Latest news with #AbdulsalambinMohammedalMurshidi
Muscat Daily
18 hours ago
- Business
- Muscat Daily
OIA posts RO1.6bn profit, ramps up local investment
Muscat – Oman Investment Authority (OIA) has reported strong financial results for 2024, announcing that its assets now exceed RO20bn, with annual profits reaching RO1.585bn. In line with its commitment to fiscal support, OIA injected RO800mn into the state budget last year. According to SWF Global, the authority is now ranked the world's eighth-best sovereign wealth fund in terms of five-year investment return rates. OIA continues to spread investment risks by diversifying geographically and across sectors. Its three portfolios – the National Development Fund (NDF), Future Generations Fund and Future Fund Oman – have exposure in more than 50 countries. Local investments accounted for the largest share at 61.3%, with North America next at 19.9%. The NDF, aligned with Oman Vision 2040, invested about RO1.9bn in local projects, exceeding its RO1.7bn target. Key projects include Duqm Refinery, Lasil and Al Baydha copper mines, Asyad Container Terminal, and Manah 1 and Manah 2 solar power plants. Internationally, the Future Generations Fund expanded its portfolio by investing in 13 global funds across technology, AI, energy, healthcare and fintech, besides backing Elon Musk's xAI initiative. Future Fund Oman, launched in January 2024, received 294 investment applications and approved 44 projects worth RO333.1mn. Major investments include the Sohar Poly Silicon plant – the largest outside China – and three new funds exceeding RO250mn in sectors like ICT, energy, agriculture, renewables, healthcare and electric vehicles. Efforts to attract foreign direct investment (FDI) brought in RO3.348bn in 2024, mainly in energy, tourism and mining. OIA also repaid RO1.846bn in debt for its companies, including early repayment of RO545mn for OQ Group loans, while government guarantees dropped from RO3.4bn to RO1.8bn. Its divestment programme exceeded set goals, with six asset exits, including the high-profile IPO of 25% of OQ Exploration & Production shares. Proceeds are being redirected to new diversification projects. OIA's local content and SME initiatives continue to expand. In 2024, it spent RO265.5mn with SMEs, including RO139mn for Riyada cardholders, making up nearly 20% of supply chain spend. It also launched a new mandatory list covering 311 local products and services and supported 38 SMEs with RO11mn. The authority created 1,393 new jobs for Omanis last year, raising the Omanisation rate to 77.7%. Abdulsalam bin Mohammed al Murshidi, President of OIA, said 2024 exceeded performance targets in job creation, local content and foreign investment, crediting the authority's achievements to the dedication of its national workforce.
Observer
07-04-2025
- Business
- Observer
Oman, Bhutan review prospects for cooperation
THIMPHU: Sayyid Badr bin Hamad al Busaidy, Foreign Minister met on Monday with Dasho Tshering Tobgay, Prime Minister of the Kingdom of Bhutan. This took place within the framework of the official visit paid by the Foreign Minister to Bhutan. During the meeting, the two sides reviewed areas of bilateral cooperation and means of enhancing them in various fields, especially in the economic, trade and investment spheres. Both sides underscored the importance of exchanging visits between businesspeople and investors from both countries in a manner that serves economic partnerships. The two ministers discussed means of cooperating in the fields of technology and sustainable energy in a bid to achieve sustainable development. Furthermore, the Foreign Minister also met with Lyonpo D N Dhungyel, Minister of Foreign Affairs and External Trade of the Kingdom of Bhutan. During this meeting, the two ministers touched on means of enhancing diplomatic cooperation between Oman and Bhutan, as well as exchanging support in matters of mutual interest on the regional and international levels. The two sides reviewed cooperation spheres in trade, investment, education and tourism. They also explored means of enhancing cultural and knowledge exchange to bolster bilateral relations and deepen communication links between the two friendly peoples. The two meetings were attended by Abdulsalam bin Mohammed al Murshidi, Chairman of Oman Investment Authority (OIA), Shaikh Abdulaziz bin Abdullah al Hinai, Ambassador-at-Large, Issa bin Saleh al Shaibani, Oman's Ambassador to the Republic of India and non-resident Ambassador to the Kingdom of Bhutan, alongside several officials from the Foreign Ministry. SMART CITY PROJECT The Sultanate of Oman has explored prospects for cooperation with the Kingdom of Bhutan in the technology-based developmental project of GMC (Gelephu Mindfulness City). A meeting to this effect was held in Thimphu city on Monday between an Omani team and the GMC project representatives. The Omani side at the meeting included Sayyid Badr bin Hamad al Busaidy, Foreign Minister, and Abdulsalam bin Mohammed al Murshidi, Chairman of Oman Investment Authority (OIA). The meeting was attended by Liew Mun Leong, CEO of GMC, the project developer. GMC project, one of Bhutan's most outstanding development initiatives, seeks to establish an integrated smart city that combines innovation, sustainability and knowledge-based economy. The project focuses on attracting investments in the sectors of advanced technology, education, healthcare and hospitality. The two sides expressed interest in exploring opportunities for cooperation and partnership through this project. The Omani side lauded the project's vision, noting that it could constitute a new platform for quality partnerships between investment parties in the Sultanate of Oman and the Kingdom of Bhutan. The meeting was attended by Shaikh Abdulaziz bin Abdullah al Hinai, Ambassador-at-Large (at the Foreign Ministry), Issa bin Saleh al Shaibani, Ambassador of the Sultanate of Oman to the Republic of India, Ambassador-Designate to the Kingdom of Bhutan, and other officials from the two countries. — ONA
