Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Onidco seeks to boost cooperation among funds for investment projects  Join our daily free Newsletter

MENAFN - Muscat Daily - 10/12/2013

No. of Ratings : 0
Add to Mixx!


(MENAFN - Muscat Daily) Oman National Investments Development Co (Onidco) recently held a seminar at the Ministry of Finance aimed at exchanging views and ideas and to come up with practical steps which would contribute to the development process in the sultanate.

The seminar was attended by general managers and heads of national funds that are shareholders of Onidco, which include the State General Reserve Fund (SGRF) and the Public Authority for Social Insurance (PASI), as well as civil, military and security pension funds.

In his opening speech, Abdul Salam al Murshidi, chief executive of SGRF and chairman of Onidco, discussed ways to develop cooperation between funds in the area of investment and benefits to funds from taking advantage of the relationship which bound them together under the umbrella of the company.

It was also pointed out that by unifying efforts the funds would be able to achieve larger goals. 

Abdul Salam al Murshidi

Abdul Salam al Murshidi

Murshidi also pointed out that SGRF, through its various global investment networks, will attract the necessary projects, partners, and technologies to the sultanate and priority will be given to the national investment funds and the  Omani private sector to hold stakes in such projects.

Around 30 to 40 per cent of the shares are proposed to be allocated to companies and investors through public or private offerings and Onidco will offer such projects to businessmen of the private sector after the completion of necessary studies, he said.

The seminar also exchanged views on the way forward and on practical steps to implement goals and on determining a working mechanism under the Onidco umbrella. 

The attendees also discussed the role which the funds would play in the upcoming development projects of the government through different initiatives, including public private partnership (PPP). 

Murshidi said, ''The upcoming projects are large and would need enormous share capital that an individual private-sector entity or one fund would not be able to provide, so it would be better if the funds play the role of a catalyst for these investments.'' 

He added, ''We are keen to build partnerships with the private sector and businessmen in the sultanate to develop and support those projects that are characterised as having a developmental dimension.''

The seminar said that funds should be given the flexibility in terms of being free not to engage in any of the projects that may not be commensurate with their goals or is a duplication of their previous investments. <


  MENA News Headlines

Click to Apply



Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Investment Game
Economic Calendar
Financial Glossary

Portfolio Tracker


Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help