Latest news with #FutureGenerationsFund
Arab Times
24 minutes ago
- Business
- Arab Times
Your Highness the Prime Minister ... When will Kuwait change?
Before the new era's measures, which halted squandering, tampering with all aspects of the State, and chaos in government positions, the State wasted many opportunities and even made it appear to be experiencing premature aging and deficits in several sectors. Without a doubt, the tampering has affected the sovereign wealth and all arms of Kuwaiti financial power. It has affected the backbone of the State. Therefore, after the measures taken in the new era, attention should be given to the Future Generations Fund, social security, oil revenues, and commercial and industrial activities, which, along with other aspects, constitute the gross domestic product (GDP), in addition to openness. Your Highness, the Prime Minister, as a financial and economic expert, we speak frankly to you. 'It is now time to consider strengthening the financial industry of Kuwait and to maximize its soft power.' When the Future Generations Fund was established, it was partly for the future and long-term investment, as HH the late Sheikh Jaber Al-Ahmad (may Allah have mercy on him) had envisioned. Before that, Kuwait was the first in the world to establish an investment fund in 1953. This has accumulated over the past decades. Ironically, Norway, which established a pension fund in 1990, is far ahead of Kuwait despite the recent introduction. Why? Without a doubt, the shortsightedness that citizens are 'specialized' in is the reason. China, with its wealth of great minds, did not accept this. In 1978, it hired the British expert of Iraqi origin – Elias Korkis – who made a strategy that turned China into the second-largest economy in the world today. Similarly, Singapore transformed itself from a poor country rife with corruption into the largest productive economy in Asia and an internationally renowned financial center. Your Highness, the world is changing, and many countries, including those in the region, have far outpaced Kuwait because they tapped local and foreign talents and utilized their sovereign wealth in various productive sectors, both domestically and internationally. At home, they invested in vacant land, built service facilities, and even entertainment cities that helped boost the GDP. Today, the Social Security Fund serves around 150,000 pensioners. In the future, it will serve thousands more. It suffers from an actuarial deficit, which is easy to address. It has liquidity that can be invested locally; which is much better than losing that money, as it happened in Lebanon. Undoubtedly, oil revenues have an investment function as well – to help develop industrial facilities, not only domestically in the oil industry, but also in many other fields. This requires experts who do not necessarily wear the 'ghutra' and 'egal', but rather come from abroad and have succeeded in other countries. Today, there is no longer pressure on the government – whether from members of Parliament or influential figures. It has become imperative to begin the process of recovery, with development based on a vision to enhance the GDP on one hand, and achieve economic stability on the other hand. This can be done by leveraging Kuwait's soft power tools in the region and the world, building a sound financial system, and preventing the future exploitation of sovereign wealth for reckless adventures. Your Highness the Prime Minister, the path of finance and the economy in America is managed by experts who are not necessarily from the country itself. They are honored and they receive their dues. In Kuwait, there are oil reserves, sovereign wealth, social security, and the Ministry of Finance; that is, if it has people who know how to maneuver and profit. Your Highness, the Prime Minister, all other countries in the world employ the best minds of other nationalities to serve their economies and enhance their GDP. Therefore, applying the popular proverb, 'All roads lead to Rome,' has become a necessity. What matters is the decision. This is the time to say that our country, Kuwait, has really changed.
