Oman: OIA companies repay $4.6bln of debt in 2024
MUSCAT: The 9th Rawabet Forum, showcasing the many innovations and achievements of Oman Investment Authority (OA) and its subsidiaries, was held under the auspices oaf Dr Khamis Saif al Jabri, Chairman of the Oman Vision 2040 Implementation Follow-up Unit. Also present were the board chairpersons and CEOs of OIA companies.
OIA highlighted its role in achieving the national agenda across various fields, with a particular focus on developing Oman's human capital. Over the past four years, more than 6,500 jobs have been created for Omanis within the Authority and its subsidiaries, achieving an Omanisation rate of 77.7 per cent out of a total workforce of 41,000 employees.
Abdulsalam al Murshidi, President of OIA, stated that the Authority recognizes its role not only in generating returns, but also in achieving the national agenda by contributing to economic diversification, maximizing in-country value, transferring knowledge and technology, creating job opportunities for Omanis, and building an institutional framework that exemplifies good governance and sustainability.
The Authority also showcased some of its efforts in ICV. Among those efforts are integrating it into the corporate performance scorecards of its subsidiaries, in addition to launching a social investment policy, which has been in effect since Q1 2024.
Additionally, the Authority highlighted its efforts to reduce its subsidiaries' indebtedness, aiming to enhance their capacity for investment and growth, improve their credit ratings, and enable them to generate profits and drive economic development. In 2024 alone, the Authority succeeded in repaying over RO 1.8 billion of its subsidiaries' debt.
The Authority also presented the latest developments in the National Development Fund (NDF) and its newly launched strategy. Since its establishment in 2021, the Fund contributed over RO 3 billion to the state's General Budget and exceeded RO 8 billion in capital investment spending across various projects in priority sectors aligned with Oman Vision 2040.
In addition, the Fund focused on synergies between its subsidiaries, recognizing the importance of collaboration to unify visions and promote collective efforts towards achieving the national goals. Notable examples of this include the collaboration between be'ah and most of the other subsidiaries, where be'ah manages industrial and hazardous waste produced by the companies. Another example is the cooperation between ITHCA and several subsidiaries to develop advanced technological solutions.
Furthermore, OIA launched the National Development Fund Strategy in to enhance its role in supporting Oman Vision 2040, a role it has played since its establishment. The Authority recapped its focus areas for the first five years of its establishment, clarifying the future direction, which aims to maximize its role in achieving the objectives of Oman Vision 2040.
The strategy set goals aligned with the vision, including leading the energy transition by relying on renewable energy sources and hydrogen to contribute to achieving Net-Zero by 2050, enhancing value-added downstream activities and localizing sectors, boosting Oman's competitive advantage, and exploring new areas to enhance community welfare. These objectives align with the pillars of Oman Vision 2040, which are to create a sustainable environment, a competitive economy, and a society of creative individuals.
During the forum, several agreements were also signed. ASYAD Group signed an agreement in partnership between Hafeet Rail Company and Takatuf Oman, aiming to qualify Omani talents in the transportation and logistics sector. Additionally, ASYAD Supply Chains signed an agreement with Minerals Development Oman to provide land and sea logistics services for the Yanqul Copper project.
Mazoon Mining secured a financing deal of $270 million from several local and regional banks. The company also signed multiple construction and service packages with specialized project implementation companies, including ASYAD Group, the Oman National Engineering and Investment Company (ONEIC), and STRABAG Oman.
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