Oman Investment Authority (OIA), the sovereign wealth fund in Oman, has organized the Rawabet fifth forum as part of its governance initiatives to improve the overall performance of its enterprises and create better alignment and integration.
The forum began with an overview presentation discussing OIA’s strategy in managing its National Development portfolio, which is built on eight main strategic priorities that include financial sustainability, selective growth, contribution to the GDP, attracting private investors, divestment, In-country Value (ICV), synergies and implementation of the governance framework. The Rawabet program was launched by OIA in September 2020.
According to the reports, the forum featured presentations from 12 OIA companies, including Omran Group, Oman Air, Oman Airports, Asyad Group, Oman Food Investment Holding Company (OFIC), Fisheries Development Oman (FDO), OQ, Mining Development Oman (MDO), Oman Environmental Services Holding Company (be’ah), Namaa Group, and Oman Liquefied Natural Gas (Oman LNG).
“There are indicators of growth in OIA’s National Development Portfolio. Currently, two sectors contribute to the profitability of this portfolio, most prominently the energy sector, followed by the logistics sector. There are indicators of the increased contribution of several other sectors in the National Development Portfolio in the upcoming years including tourism, food, fisheries, technology, and mining sectors. Rawabet Fifth Forum is a vital stage in the timeline allocated for the Business Plan Cycle where OIA companies work on their five-year business plans. The companies will submit the first draft of their plans in August and the final draft in October 2022. OIA will, in turn, approve these plans by December 2022.”
Rawabet’s Strategic Pillar, the key topic of the forum, targets the alignment of OIA companies’ plans with OIA’s strategies and Oman Vision 2040. “The objective is to achieve financial and operational sustainability while stimulating and enabling sectors outlined in Oman Vision 2040,” as per the reports.
The Strategic Framework targets to enhance diversification when allocating capital resources and encourages the partnership with the private sector in new investments.
Further, the program has launched the ICV initiative ‘Qimam,’ which focuses on generating locally produced goods and services according to clear guidelines. Qimam aims to increase Omanisation, develop Omani competencies, and supply local products to encourage and develop local industries.