Observer
27-03-2025
- Business
- Observer
MSX raises RO 12.5 billion in capital between 2018
The Muscat Stock Exchange (MSX) convened its second annual roundtable on Tuesday, March 25, bringing together the board chairs and chief executive officers of the top 15 listed companies. The event was held in the presence of Abdulsalam bin Mohammed al Murshidi, President of the Oman Investment Authority, and Mohammed bin Mahfouz al Ardhi, Chairman of the MSX Board, along with members of the Exchange's executive management. The gathering aimed to foster an open dialogue and exchange of strategic insights to further enhance the investment climate in Muscat's capital market. The forum also provided a platform for constructive engagement to elevate the Exchange's performance and reinforce its appeal to domestic and international investors. In his opening remarks, Al Ardhi emphasised the significance of maintaining a two-way communication channel between MSX and its listed companies. He underscored the importance of aligning efforts to sustainably grow Oman's financial market by fostering a collaborative partnership capable of adapting to dynamic local, regional and global economic shifts. 'We reaffirm our commitment to advancing the Muscat Stock Exchange in line with international best practices,' said Al Ardhi. 'These forums are essential in realising our shared aspirations of driving national economic growth, in line with Oman Vision 2040.' The event featured a comprehensive presentation by Haitham bin Salim al Salmi, CEO of the Muscat Stock Exchange, outlining the financial performance of listed firms and the Exchange's strategic initiatives to strengthen the investment environment and enhance shareholder wealth. Al Salmi highlighted that capital raised through the Exchange between 2018 and 2023 exceeded RO 12.5 billion, a significant rise from RO 2.9 billion. He further noted that the average annual return on investment at the close of 2024 reached an encouraging 6.45 per cent. Dividend payouts amounted to RO 527.7 million, reflecting a robust outlook as more companies begin to distribute earnings. The presentation also touched on key achievements, investor demographics and strategic initiatives aimed at upgrading MSX's classification from a frontier to an emerging market — an upgrade expected to significantly boost foreign investment inflows. Additionally, attendees deliberated on the newly introduced Guidance Manual for Dividend Distribution Policies for publicly listed companies. The document seeks to enhance transparency and support informed investor decision-making by standardising disclosure practices and dividend governance frameworks. The CEO also reviewed market liquidity enhancement strategies, notably the implementation of liquidity providers, and stressed the role of Environmental, Social, and Governance (ESG) standards in promoting sustainable investment. He also emphasised the importance of Investor Relations (IR) in fostering effective communication between corporations and shareholders. The forum included a keynote presentation by Simon Williams, Chief Economist for HSBC Middle East, who shared insights on the regional economic and political landscape and its implications for business. He also discussed the strategic importance of market reclassification from a frontier to an emerging market from the perspective of investment banks. Participants lauded the initiative by MSX and emphasised the value of ongoing dialogue between the Exchange and its listed entities to maximise shareholder value and attract broader investor participation—ultimately contributing to Oman's economic development.
Observer
11-02-2025
- Business
- Observer
HM greetings conveyed to Algerian president
President Abdelmadjid Tebboune, of the People's Democratic Republic of Algeria, received Abdulsalam bin Mohammed al Murshidi, Chairman of Oman Investment Authority (OIA), as part of Omani delegation's visit to Algeria, at the Presidential Building in the Algerian capital on Tuesday. During the meeting, the chairman of the OIA conveyed the greetings of His Majesty Sultan Haitham bin Tarik to the Algerian President alongside his wishes for continued health and well-being and further progress and prosperity for the brotherly Algerian people. For his part, the Algerian President asked Al Murshidi to convey his greetings to His Majesty the Sultan along with his wishes of continued health and well-being and continued progress and prosperity for the Omani people.
