Latest news with #AlMurshidi
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.
Observer
22-06-2025
- Business
- Observer
OIA assets grew by RO 1.585 bn in 2024
MUSCAT: Oman Investment Authority (OIA) reported a RO 1.585 billion increase in total assets in 2024, raising its portfolio to RO 20.425 billion, it was announced at the Authority's annual media briefing on Sunday, June 22, 2025. Sultan bin Salem al Habsi, Minister of Finance and Chairman of OIA's Board of Directors, said, 'In 2024, OIA increased its asset size by RO 1.185 billion, reaching RO 20.425 billion compared to RO 19.240 billion in 2023. OIA continued to play its role in advancing the national agenda, contributing RO 800 million to the state's general budget, bringing OIA's total contributions since 2016 to over RO 7 billion.' According to the Minister, RO 400 million from that contribution was allocated towards the launch of the operational phase of recently developed Future Fund Oman (FFO), which focuses on supporting strategic local projects. Commenting on the Fund, OIA President Abdulsalam bin Mohammed al Murshidi, shared the following, 'This year, Future Fund Oman (FFO) marked the first year since its launch at the beginning of 2024. FFO was established to support local projects and strategic investments, with a focus on empowering the private sector and attracting foreign investments. It successfully achieved its intended objectives, witnessing strong interest from both local and international investors as it received 294 proposals from various economic diversification sectors. Following OIA's rigorous procedures, 44 partnership proposals were approved, amounting the FFO contribution to RO 333.1 million.' Al Murshidi also highlighted the growth of the National Development Fund, which manages domestic assets and local companies. 'One of our key achievements is the growth in the asset size of OIA's investment portfolios. In 2024, the National Development Fund's assets increased to RO 12.075 billion, following local investment spending of RO 1.9 billion, which exceeded its 2024 target of RO 1.7 billion.' According to the OIA President, the portfolio succeeded in doubling foreign direct investments within local sectors—primarily in the energy sector, followed by tourism and mining—compared to the previous year, reaching RO 2.8 billion by the end of 2024. As for OIA's international investment portfolio, he added that the Future Generations Fund recorded an increase of 6.65%, reaching RO 7.535 billion by the end of 2024, in comparison to RO 7.065 billion in 2023. Emphasising OIA's ongoing efforts in establishing strategic partnerships, Al Murshidi added: 'Furthermore, our ongoing efforts to strengthen strategic partnerships and localise global industries and technologies continued with the Future Generations Fund invested in the American artificial intelligence company xAI.' Also during 2024, OIA invested in 13 new investment funds across different sectors, and entered into many strategic partnerships, most notably with Turkey's OYAK Fund to establish a joint fund worth $500 million focused on food, healthcare, energy, mining, and industrial sectors within Oman. In other notable developments, the Authority repaid RO 1.846 billion in debt during 2024, including RO 545 million by OQ Group, which was settled ahead of its maturity date. In parallel, the Authority successfully reduced total government guarantees from RO 3.4 billion at the end of 2022 to RO 1.8 billion by December 2024. The Authority ranked 8th globally among Sovereign Wealth Funds (SWFs) in terms of average 5-year investment returns.
Observer
27-02-2025
- Business
- Observer
Sohar International appoints CEO
MUSCAT: The Board of Directors of Sohar International is pleased to announce the appointment of Abdul Wahid Mohamed al Murshidi as Chief Executive Officer, effective February 26. Al Murshidi has been serving as Acting Chief Executive Officer since January 1, 2025, during which he has demonstrated exceptional leadership and strategic vision. Said Mohamed al Aufi, Chairman of Sohar International, stated, 'Today marks an important milestone for Sohar International. Abdul Wahid's proven track record, exceptional expertise, and unwavering dedication make him the ideal leader to steer our bank into its next chapter. We are confident that under his guidance, Sohar International will continue to thrive and reinforce its position as a leading financial institution in the region.' In his new role, Al Murshidi will spearhead the bank's initiatives aimed at achieving exponential and sustainable growth. 'We are pleased to have a leader of Abdul Wahid's caliber to guide the management team toward further success and excellence. With his diverse experience in the banking industry, we believe he will build on the bank's achievements and strengthen its capabilities as a market leader,' Al Aufi added. Abdul Wahid brings over 18 years of extensive experience in various banking functions, including Audit, Finance, Investment, and Islamic Banking. He joined Sohar International in July 2019 and previously served as Deputy General Manager at a prominent local Islamic bank. He holds an Executive MBA from the London Business School and a Bachelor of Science from Sultan Qaboos University. Abdul Wahid al Murshidi's appointment reflects the Board's commitment to strong leadership and sustained progress, ensuring that Sohar International remains dedicated to creating value for its customers, stakeholders, and the broader economy.
Zawya
27-02-2025
- Business
- Zawya
Sohar International appoints Mr. Abdul Wahid Mohamed Al Murshidi as Chief Executive Officer
Muscat, Oman – The Board of Directors of Sohar International is pleased to announce the appointment of Mr. Abdul Wahid Mohamed Al Murshidi as Chief Executive Officer, effective February 26. Mr. Al Murshidi has been serving as Acting Chief Executive Officer since January 1, 2025, during which he has demonstrated exceptional leadership and strategic vision. Mr. Said Mohamed Al-Aufi, Chairman of Sohar International, stated, 'Today marks an important milestone for Sohar International. Mr. Abdul Wahid's proven track record, exceptional expertise, and unwavering dedication make him the ideal leader to steer our bank into its next chapter. We are confident that under his guidance, Sohar International will continue to thrive and reinforce its position as a leading financial institution in the region.' In his new role, Mr. Al Murshidi will spearhead the bank's initiatives aimed at achieving exponential and sustainable growth. 'We are pleased to have a leader of Mr. Abdul Wahid's caliber to guide the management team toward further success and excellence. With his diverse experience in the banking industry, we believe he will build on the bank's achievements and strengthen its capabilities as a market leader,' Mr. Al-Aufi added. Mr. Abdul Wahid brings over 18 years of extensive experience in various banking functions, including Audit, Finance, Investment, and Islamic Banking. He joined Sohar International in July 2019 and previously served as Deputy General Manager at a prominent local Islamic bank. He holds an Executive MBA from the London Business School and a Bachelor of Science from Sultan Qaboos University. Mr. Abdul Wahid Al Murshidi's appointment reflects the Board's commitment to strong leadership and sustained progress, ensuring that Sohar International remains dedicated to creating value for its customers, stakeholders, and the broader economy. About Sohar International With the vision to become a world-class Omani services company that helps customers, community and people to prosper and grow, Sohar International operates with a purpose to help people 'win' by delivering responsive banking for their ever-changing world, complementing their growth and prosperity with international standard service delivery. The Bank seeks to redefine banking in Oman through transformational developments centred on the principles of More Velocity, making everything simple and fast; More Value, ensuring relevance and connectivity to customers' world; and More Vision, liberating stakeholders through talented leadership.