Zawya
6 days ago
- Business
- Zawya
Omani Angle in Oman Investment Authority's foreign investments
Muscat: Oman Investment Authority (OIA) has played a key role in localising several advanced global technologies and projects through its Omani Angle philosophy, which guides its international investment strategy. Among its achievements, OIA successfully localised a home energy consumption monitoring technology through Sense Lab, enabled a local company to collaborate with a global partner to produce insulin medications through its partnership with Biogenomics, and launched the Oman Innovation Laboratories Centre in cooperation with Gradiant. Additionally, OIA has taken a pioneering role in introducing technology that reduces flare gas emissions through its investment in Crusoe. Beyond its technological initiatives, OIA has also addressed a range of prevailing public perceptions about its affiliated companies, most notably, concerns about unclear governance frameworks, inflated salaries and benefits, competition with the private sector in commercial activities, and overlapping mandates among subsidiaries. These efforts were highlighted in the 14th issue of Enjaz & Eejaz, OIA's quarterly bulletin. The issue defines the Omani Angle philosophy as the approach whereby OIA's foreign investments lead to attracting foreign investment into the Sultanate of Oman, transferring technology to local companies, or encouraging international firms to establish regional offices in the country. OIA has embodied this philosophy through the investments of the Future Generations Fund (FGF). For instance, the FGF invested in Sense Lab, a leading company in smart energy solutions. This enabled the localisation of a home energy consumption monitoring technology in Oman and laid the groundwork for establishing a research and development center in the Sultanate, an initiative that supports the national economy and creates local job opportunities. Another notable example is Biogenomics, a leading biopharmaceutical and diabetes treatment company. The firm collaborates with a local Omani company to produce insulin medications and is currently planning to establish an insulin production facility within the Sultanate. OIA has also invested in Gradiant, a prominent company in water and wastewater treatment. This investment led to the localisation of water treatment technologies in Oman and a collaboration between Gradiant and Nama Water Services to launch the Oman Lab Innovation Centre, which applies cutting-edge solutions to address water-related challenges in the Sultanate. Additionally, one of Gradiant's subsidiaries is working to enhance the performance of desalination plants in Oman. Moreover, OIA's investment in Crusoe has led to the localisation of technologies that generate energy by capturing flare gas emissions, gases that contribute to global warming. This not only reduces greenhouse gas emissions but also positions the Sultanate as a regional leader in bringing this technology to the Middle East. In addition, the bulletin addressed various public perceptions that emerged during the transitional phase when companies were transferred from government ownership to OIA. It highlighted how OIA's actions helped reshape the public image of its subsidiaries. One such perception was the lack of governance frameworks. In response, OIA issued several policies, notably the Code of Governance for OIA Entities, and launched an Electronic Governance Platform to monitor its companies' compliance with governance practices. Another concern was inflated salaries and benefits, which OIA addressed through the 'arsheed Programme, launched in January 2021. This initiative streamlined the compensation system, reducing the number of allowances and benefits from 80 items to just 12, and standardised them across all subsidiaries, creating an integrated salary and benefits structure. Financial underperformance and lack of sustainability among subsidiaries were also common perceptions. OIA tackled this by reducing company debt levels to enhance investment and growth capabilities, and by mandating transparency and publication of financial indicators. As a result, by the end of 2024, companies' debt was reduced by 47%, and many transitioned to profitability. The perception that OIA companies were crowding out the private sector was another issue. To change this, OIA launched a divestment program, exiting 18 assets so far, and established the Future Fund Oman (FFO), which attracted OMR885 million in foreign investments during its first year. Furthermore, it capped subsidiaries' ownership in new projects at 40% to create more room for private sector participation in national development. The issue also addressed concerns about overlapping responsibilities among subsidiaries. OIA resolved this by reviewing and organisational structures, leading to the restructure, dissolution, or merger of several companies in the electricity, transportation, and food sectors. It also launched the Rawabet programme, which generated 41 integration and synergy initiatives and identified 8 shared strategic priorities to align all subsidiaries on a unified path. The issue also featured an interview with Sultan Al-Habsi, Chairman of OIA's Board, in which he discussed OIA's major contributions to the national economy over the past five years. These