MUSCAT, SEPT 13
China Asset Management Co (ChinaAMC) — a major mutual fund manager in China with assets exceeding $423 billion under management — announced the signing of a Memorandum of Understanding (MoU) with an Omani government delegation representing a number of state and public sector financial institutions.
The MoU, aimed at catalysing two-way bilateral investment projects, also lays “the groundwork for further financial cooperation between China, Oman and the Gulf States”, Beijing-headquartered ChinaAMC — billed as one of the country’s largest fund managers — noted.
Representing the Omani side were senior executives from Oman Investment Authority, the Financial Services Authority, Muscat Stock Exchange and Muscat Clearing & Depository, as well as investment managers Mars Development & Investment and Jabal Asset Management. Signing the MoU were ChinaAMC CEO Li Yimei and Jabal Asset Management CEO Evgeny Korovin.
The MoU is one of several agreements forged during the delegation’s weeklong tour of major Chinese cities, which included high-level meetings in Hong Kong, Shenzhen, Shanghai and Beijing. The Omani officials engaged with representatives of Chinese regulators, stock exchanges, sovereign funds and other local government entities. In all, around 15 such meetings took place, including with ChinaAMC and CITIC Securities (China’s largest full-service investment bank and brokerage firm).
Importantly, the latest MoU builds on a partnership between ChinaAMC and Jabal Asset Management, first unveiled late last year, which launched the Loong Fund to enable access to China’s equity market. Jabal Asset Management is a wholly owned subsidiary of the Omani government and Oman Investment Authority is an anchor investor in the Loong Fund. Following that agreement, ChinaAMC became the first mutual fund company in China to partner with the Omani government.
Among other key pacts clinched during the Omani delegation’s visit to China, the Muscat Stock Exchange (MSX) signed separate Memoranda of Cooperation with the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE) as part of its efforts to strengthen international partnerships and develop capital markets.
Furthermore, the Future Fund Oman (FFO), an Oman Investment Authority (OIA) fund and Templewater, a leading pan-Asia alternative asset manager, signed an agreement to launch Oman’s first dedicated Energy Transition Fund (ETF) in Hong Kong. With an initial capital base of $200 million, the Fund is designed to catalyse Oman’s energy transformation and economic diversification under Oman Vision 2040. It will focus on high-impact sectors including clean molecules, energy storage, e-fuels, smart mobility, renewables and green data centres.
Oman Observer is now on the WhatsApp channel. Click here
