Latest news with #OIA
Fibre2Fashion
3 days ago
- Business
- Fibre2Fashion
Raise Vietnam-Oman Investment Fund scale to $1 bn: PM Pham Minh Chinh
Vietnamese Prime Minister Pham Minh Chinh recently proposed to the Oman Investment Authority (OIA) that Oman should expand and increase the scale of the Vietnam-Oman Investment Fund (VOI) to $1 billion to support development in the Southeast Asian country. The proposal came at a reception hosted by the prime minister for visiting OIA deputy president for operations Nasser bin Suliman Al Harthi in Hanoi. Vietnamese PM Pham Minh Chinh recently proposed to the Oman Investment Authority that Oman should expand and increase the scale of the Vietnam-Oman Investment Fund to $1 billion to support development in the Southeast Asian country. The proposal came at a reception hosted by the prime minister for visiting OIA deputy president for operations Nasser bin Suliman Al Harthi in Hanoi. Though Oman is one of Vietnam's top potential partners in the Middle East, there is still significant room to expand bilateral collaboration, noted the said prime minister. He said that during his meetings with the Gulf Cooperation Council (GCC) secretary general and leaders from the Gulf region at the second ASEAN-GCC Summit in Kuala Lumpur, both sides vowed to promptly initiate negotiations on a Vietnam-GCC free trade agreement, while also exploring investment protection agreements and fostering stronger ties in areas like digital transformation, renewable energy, financial and green economy centres and high-tech agriculture, according to a domestic media report. VOI has been operating for more than 17 years in Vietnam. OIA has collaborated with the State Capital Investment Corporation (SCIC) to establish the Vietnam New Era Growth Fund, with a minimum capital of $200 million. The OIA deputy president affirmed that the fund will prioritise investments in potential sectors like technology, telecommunications, finance, agriculture and digital transformation in Vietnam. Fibre2Fashion News Desk (DS)
Observer
3 days ago
- Business
- Observer
Vietnam proposes boosting Oman Investment Fund to $1 billion
MUSCAT: Vietnamese Prime Minister Pham Minh Chinh has proposed raising the capital of the Vietnam – Oman Investment Fund (VOI) to $1 billion. The proposal was made during a high-level meeting in Hanoi with Shaikh Nasser bin Sulaiman al Harthy, Deputy President for Operations at Oman Investment Authority (OIA), and his accompanying delegation. Reported by the official information channel of the Government of Vietnam, the Prime Minister's remarks reflect Vietnam's intent to enhance its strategic engagement with Oman, a growing economic partner in the Gulf region. The meeting took place against the backdrop of strengthening relations between the two nations, with cooperation expanding across trade, investment, infrastructure, and energy. Highlighting Oman's growing relevance as a key Middle Eastern partner, Prime Minister Chinh commended the longstanding presence and strategic investment role of VOI in Vietnam. Established 17 years ago as a joint initiative between the State Capital Investment Corporation (SCIC) of Vietnam and the OIA, VOI has spearheaded a number of high-impact investments aligned with Vietnam's development goals. The Prime Minister emphasised that an expanded VOI—with a target scale of $1 billion—would allow for greater investment in critical sectors including infrastructure, renewable energy, clean water, healthcare, education, consumer finance, and high-tech agriculture. He noted that beyond economic returns, these investments also contribute to social development and the improvement of public services and livelihoods across Vietnam. 'This fund has proven its long-term vision and commitment to Vietnam's sustainable growth,' said Prime Minister Chinh. 'Now is the time to scale it up to match the size of our economy and development ambitions.' The meeting also touched on Vietnam's broader engagement with the Gulf Cooperation Council (GCC), with Prime Minister Chinh highlighting discussions held during the recent 2nd Asean-GCC Summit. He noted a shared interest in launching negotiations for a Vietnam-GCC free trade agreement and expanding cooperation in areas such as digital transformation, green economy, Halal food production, and investment protection frameworks. In response, Shaikh Nasser bin Sulaiman al Harthy welcomed the Prime Minister's proposal and reaffirmed Oman's interest in intensifying its economic partnership with Vietnam. He described the VOI as a platform for deeper strategic engagement and said Oman could serve as a regional gateway for Vietnamese products and services entering the Middle East. Al Harthy also announced the launch of a new $200 million 'Vietnam New Era Growth Fund' in partnership with SCIC. This fund will focus on emerging and high-potential sectors including telecommunications, finance, technology, Halal agriculture, and digital infrastructure. 'We value the Prime Minister's vision and support the idea of expanding the Vietnam – Oman Investment Fund,' said Al Harthy. 'We are ready to promote Vietnam as a key investment destination for Omani and Gulf investors, while also inviting Vietnamese businesses to use Oman's logistics and seaport networks to reach broader markets in the region.' The OIA delegation's visit is seen as a pivotal moment in advancing Vietnam-Oman relations. Both sides expressed confidence in the long-term trajectory of the partnership, agreeing that expanded joint funds could not only drive economic growth but also strengthen diplomatic ties and regional integration. If realised, the $1 billion VOI would mark a substantial increase from its current capital base and signal deeper strategic alignment between Hanoi and Muscat. It would also reflect Vietnam's growing profile as a destination for Gulf capital and a gateway to Asean markets. As both countries eye a future shaped by green development, high-tech industry, and regional connectivity, the Vietnam-Oman investment axis is poised to become a vital channel for sustainable growth and mutual prosperity.
