Sayyid Theyazin graces IFSWF annual meeting in Muscat

Muscat: HH Sayyid Theyazin bin Haitham al Said, Minister of Culture, Sports and Youth, on Monday opened the 16th annual meeting of International Forum of Sovereign Wealth Funds (IFSWF) in Muscat.

The IFSWF 2024 meeting is hosted by the Sultanate of Oman, represented by the Oman Investment Authority (OIA). The event sees the participation of representatives of 50 sovereign funds from 46 countries in the world.

In a statement at the opening ceremony, HH Sayyid Theyazin said that the Sultanate of Oman’s hosting of the meeting affirms its high status among nations.

The event reflects Oman’s great ability to build bridges of cooperation and strengthen strategic partnerships with all. He added that “Choosing Oman to host the event constitutes a clear testimony to the country’s meeting global standards in governance and sustainability, commitment to wealth management standards and its dedication to the skills of wealth development and investment.

“It is a good coincidence that the hosting of this event occurs at a time Oman has been able to overcome economic challenges and pursue its march of stability and prosperity with steady steps, with the blessing of the Almighty Allah and the insightful vision of His Majesty the Sultan,” said HH Sayyid Theyazin.

He pointed out that the best evidence of this is Oman’s success in upgrading its credit rating as an “Investment Grade” country. Oman has thus opened up new vistas to global investments that stem from a great legacy, ambitious future vision and promising opportunities in all vital sectors, he explained.

In his statement, HH Sayyid Theyazin added: “We believe that this meeting is not just a passing occasion, but rather a valuable opportunity to showcase the diverse investment potential that abound in Oman. It reflects Oman’s keenness to strengthen relations with various sovereign funds in different countries of the world, establish strategic partnerships that benefit all and contribute to the realization of the goals Oman Vision 2040 that envisages a prosperous present and a bright future for the next generations of Omanis, thanks to the wisdom of the country’s leader.”

For his part, Abdul Salam bin Mohammed al Murshidi, Chairman of Oman Investment Authority (OIA), said that OIA’s investment portfolios contribute to the consolidation of the national economy, generate employment and business opportunities and develop future industries in cooperation with different government institutions and private sector establishments.

This has reinforced the Sultanate of Oman’s position and raised its rating to the level of “Creditworthiness”, thus reflecting the robustness of the financial standing and the transparency of the OIA’s operations, said Al Murshidi.

In his speech, Al Murshidi stressed that the Sultanate of Oman’s hosting of this meeting introduces the investment capabilities that prevail in Oman and highlight its efforts and commitment to achieving sustainable investment partnerships with the largest global sovereign wealth funds. The event also underlines Oman’s persistent efforts to open up new channels of cooperation in various sectors and present itself as a lucrative investment destination.

In his speech, Obaid Amrane, Acting Chairman of the International Forum of Sovereign Wealth Funds, said that major economic developments take place in the global arena in today’s world, including the emergence of artificial intelligence (AI) in a rapidly evolving environment, evoking hope in some cases and portending risks in other cases.

This, he explained, requires everyone to keep up with the speed of such evolving scenarios by making cautious decisions that could help diminish cyber threats and use artificial intelligence in a strategic and responsible manner.

He advised all to maintain a balance between investing in these opportunities and technical developments—on one hand—and, on the other hand, shouldering the responsibility of securing global financial stability. This is in addition to reinforcing the principles of "Santiago" and sound governance, he added.

American businessman Elon Musk spoke about innovation and artificial intelligence as a driving force for change and sustainability in the global economic arena.

In a speech on the occasion, Elon Musk stressed the need to give priority to human principles and ethical dimensions of safety in the current approach to develop economic intelligence technologies.

In his speech aired via video call, Elon Musk stressed the importance of sovereign wealth funds’ investing in sustainable development projects in the sectors of innovation and artificial intelligence. He also laid emphasis on the role of modern technology in enhancing investments and achieving economic returns for member countries.

For his part, American businessman Robert Smith underscored the significance of optimally exploiting artificial intelligence technologies in transactions of governments or the private sector. He noted that many investment portfolio companies currently make use of these technologies in their daily operations.

Oman Investment Authority designated “Al Mandoos Al Omani” as the logo for the meeting. Inspired by the deep-rooted Omani heritage, Al Mandoos, a solid decorative wooden box for collecting and storing precious items, has been in use throughout the stages of Omani history.

On the occasion of the Sultanate of Oman hosting IFSWF meeting, a commemorative silver coin and postage stamp were issued by Oman Investment Authority, in cooperation with the Central Bank of Oman.

The exceptional designs of the coin and the stamp reflect the essence of authentic Arab art and Oman’s ancient maritime history, as well as the innovative talent of Omanis and their rich cultural heritage. They embody the key elements of Omani heritage, themed “Oman is the land of opportunities.”

The agenda of the IFSWF forum, which lasts until November 6, 2024, includes dialogue sessions and workshops to discuss topics related to the world of investment, including energy transition, artificial intelligence and supply chains. A new board of directors for the IFSWF will also be elected during the forum.

The agenda also includes tours of historical and cultural landmarks, including the Royal Opera House Muscat (ROHM), the old city of Muscat, Al Mirani Fort, the city of Nizwa and Oman Across the Ages Museum.