Latest news with #AbdulsalambinMohammedalMurshidi
Observer
04-08-2025
- Business
- Observer
Oman and Mongolia strengthen investment ties
ULAANBAATAR: Abdulsalam bin Mohammed al Murshidi, President of the Oman Investment Authority, led a delegation to Ulaanbaatar for high-level discussions with Gombojav Zandanshatar, Prime Minister of Mongolia. During the meeting, the Mongolian Prime Minister welcomed the opportunity to bolster ties with the Sultanate of Oman, underlining Mongolia's keenness to forge a practical partnership grounded in mutual benefit, particularly in facilitating investments across priority sectors. Al Murshidi highlighted the importance of enhancing bilateral cooperation not only in investments but also in all areas of shared interest. The Omani delegation held a series of official meetings with several Mongolian officials, including Damdinnyam Gungor, Minister of Industry and Mineral Resources; Batkhuu Edesh, Secretary General of the Ministry of Economy and Development; Ganbold Bata, Advisor and Head of the Office of the Deputy Prime Minister; V Enkhbaatar, Director General of the Investment and Trade Agency; and T Munkhtor, Advisor to the Minister of Food, Agriculture and Light Industries. Discussions focused on investment prospects in mining, energy, agriculture, and food production. Both sides examined possibilities for joint projects, trade facilitation, and the creation of a conducive environment for long-term investment. The two parties also agreed to intensify technical-level dialogue in the near future, aiming to establish executive frameworks for bilateral cooperation. The official visit underscored the mutual desire of Oman and Mongolia to establish a broad and sustainable strategic partnership, reflecting the considerable potential for cooperation across economic and development sectors. The meetings were attended by Shaikh Abdulaziz bin Abdullah al Hinai, Ambassador-at-Large at the Ministry of Foreign Affairs, alongside senior officials from both nations. — ONA
Observer
02-07-2025
- Business
- Observer
OIA reviews investment projects before the State Council
MUSCAT: The State Council on Wednesday hosted Abdulsalam bin Mohammed al Murshidi, Chairman of Oman Investment Authority (OIA), to review the OIA's efforts in managing, monitoring, and governing companies to achieve the goals of Oman Vision 2040. The meeting was attended by Shaikh Abdulmalik bin Abdullah al Khalili, Chairman of the State Council, the council members, the secretary-general of the State Council, the OIA's two vice-chairmen for operations and investment, and a number of the council's employees and specialists from the OIA. At the meeting outset, the state council chairman welcomed the chairman of the OIA, pointing to the importance of such meetings in strengthening cooperation between government institutions on one side and the State Council on the other side. These meetings, he said, aim to shed light on the programmes and initiatives implemented by various state institutions as well as the goals they are working to achieve and the challenges they face. The presentation highlighted the most prominent features of the OIA's performance in 2024, its investment portfolios, the geographical distribution of assets, the Generations Portfolio and its developments for 2024 and foreign investment objectives. It also addressed the features of the National Development Portfolio and its developments for 2024, the OIA's procedures, and examples of the programmes and initiatives it has implemented to improve the performance of its subsidiaries. The chairman of the OIA shed light on the Rawabet Programme, the OIA's corporate governance system and the Oman Future Fund. The chairman of the State Council emphasised that the meeting with the chairman of the OIA and its representatives, and their presentations to council members, provided an opportunity to review the strategies, plans and projects being implemented by the OIA and to closely examine the achievements and challenges it faces. This, in turn, enhances the role of the State Council. It also reflects the OIA's commitment to the principle of good governance.
Observer
23-06-2025
- Business
- Observer
OIA boosts local content spending to RO 265.5 million in 2024
MUSCAT: Local content spending by Oman Investment Authority (OIA), the government's investment arm, totaled RO 265.5 million in 2024, OIA President Abdulsalam bin Mohammed al Murshidi revealed on Sunday. Addressing the Authority's annual media briefing, Al Murshidi stated: 'OIA has fulfilled its role in maximizing local content and supporting small and medium enterprises (SMEs), with spending on SMEs reaching RO 265.5 million by the end of 2024. Of this amount, RO 139 million was allocated to Riyada card holders, increasing the share of SMEs in total supply chain expenditures to 19.8 per cent.' According to the Authority's 2024 Annual Report, the share of local content contractual expenditure within OIA and its subsidiaries rose from 30 per cent to 32.4 per cent in 2024. The contribution to local content is part of OIA's strategy of creating an enabling environment for entrepreneurs, SMEs and innovative startups, particularly those which are adopting and localising advanced technologies and retaining investment capital domestically. This, in turn, drives development, enhancing economic diversification and boosting national competitiveness. In-Country-Value (ICV) development is a main pillar of OIA's objectives. In 2024, the Authority advanced its Ring-Fencing Programme, which is designed to increase the market share of local companies by allocating specific business scopes to Omani firms exclusively. A total of 32 ring-fenced domains were approved in 2024, enabling business opportunities worth RO 71 million to be channeled to local firms in these domains. OIA President Abdulsalam bin Mohammed al Murshidi speaking at the media briefing on Sunday. Furthermore, 38 small and medium enterprises were suitably developed to receive a total of RO 11 million in contracts under its Vendor Development programme. Moreover, OIA launched of the third edition of the mandatory list programme, which stipulates the types of services and products that OIA companies are required to procure from Omani businesses. Included in the latest edition are 311 products and services provided by local vendors. Additionally, the authority implemented a new performance monitoring system for the programme in 2024. Furthermore, in line with maximising local content and empowering small enterprises, the Authority issued a revised version of its procurement and tender policy which obliges contractors to meet specified Omanisation rates. The policy also contributed to improving incentives provided to SMEs and Riyada card holders.
Muscat Daily
22-06-2025
- 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