Observer
3 days ago
- Business
- Observer
OIA lauded for economic diplomacy via investments
MUSCAT: A new report by the SWF Global has commended the Oman Investment Authority (OIA) for strengthening Oman's global ties through targeted foreign investments, joint funds, and reinvesting divestment proceeds and returns into national projects. This approach sets OIA apart from its peers, as it adopts a unique philosophy centered on the 'Omani Angle' making it a foundational principle in its investment decision-making. SWF Global is a specialized organization focused on tracking activities of state-owned investment organizations, including sovereign wealth funds, central banks, and pension funds worldwide. The report highlighted OIA's success in building an extensive network of strategic relationships by promoting the concept of economic diplomacy with various countries across the Middle East, Asia, North Africa, Europe, and the Americas over the past five years. Among the most recent strategic partnerships is the signing of a joint fund agreement with Algeria worth $300 million, targeting investments in vital sectors such as mining, food security, and pharmaceuticals. Additionally, OIA partnered with Turkey's OYAK Fund to establish a joint investment fund valued at $500 million and launched a joint fund with Uzbekistan, which focuses on establishing a university in Tashkent in collaboration with Arizona State University of USA. Furthermore, OIA has invested in the Vietnam-Oman Investment Company, which has allocated nearly $400 million to projects in solar energy, infrastructure, healthcare, education, and food. The report also noted that OIA's focus is not limited to establishing strategic partnerships through joint investment funds alone, but also extends to direct investments in global companies, which primarily aim to localize advanced global technologies in the Sultanate of Oman, in addition to generating returns that are later reinvested into local projects. Notable examples include OIA's stake in Elon Musk's artificial intelligence firm 'xAI, in addition to 'Tidal Vision', a US-based company offering cutting-edge technological solutions to address pollution and climate-related challenges in the agriculture and water sectors. In the technology sector, OIA partnered with 'Golden Gate Ventures' of Singapore to establish a $100 million joint fund, leading to establish a local venture office in Muscat to manage joint investments between the two countries, and investing in local companies like 'Bayanat'. Collectively, these efforts underscores OIA's commitment to embedding the Omani angle across all its investments and partnerships. Moreover, the report highlighted OIA's policy to carry out strategic divestments from certain government assets, which contributed to revitalizing the Muscat Stock Exchange. Among the most notable of these divestments was the initial public offering (IPO) of 25% of 'OQ Exploration & Production' shares in October 2024, which marked the largest IPO in the history of the Sultanate of Oman. The offering aimed to strengthen foreign investor confidence in the Omani market while also involving citizens in the transformational shift of Oman's economy, in which OIA plays a central role. The report further noted that since mid-2022, OIA has successfully divested from 19 assets, generating returns exceeding RO 2.7 billion. These included public offerings such as 'The Pearl REIF', 'Abraj Energy Services' and 'OQ Gas Networks', all of which witnessed demand surpassing the supply. These IPOs are not only about generating financial returns; they are also intended to inject liquidity into Oman's financial markets, attract long-term foreign investment, and pave the way for future divestments. Locally, the report discussed OIA's efforts to strengthen its investments in the national economy through the National Development Fund (NDF), noting that total capital investment spending in local projects rose to RO 1.9 billion, surpassing the initial target of RO 1.7 billion. The report stated that the NDF represents 60% of the assets managed by OIA, and its investments are aimed at supporting the objectives of Oman Vision 2040. Additionally, OIA established Future Fund Oman (FFO) with a capital of RO 2 billion, of which 90% is allocated to large direct investments in viable local projects, and 10% to small, medium, and emerging enterprises- with the latter portion exceeding $519 million. The NDF focuses on sectors such as green energy, industry, and tourism to support the diversification of the Omani economy. FFO has witnessed strong interest in its first year, attracting investments worth more than US$ 2 billion, 70% of which came from foreign investors, across ten priority sectors, including artificial intelligence, fintech, clean energy, and ICT. This approach has distinguished OIA from its regional counterparts, where investment strategies are predominantly focused on the oil and real estate sectors.
