Wednesday 06 / November / 2024
Muscat: The 16th Annual Meeting of the International Forum of Sovereign Wealth Funds (IFSWF) concluded in Muscat, marking the largest gathering in its history.
The event, which was hosted by the Sultanate of Oman, represented by Oman Investment Authority, took place between 3 to 6 November and set a record for the number of attendees, with more than 300 participants from over 46 countries, including a head of state, ministers, and CEOs representing over 50 sovereign wealth funds.
Building foundations for stability and prosperity
During the forum’s opening ceremony, held under the patronage of His Highness Sayyid Theyazin bin Haitham Al Said, he stated that Oman’s selection as host reflects the country’s exemplary commitment to global standards in governance and sustainability in wealth management, as well as its proficiency in promoting and investing its resources.
He affirmed that Oman will continue on its path of stability and prosperity, welcome global investments, and strengthen relations with sovereign wealth funds worldwide, while building strategic partnerships that benefit all.
Official dinner for guests
Under the directive of His Majesty Sultan Haitham bin Tarik, His Highness Sayyid Taimur bin Tariq Al Said, Chairman of the Board of Governors of the Central Bank of Oman, presided over an official dinner hosted by Oman Investment Authority on Sunday, 3 November, at Al Bustan Palace Hotel. The dinner was attended by senior officials, including ministers, high-ranking dignitaries, and officials from Oman Investment Authority, in honour of the distinguished guests of the annual forum.
Strengthening economic and investment cooperation
The annual meeting witnessed several side meetings focused on exploring investment cooperation and signing a memorandum of cooperation.
His Excellency Abdulsalam Al-Murshidi, President of Oman Investment Authority, welcomed David Ranibok Adeang, President of the Republic of Nauru. During their meeting, they discussed ways to enhance economic and investment collaboration between the two friendly countries and explored opportunities for establishing strategic partnerships across various sectors. Additionally, Abdulsalam Al-Murshidi signed a cooperation agreement with Ghanem Al Ghenaiman, Board Member and General Manager of the Kuwait Investment Authority.
This agreement aims to strengthen the investment partnership between Oman and Kuwait, building on their strong relations and shared desire to foster economic growth and expand cooperation in mutually beneficial areas.
According to the agreement, the parties will begin discussions on establishing a joint venture in Oman, as well as exploring investment opportunities in sectors managed by Oman Investment Authority, including energy, utilities, social infrastructure, communications, transportation, and logistics services.
‘Muscat Dialogue’
In recognition of the rich discussions held during the meeting, forum members decided to elevate the status of the accompanying conference, renaming this edition to the ‘Muscat Dialogue.’
The gathering will take the name of the host city each year, creating a dynamic platform that promotes dialogue and cooperation on investment, sustainable development, and global economic issues.
Topics aligned with national priorities
The 2024 sessions and the accompanying conference included a wealth of panel discussions and meetings, where participants addressed key investment topics chosen to align with Oman Vision 2040’s national priorities.
These discussions covered areas such as energy transition, artificial intelligence, supply chains, the advancing roles and responsibilities of sovereign wealth funds, and the rise of multi-purpose funds.
Among the highlights was a dialogue with Elon Musk on artificial intelligence, space technology, alternative energy, investment opportunities in AI, investing in a dynamic policy environment, and how energy transition impacts the investment landscape in developing economies.
The increasing importance of governance within sovereign wealth funds and their social impact was also discussed.
Omani angle in the Muscat Dialogue
Oman Investment Authority emphasised the Omani perspective throughout the IFSWF event. 15 Omani speakers from public and private sectors, including economy, development, energy, logistics, innovation, and artificial intelligence, contributed insights and ideas reflecting Oman’s aspirations for economic advancement. They highlighted the diverse investment opportunities in the Sultanate, further strengthening Oman’s position as a promising investment destination and a land of opportunity.
New Board of Directors and Greece to host in 2026
IFSWF members elected a new Board of Directors, chaired by Israfil Mammadov, CEO of the State Oil Fund of Azerbaijan, succeeding Obaid Amrane, CEO of Ithmar Capital. Additionally, the UAE’s capital, Abu Dhabi, received the handover to host the 17th Annual Forum in 2025, while Greece won the bid to host the 18th Annual Meeting in 2026 following a members’ vote.
