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MENAFN - Muscat Daily - 10/12/2013

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(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. <


 






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