Otago Daily Times
26-05-2025
- Otago Daily Times
Police used drone to surveil Christchurch festival-goers
Photo: Electric Avenue / Facebook A drone was used by police to keep tabs on thousands of people at the Electric Avenue music festival in Christchurch earlier this year. 1News has revealed the drone hovered a few hundred metres away from the festival which took place at Hagley Park on February 21-22 and drew a crowd of about 30,000. A live feed was sent to police on the ground, 1News reported. A powerful camera lens allowed officers to zoom in on the crowd and look out for potential criminal activity. The public was not warned in advance that the drone would be used, 1News reported. Its use was only revealed through an Official Information Act request, sent by 1News to police. In response to 1News' OIA request, police released footage officers recorded on the day, which showed revellers being apprehended by security and police. One of the clips also showed security guards pinning a man to the ground and throwing him out of the event. Further surveillance continued at night, with police using the thermal capabilities on the camera to track where people were, 1News reported. Police said it was primarily used to track potential disorder and assaults. However, emails and documents obtained by 1News through the OIA show they were also keeping an eye on 'fence jumpers' and potential drug activity, such as 'monitoring the sale and supply of controlled drugs'. The deployment was carried out without a warrant because one is not needed at large gatherings. Police instead relied on public filming rules, 1News reported. Festival organiser Callam Mitchell emailed police to flag that attendees had not been warned about the drone, the OIA showed. 'We can't agree to it for privacy reasons, but we nonetheless respect and appreciate it will be happening,' he said. 'In future years we will need to make sure it is included in our terms and conditions prior to tickets going on sale.' However, Mitchell has since had a change of heart after seeing how the drone operated at the event, and described it as a 'great thing' in an interview with 1News. 'Don't view a drone in the sky as big brother watching,' he told 1News. 'They're not there to pick on the end user having a good time and partying with their mates, they're there to make sure everyone's safe.'
Otago Daily Times
26-05-2025
- Otago Daily Times
Police used drone to surveil Electric Ave festival-goers
Photo: Electric Avenue / Facebook A drone was used by police to keep tabs on thousands of people at the Electric Avenue music festival in Christchurch earlier this year. 1News has revealed the drone hovered a few hundred metres away from the festival which took place at Hagley Park on February 21-22 and drew a crowd of about 30,000. A live feed was sent to police on the ground, 1News reported. A powerful camera lens allowed officers to zoom in on the crowd and look out for potential criminal activity. The public was not warned in advance that the drone would be used, 1News reported. Its use was only revealed through an Official Information Act request, sent by 1News to police. In response to 1News' OIA request, police released footage officers recorded on the day, which showed revellers being apprehended by security and police. One of the clips also showed security guards pinning a man to the ground and throwing him out of the event. Further surveillance continued at night, with police using the thermal capabilities on the camera to track where people were, 1News reported. Police said it was primarily used to track potential disorder and assaults. However, emails and documents obtained by 1News through the OIA show they were also keeping an eye on 'fence jumpers' and potential drug activity, such as 'monitoring the sale and supply of controlled drugs'. The deployment was carried out without a warrant because one is not needed at large gatherings. Police instead relied on public filming rules, 1News reported. Festival organiser Callam Mitchell emailed police to flag that attendees had not been warned about the drone, the OIA showed. 'We can't agree to it for privacy reasons, but we nonetheless respect and appreciate it will be happening,' he said. 'In future years we will need to make sure it is included in our terms and conditions prior to tickets going on sale.' However, Mitchell has since had a change of heart after seeing how the drone operated at the event, and described it as a 'great thing' in an interview with 1News. 'Don't view a drone in the sky as big brother watching,' he told 1News. 'They're not there to pick on the end user having a good time and partying with their mates, they're there to make sure everyone's safe.'
