SASF Board meets

Muscat: The Board of Directors of Sports Activities Support Fund (SASF) held on Sunday its second meeting for 2020. The meeting was chaired by Shaikh Saad bin Mohammed Al Mardhouf al Saadi, Minister of Sports Affairs and Chairman of the Fund’s Board of Directors.

The meeting reviewed the recommendations of the Fund’s Investment Committee contained in the minutes of the second meeting of the Committee for 2020. It discussed the financial analysis report prepared in the light of new developments on the status of the Fund’s financial portfolios managed by some of the contracted companies and the effects of the prevailing economic situation globally and locally.

The meeting stressed the importance of following up on those companies, and insisting on having quarterly reports from them, to ensures selecting highly efficient companies through monitoring trading financial indicators in the Muscat Securities Market.

With regard to the financial returns from the Fund’s investments in the real estate field, the meeting discussed the recommendation of the Investment Committee regarding the report submitted by the Secretariat. The meeting praised the proposed measures submitted by the committee regarding requests of tenants who were affected by “Covid-19” pandemic.

The meeting also reviewed the financial report of the fund’s revenues and expenditures for the period from January to the end of May 2020, in compliance with the 2020 budget approved by the board. The report highlights a summary of the amounts spent on honoring the national teams for their achievements regionally and internationally during the year 2019, other usual expenses and the financial revenues generated during the same period from its various investment sources.

The meeting was concluded by approving the follow-up report of the implementation of the Board’s decisions at its first meeting for 2020, in addition to reviewing a number of periodic reports submitted by the secretariat on various topics related to the nature of the Fund’s financial and administrative work. –ONA

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