The chairman of OIA talked about some programmes and initiatives launched by the Authority including the In-Country Value Programme which aims at prioritizing Omani local products at an increasing preferential price in the range of 10 per cent and allowing negotiation for Omani product in case the unit price is 10 per cent higher than the lowest offered price. He also spoke about the OIA’s initiatives to support small and medium enterprise (SMEs) through a set of measures that aim at supporting and sustaining SMEs. This is in addition to OIA’s initiatives aimed at training and employing nationals by generating job opportunities in various vital sectors such as the logistics, energy and the industrial sectors.
The members of Majlis Ash’shura raised a number of questions that were mainly focused on the assets of the OIA, the annual net profits, the volume of international investments and the OIA’s plan to privatize a number of companies. The issue of investment in the healthcare sector and achieving pharmaceutical security and the investment orientations in this regard, were also discussed.
They also inquired about the expected risk level of foreign investments and the extent of the experience of the companies’ boards of directors in managing these companies in order to meet expectations and achieve objectives.
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