“Oman and Zanzibar Strengthen Bilateral Ties: Focus on Economic, Cultural, and Health Cooperation”
Muscat, 20 Jun (ONA) —- Represented by Oman Investment Authority (OIA), the Sultanate of Oman won the race to host the annual meeting of the International Forum of Sovereign Wealth Funds (IFSWF), scheduled to be held in the last quarter of 2024.
The host of the forum affirms the significance of OIA’s membership at the IFSWF, which is headquartered in London. The event offers an opportunity for attracting investments to Oman, since it brings together heads of the world’s largest sovereign wealth funds having a portfolio exceeding $8 trillion, constituting 80 percent of the assets of sovereign wealth funds in the world.
The forum will generate prospects for building a network of relations with the funds and introduce them to the investment advantages offered by Oman. This enhances Oman’s global stature, brings in foreign capital and opens up vistas for building long-term investment relationships that will contribute positively to economic diversification.
The meeting will include discussions and points of view that benefit national human resources operating in the field of investment. The discussions will outline major investment strategies, risk management and governance techniques and other technical and operational issues.
Nasser bin Suleiman Al Harthy, Vice President of the Oman Investment Authority for Operations, said that the selection of Oman to host the meeting was unanimously approved by the forum members attending the annual meeting in Baku, Azerbaijan. It reflects the success of OIA’s efforts, which asserted its active participation in the meetings, hosting delegations and organizing workshops, said Al Harthy.
He explained that the meeting will be hosted by Oman for the first time, and it will be the first of its kind in the Middle East region after about 10 years since the forum’s last meeting in the region held in Qatar in 2014.
Oman’s membership in the forum enhanced OIA’s position among global sovereign funds and underlined its keenness on applying the norms, principles and rules of such international entities, he added.
OIA’s success stems from the fact that it obtained recognition from the forum due to its commitment to best governance practices, especially the “Santiago Principles”.
In addition, the membership to the forum provided OIA with opportunities to share knowledge and benefit from global experience in the fields of investment and operation, besides benefiting from the forum’s cooperation in conducting periodic evaluation of standards of operation.
It is worth noting that OIA joined IFSWF as an “observer member” upon the foundation of IFSWF in 2009. On 9 March 2015, OIA obtained full membership to the forum.