included injecting over OMR7 billion into the state budget to continue the role initiated by the State General Reserve Fund since 2016. Other contributions include enhancing investor confidence, improving the investment climate in Oman, and reducing companies' debt by 47% by the end of 2024. Al-Habsi also discussed the dual financial and economic impact of the National Development Fund (NDF), which spent over OMR8.8 billion since its establishment. Its financial importance lies in enhancing financial stability, reducing the state's budgetary burden, and stimulating national economic activity. Economically, it is strategically aligned with Oman Vision 2040 as these projects focus on high-impact sectors, helping diversify the productive base, generate local employment, and strengthen supply chains. In the same interview, Al-Habsi clarified the Board's role in steering investment decisions and ensuring long-term financial sustainability. The Board is tasked with approving OIA's vision and strategy, overseeing major investment decisions, asset allocation, policy approval, and its companies' governance, ensuring, as he described, that OIA remains 'a trusted custodian of Oman's wealth, investing for present and future generations in alignment with Oman's national interests.' Recognising its national responsibility to contribute to development and achieve the goals of Oman Vision 2040, OIA highlighted its National Agenda, a set of development-oriented commitments including attracting foreign investment, reducing its companies' debt, developing human capital, maximising local content, and supporting the national digital transformation journey. OIA has made tangible progress toward these goals. In 2024 alone, the NDF and FFO attracted more than OMR3.3 billion in foreign investments, while the divestment programme drew over OMR1.5 billion. OIA also cut debt by more than OMR2.5 billion by the end of 2024. It prioritised human capital development through initiatives like the Nomou and Mu'tamad programmes, positioning people as drivers of growth. It also focused on maximising local content, issuing policies and guiding its companies to adopt and enhance local content practices. Programmes like the Vendor Development Programme helped develop 58 small and medium enterprises (SMEs) between 2023 and 2024, in addition to initiatives such as the Mandatory list, Ring Fencing, and the Qimam Hackathon. These efforts led to an increase in SME spending to OMR265.5 million in 2024. On the digital transformation front, OIA aligned its internal digital strategy with the national plan under Oman Vision 2040. This included upgrading its digital infrastructure, enhancing operational efficiency, and deploying advanced technologies for decision-making and performance improvement, marking substantial progress in the Authority's digital journey. The issue then explored OIA's central role in supporting Oman Vision 2040 through its investments and strategic direction. It has diversified income sources by investing across multiple futuristic sectors and reinforced Oman's international relationships through key strategic partnerships, such as Al Hosn Investment Company with Qatar, Brunei-Oman Investment Company, and the Spain Oman Private Equity Fund, among others. Reducing public debt remains a top priority to ensure financial sustainability, a cornerstone of Vision 2040. Measures taken include contributing annually to the state budget, reducing companies' debt, minimising government loan guarantees, and prepaying part of its companies' debt. Furthermore, OIA has invested in developing national talent, launching programmes for graduates and increasing Omanisation rates within the Authority and its companies to 77.7% by the end of 2024 after creating 1,393 direct and replacement jobs for Omanis during the year. Finally, the issue highlighted flagship projects across various sectors, such as the opening of Duqm Refinery in the energy sector, the Manah 1 and Manah 2 solar projects in public services, and the Mazoon Copper Project in mining. It also celebrated OIA personnel who marked a decade of national service, tracing their journey from the former State General Reserve Fund through its transition into today's Oman Investment Authority. © Muscat Media Group Provided by SyndiGate Media Inc. (
Times of Oman
02-08-2025
- Business
- Times of Oman
Omani Angle in Oman Investment Authority's foreign investments
Muscat: Oman Investment Authority (OIA) has played a key role in localising several advanced global technologies and projects through its Omani Angle philosophy, which guides its international investment strategy. Among its achievements, OIA successfully localised a home energy consumption monitoring technology through Sense Lab, enabled a local company to collaborate with a global partner to produce insulin medications through its partnership with Biogenomics, and launched the Oman Innovation Laboratories Centre in cooperation with Gradiant. Additionally, OIA has taken a pioneering role in introducing technology that reduces flare gas emissions through its investment in Crusoe. Beyond its technological initiatives, OIA has also addressed a range of prevailing public perceptions about its affiliated companies, most notably, concerns about unclear governance frameworks, inflated salaries and benefits, competition