Diplomatic World_69

H.E. ABDULSALAM AL MURSHIDI
PRESIDENT OF
THE OMAN INVESTMENT AUTHORITY
The Oman Investment Authority maintains
its core focus on investing and maximizing
wealth creation for future generations
HOW HAS THE ESTABLISHMENT OF OMAN
INVESTMENT AUTHORITY CHANGED THE
NATIONAL INVESTMENT LANDSCAPE AND
WHERE DID IT PLACE OMAN AMONG OTHER
SOVEREIGN WEALTH FUNDS (SWFS)?
After the establishment of the Oman Investment Authority (OIA)
and the inclusion of the government assets under one umbrella,
OIA’s size enlarged and its national portfolio currently represents
around 25 percent of the national GDP.
• Forming a common ground for the policies and systems of
these companies in alignment with the overall strategic policies
of OIA;
• Aligning with Oman Vision 2040 under the ultimate objective of
economic diversification;
• Enhancing productivity and cooperation between the companies
and increase their efficiency and ability to share the
resources available to them, whether in terms of human
resources, fixed or moveable assets, with the ultimate goal
of national interest.
OIA holds national companies in various sectors of the economy
and plays a vital role in contributing to the growth and development
of the Omani overall economy with focus on the Government
targeted sectors as per the different national programs
(5 year mid-term plans, Vision 2040, etc). In addition, OIA
maintains its core focus on investing and maximizing wealth
creation for future generations. Moreover, the establishment
of OIA streamlined a single access point for investors across
various sectors of the Omani economy and enabled synergetic
opportunities.
As per the latest available data, there are around 90 Sovereign
Wealth Funds (SWFs) all over the globe with 20 more under establishment.
SWF’s wealth in the GCC (Gulf Cooperation Council
countries) aggregates to around USD 2 trillion, and OIA is part of
that constellation.
OIA has also worked on the development of performance indicators
of the boards of directors and directed them to develop
performance indicators for companies to follow the performance
closely and review any deviation in the objectives to be achieved.
Accordingly, the principle of accountability and follow-up has
been activated in accordance with best practices.
COULD YOU TELL US ABOUT THE DEVELOPMENT
OF THE PRIVATE SECTOR AND PUBLIC-PRIVATE
PARTNERSHIPS IN OMAN
The government is aiming at a more active role by the private
sector in the economy. Therefore, private sector participation and
foreign investment are envisaged to play significant role in this
process.
HOW DID THE GOVERNANCE FRAMEWORK
LAUNCHED BY OIA RECENTLY IMPACT THE
PERFORMANCE OF OMANI SOES?
The performance of the companies in general has improved and
positively impacted since the implementation of the newly introduced
Governance framework. ‘Rawabet’ program was launched
immediately after the establishment of OIA with the aim of:
• Establishing the general framework for the governance and
strategies of SOEs;
To this end, the government has passed a number of laws to
provide an enabling environment for the achievement of the
Vision’s objectives. Namely:
• Public Private Partnership Law
• Privatization Law
• Foreign Capital Investment Law
• Commercial Companies Law
• Bankruptcy Law
Moreover, OIA embarked on contributing to this national goal
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