MUSCAT: The Board of Directors (BoD) of Sports Activities Subsidy Fund held its first meeting for 2018 under the chair of Shaikh Saad bin Mohammed al Saadi, Minister of Sports Affairs.
The meeting discussed the recommendations of the Fund’s Investment Committee, which was submitted to the BoD meeting which was held on March 14. The committee pointed out that the report of the Fund’s auditor for 2017 reflects the financial position and the soundness of the financial procedures taken in 2017.
The BoD reviewed the measures taken by the Fund’s secretariat to implement the decisions of the fourth meeting in 2017 with regard to the classification system for the outperforming players who are members of the national teams.
The BoD also reviewed the technical plans and programmes for preparing sportsmen in 2018.
The BoD also discussed the current position of the investments, their revenues and the effect of the lack of stability in financial markets. The BoD delegated the Investment Committee with the task of adopting some new investment projects after careful study of the market to select the best feasible projects that develop the Fund’s revenues. — ONA
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