with the private sector in commercial activities, and overlapping mandates among subsidiaries. These efforts were highlighted in the 14th issue of Enjaz & Eejaz, OIA's quarterly bulletin. The issue defines the Omani Angle philosophy as the approach whereby OIA's foreign investments lead to attracting foreign investment into the Sultanate of Oman, transferring technology to local companies, or encouraging international firms to establish regional offices in the country. OIA has embodied this philosophy through the investments of the Future Generations Fund (FGF). For instance, the FGF invested in Sense Lab, a leading company in smart energy solutions. This enabled the localisation of a home energy consumption monitoring technology in Oman and laid the groundwork for establishing a research and development center in the Sultanate, an initiative that supports the national economy and creates local job opportunities. Another notable example is Biogenomics, a leading biopharmaceutical and diabetes treatment company. The firm collaborates with a local Omani company to produce insulin medications and is currently planning to establish an insulin production facility within the Sultanate. OIA has also invested in Gradiant, a prominent company in water and wastewater treatment. This investment led to the localisation of water treatment technologies in Oman and a collaboration between Gradiant and Nama Water Services to launch the Oman Lab Innovation Centre, which applies cutting-edge solutions to address water-related challenges in the Sultanate. Additionally, one of Gradiant's subsidiaries is working to enhance the performance of desalination plants in Oman. Moreover, OIA's investment in Crusoe has led to the localisation of technologies that generate energy by capturing flare gas emissions, gases that contribute to global warming. This not only reduces greenhouse gas emissions but also positions the Sultanate as a regional leader in bringing this technology to the Middle East. In addition, the bulletin addressed various public perceptions that emerged during the transitional phase when companies were transferred from government ownership to OIA. It highlighted how OIA's actions helped reshape the public image of its subsidiaries. One such perception was the lack of governance frameworks. In response, OIA issued several policies, notably the Code of Governance for OIA Entities, and launched an Electronic Governance Platform to monitor its companies' compliance with governance practices. Another concern was inflated salaries and benefits, which OIA addressed through the 'arsheed Programme, launched in January 2021. This initiative streamlined the compensation system, reducing the number of allowances and benefits from 80 items to just 12, and standardised them across all subsidiaries, creating an integrated salary and benefits structure. Financial underperformance and lack of sustainability among subsidiaries were also common perceptions. OIA tackled this by reducing company debt levels to enhance investment and growth capabilities, and by mandating transparency and publication of financial indicators. As a result, by the end of 2024, companies' debt was reduced by 47%, and many transitioned to profitability. The perception that OIA companies were crowding out the private sector was another issue. To change this, OIA launched a divestment program, exiting 18 assets so far, and established the Future Fund Oman (FFO), which attracted OMR885 million in foreign investments during its first year. Furthermore, it capped subsidiaries' ownership in new projects at 40% to create more room for private sector participation in national development. The issue also addressed concerns about overlapping responsibilities among subsidiaries. OIA resolved this by reviewing and organisational structures, leading to the restructure, dissolution, or merger of several companies in the electricity, transportation, and food sectors. It also launched the Rawabet programme, which generated 41 integration and synergy initiatives and identified 8 shared strategic priorities to align all subsidiaries on a unified path. The issue also featured an interview with Sultan Al-Habsi, Chairman of OIA's Board, in which he discussed OIA's major contributions to the national economy over the past five years. These included injecting over OMR7 billion into the state budget to continue the role initiated by the State General Reserve Fund since 2016. Other contributions include enhancing investor confidence, improving the investment climate in Oman, and reducing companies' debt by 47% by the end of 2024. Al-Habsi also discussed the dual financial and economic impact of the National Development Fund (NDF), which spent over OMR8.8 billion since its establishment. Its financial importance lies in enhancing financial stability, reducing the state's budgetary burden, and stimulating national economic activity. Economically, it is strategically aligned with Oman Vision 2040 as these projects focus on high-impact sectors, helping diversify the productive base, generate local employment, and strengthen supply chains. In the same interview, Al-Habsi clarified the Board's role in steering investment decisions and ensuring long-term financial sustainability. The Board is tasked with approving OIA's vision and strategy, overseeing