Oman Investment Authority makes headways in exit plan
Published: 05:11 PM,Nov 26,2023 | EDITED : 09:11 PM,Nov 26,2023
The plan goes in line with Oman Vision 2040 and it establishes an environment that supports economic diversification. - ONA
MUSCAT: The exit plan of espoused by Oman Investment Authority (OIA) continued to achieve good results that are consistent with the strategic vision set by the OIA as part of its efforts to empower the private sector and attract foreign investments.
The plan, which motives corporate growth, goes in line with Oman Vision 2040 and it establishes an environment that supports economic diversification and enhances cooperation with international companies.
Abdulsalam bin Mohammed al Murshidi, OIA Chairman, said that, during 2023, the Authority completed many tasks that augmented the volume and development of investments, brought about profits, reduced the debt of companies and raised the credit rating of some of them.
The OIA completed six national projects and announced “Oman Future Fund”, which will begin extending its services to beneficiary groups in the near future, he added.
For his part, Talal bin Hamed al Aufi, OQ Group CEO, said that the initial public offerings (IPOs) in the companies of “Abraaj Energy Services” and “OQ Gas Networks” contributed (in 2023) to effectively utilising individuals’ savings in investment that benefited them and enriched Muscat Stock Exchange with large percentage in the energy sector, which he observed, would boost community partnership.
Al Aufi stressed that the subscriptions reflected the confidence of investors in OQ’s assets and financial management. Subscription in OQ Gas Networks exceeded the volume of shares offered by approximately 14 times, and in the shares of Abraaj Energy Services Company by approximately 8.7 times, said Al Aufi, noting that this was further bolstered through the entry of major investors and a broad group from local shareholders.
Al Aufi pointed out that OQ Group will utilise the proceeds of the IPOs to expand the scope of its operations to produce a long-term impact by strategically repurposing the additional capital, enhancing growth and accelerating the repayment of existing investment loans.
Al Aufi explained that the group established a specialised unit tasked with running IPOs, conducting detailed studies of all OQ-affiliated companies and assessing the feasibility of their offerings to public subscription.
Decisions on any new public offerings will be made in coordination with the OIA and OQ Board of Directors, he added.
He affirmed that the value of OQ Group’s assets exceeded $31 billion by the end of 2022, noting that this underscores the annual profits achieved by the group, the efficiency of the group’s debt management, its financial stability and its constant commitment to generate sustainable value. - ONA
The plan, which motives corporate growth, goes in line with Oman Vision 2040 and it establishes an environment that supports economic diversification and enhances cooperation with international companies.
Abdulsalam bin Mohammed al Murshidi, OIA Chairman, said that, during 2023, the Authority completed many tasks that augmented the volume and development of investments, brought about profits, reduced the debt of companies and raised the credit rating of some of them.
The OIA completed six national projects and announced “Oman Future Fund”, which will begin extending its services to beneficiary groups in the near future, he added.
For his part, Talal bin Hamed al Aufi, OQ Group CEO, said that the initial public offerings (IPOs) in the companies of “Abraaj Energy Services” and “OQ Gas Networks” contributed (in 2023) to effectively utilising individuals’ savings in investment that benefited them and enriched Muscat Stock Exchange with large percentage in the energy sector, which he observed, would boost community partnership.
Al Aufi stressed that the subscriptions reflected the confidence of investors in OQ’s assets and financial management. Subscription in OQ Gas Networks exceeded the volume of shares offered by approximately 14 times, and in the shares of Abraaj Energy Services Company by approximately 8.7 times, said Al Aufi, noting that this was further bolstered through the entry of major investors and a broad group from local shareholders.
Al Aufi pointed out that OQ Group will utilise the proceeds of the IPOs to expand the scope of its operations to produce a long-term impact by strategically repurposing the additional capital, enhancing growth and accelerating the repayment of existing investment loans.
Al Aufi explained that the group established a specialised unit tasked with running IPOs, conducting detailed studies of all OQ-affiliated companies and assessing the feasibility of their offerings to public subscription.
Decisions on any new public offerings will be made in coordination with the OIA and OQ Board of Directors, he added.
He affirmed that the value of OQ Group’s assets exceeded $31 billion by the end of 2022, noting that this underscores the annual profits achieved by the group, the efficiency of the group’s debt management, its financial stability and its constant commitment to generate sustainable value. - ONA