Muscat: Abdulsalam al Murshidi, President of Oman Investment Authority (OIA) said that the fundamentals of Oman Vision 2040 focuses on the promising sectors which will be additions to the oil and gas sectors.

Speaking to an Oman TV programme, Al Murshidi disclosed that the OIA is holding assets worth over RO 16 billion (more than $40 billion). The OIA invests 60 per cent inside the Sultanate of Oman and 40 per cent outside the country.

The president of the OIA affirmed that the protection of public funds is more important than increasing these funds, which is why the OIA embraces transparency to protect its funds and investments. He pointed out that the OIA directs its subsidiaries to disclose their financial statements to the public through annual reports, said the OIA president.

When it comes to foreign investment, the OIA applies geographical and sectoral diversification. The OIA adopts a division of sectors, countries and continents to make sure that the investments of the OIA do not exceed the allocated percentage taking into account the ease of exit from these investments, he said.

The president of the OIA noted that there are a number of projects currently under study and will be rolled out for investment by the private sector with a privatization plan in place for existing government companies.

“There is a plan for the privatization of 35 public firms over the next five years after the completion of the governance system of those firms”. Al Murshidi added –ONA

Source: Oman Observer