major investment decisions, asset allocation, policy approval, and its companies' governance, ensuring, as he described, that OIA remains 'a trusted custodian of Oman's wealth, investing for present and future generations in alignment with Oman's national interests.' Recognising its national responsibility to contribute to development and achieve the goals of Oman Vision 2040, OIA highlighted its National Agenda, a set of development-oriented commitments including attracting foreign investment, reducing its companies' debt, developing human capital, maximising local content, and supporting the national digital transformation journey. OIA has made tangible progress toward these goals. In 2024 alone, the NDF and FFO attracted more than OMR3.3 billion in foreign investments, while the divestment programme drew over OMR1.5 billion. OIA also cut debt by more than OMR2.5 billion by the end of 2024. It prioritised human capital development through initiatives like the Nomou and Mu'tamad programmes, positioning people as drivers of growth. It also focused on maximising local content, issuing policies and guiding its companies to adopt and enhance local content practices. Programmes like the Vendor Development Programme helped develop 58 small and medium enterprises (SMEs) between 2023 and 2024, in addition to initiatives such as the Mandatory list, Ring Fencing, and the Qimam Hackathon. These efforts led to an increase in SME spending to OMR265.5 million in 2024. On the digital transformation front, OIA aligned its internal digital strategy with the national plan under Oman Vision 2040. This included upgrading its digital infrastructure, enhancing operational efficiency, and deploying advanced technologies for decision-making and performance improvement, marking substantial progress in the Authority's digital journey. The issue then explored OIA's central role in supporting Oman Vision 2040 through its investments and strategic direction. It has diversified income sources by investing across multiple futuristic sectors and reinforced Oman's international relationships through key strategic partnerships, such as Al Hosn Investment Company with Qatar, Brunei-Oman Investment Company, and the Spain Oman Private Equity Fund, among others. Reducing public debt remains a top priority to ensure financial sustainability, a cornerstone of Vision 2040. Measures taken include contributing annually to the state budget, reducing companies' debt, minimising government loan guarantees, and prepaying part of its companies' debt. Furthermore, OIA has invested in developing national talent, launching programmes for graduates and increasing Omanisation rates within the Authority and its companies to 77.7% by the end of 2024 after creating 1,393 direct and replacement jobs for Omanis during the year. Finally, the issue highlighted flagship projects across various sectors, such as the opening of Duqm Refinery in the energy sector, the Manah 1 and Manah 2 solar projects in public services, and the Mazoon Copper Project in mining. It also celebrated OIA personnel who marked a decade of national service, tracing their journey from the former State General Reserve Fund through its transition into today's Oman Investment Authority.
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.
Muscat Daily
10-03-2025
- Business
- Muscat Daily
OIA invests in US-based biopolymer company Tidal Vision
Muscat – Oman Investment Authority (OIA) has announced an investment in the US-based company Tidal Vision, which uses an environmentally friendly, zero-waste process to turn discarded crab and shrimp shells into a valuable industrial chemical called chitosan. The investment was made during Tidal Vision's Series B funding round, in which the company successfully raised over US$140mn from strategic investors. OIA aims to localise innovative solutions to meet domestic market needs through such international investments, it stated. Founded in 2014, Tidal Vision specialises in converting renewable natural resources into sustainable, eco-friendly materials. The company develops biopolymer solutions based on chitosan, a natural, biodegradable and non-toxic biopolymer derived from crustacean shells. Tidal Vision has successfully commercialised the large-scale production of chitosan, offering a higher-quality and lower-cost alternative. The company is also committed to sustainability by repurposing byproducts from the fishing industry, reducing waste and supporting the circular economy. Chitosan-based solutions have applications across various industries, particularly in addressing pollution and climate challenges. The material is widely used in water treatment, agriculture, textiles and fertilisers as a natural alternative to conventional chemicals such as aluminum sulphate, activated carbon, pesticides and plastic films. Additionally, in the oil and gas sector, chitosan can be used for treating high-salinity water, a major challenge given that industrial operations in this field produce approximately nine barrels of saline water for every barrel of oil extracted. Its use in agriculture also presents opportunities for seed coating and biopesticides, contributing to greater sustainability in the sector. OIA continues to invest in innovative, environmentally friendly technologies and products through its Future Generations Fund.
