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 during November 3 to 6, and set a record for the number of attendees, with more than 300 participants from over 46 countries, including ministers and CEOs representing over 50 sovereign wealth funds.
During the forum’s opening ceremony, held under the auspices of HH Sayyid Theyazin bin Haitham al Said, Minister of Culture, Sports and Youth, 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.
Under the directive of His Majesty Sultan Haitham bin Tarik, HH Sayyid Taimour bin Asaad 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, November 3, 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.
The annual meeting witnessed several side meetings focused on exploring investment cooperation. Abdulsalam bin Mohammed al Murshidi, Chairman of Oman Investment Authority (OIA), 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, 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.
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.
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 Oman, further strengthening Oman’s position as a promising investment destination and a land of opportunity.
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.
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, symbolising hospitality, while the meeting logo inspired by Al Mandoos is displayed within, and beneath are 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.
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