Omani cultural heritage
Oman Investment Authority chose the Omani “Mandoos” (a traditional chest) as inspiration for the logo of the event.
The Mandoos, deeply rooted in Omani heritage, has long been used by Omanis to safeguard their most valuable possessions, such as money, jewellery, and other precious items. It symbolises the deep trust and emotional connection Omanis have with its contents, with its lock representing security and preservation of wealth.
These values align closely with the principles of sovereign wealth funds, which aim to safeguard and grow wealth over the long term for future generations.
This also highlights Oman’s investment strategy, which is focused on sustainable growth and wealth preservation, while highlighting the country’s strategic coastal location as a hub for global investors.
To mark the event, Oman Investment Authority issued a commemorative coin in collaboration with the Central Bank of Oman. This coin reflects the essence of authentic Arab art and Oman’s rich maritime history.
The design celebrates Omani creativity and cultural heritage, incorporating key symbols such as the Khor Rori port in Samharam, Dhofar Governorate, a major ancient trade center, the frankincense tree, renowned for its aromatic resin valued worldwide, the Ghanja vessel symbolising Oman’s historical naval strength, and Muscat City, a beacon of Oman’s historical significance. Additionally, intricate engravings inspired by Omani motifs adorn the coin, including patterns from the traditional Mandoos and the Omani Khanjar belt.
This is the first commemorative coin issued by the Central Bank of Oman in four years and the first with a unique serial number, making it a prized collectible. The coin serves as a unique souvenir for event attendees, inspiring further discovery of Oman’s cultural treasures.
A commemorative stamp for the event represents Oman’s identity as a “land of opportunity,” capturing its welcoming spirit. On the stamp’s right side is a traditional Omani door, symbolizing hospitality, while the meeting logo inspired by Al-Mandoos is displayed within, and beneath are the Al-Mirani Fort, the old port of Muscat, and the Badan vessel, representing Oman’s rich cultural, historical, and commercial heritage. The base of the stamp features Omani frankincense, symbolising Oman’s ancient trade vitality; frankincense was a key commodity on the Incense Route, historically transported to global markets by Al-Baghlah trading vessel. The left side of the artwork showcases projects representing Oman’s promising economic sectors, in line with Vision 2040 and Oman Investment Authority’s strategy.
Alila Jabal Akhdar Resort symbolises tourism, while wind and solar power stations, a hydrogen energy project, the Oman LNG Company, and OQ represent various energy sectors. Salalah Port highlights Oman’s focus on logistics and supply chains.
Oman Investment Authority has ensured an integrated experience for the attendees, introducing them to Omani culture and history. The itinerary included tours to historic and cultural sites, such as the Royal Opera House Muscat, Old Muscat, Al-Mirani Fort, Nizwa, and the Oman Across Ages Museum.
Special edition of “Enjaz & Eejaz”
In conjunction with this significant global event, OIA released a special issue of its quarterly bulletin, Enjaz & Eejaz, featuring extensive coverage of the IFSWF Event in Muscat, its history, and objectives. Duncan Bonfield, the forum’s CEO, stated in an interview for the edition that Muscat has shown exceptional commitment to the IFSWF Annual Meeting, creating a robust environment for its members who gather annually to exchange views on key issues and promote long-term relations between investing and recipient countries. This edition also includes details on OIA’s connection with the IFSWF, as well as information about various Omani tourist and historical attractions, and OIA’s investment portfolios.
Hosting partners
In the spirit of cooperation to ensure this important event’s success, OIA has collaborated with several government and private entities. Key hosting partners include the Ministry of Heritage and Tourism, Oman Investment Bank, Omran Group, ASYAD Group, Omantel, OMINVEST, OQ, Hydrom, and ITHCA, along with the Office of the Governor of Al-Dakhiliyah, Oman Across Ages Museum, Royal Oman Police, Ministry of Health, the Royal Opera House Muscat, the Central Bank of Oman, and the Royal Guard of Oman.
