Oman Investment Authority (OIA) has announced that it has successfully invested in Group14, a leading US company manufacturing trailblazing battery materials.
This investment is part of OIA’s strategy of seeking opportunities in new fields while partnering with global investors and attracting investment to Oman. Group14 specializes in manufacturing innovative lithium-silicon battery materials to replace traditional lithium-ion batteries. The company attracted several leading investors in the battery materials field, including Porsche, SK Materials, and several others.
In the recently-issued 5th edition of its quarterly newsletter Enjaz & Ejaz, OIA stated that the technology used by Group14 lowers costs and elevates performance. Group14 has built a strong customer pipeline with contracted revenue, including engagements with 90 per cent of the world’s battery manufacturers. Through this investment, OIA intends to integrate Oman with the company’s supply chain.
Abdulsalam al-Murshidi, President of OIA, stated in the newsletter’s foreword that OIA is getting ready to announce the launch of several national projects by OIA Companies corresponding with the celebration of Oman’s 52nd National Day. In his speech, he called on employees to start planning their individual and institutional goals for the upcoming year, 2023.
This issue of Enjaz & Eejaz also featured an interview with Muscat Stock Exchange (MSX) CEO Haitham al Salmi. In this interview, Al Salmi shed light on the six key areas covered in MSX’s strategy, which are: Developing the national economy, making MSX attractive and accessible, focusing on financial technology and infrastructure development, ensuring MSX has a solid commercial framework, achieving high job satisfaction among employees, and improving the workplace environment.
MSX has recently taken great strides toward achieving these goals. Investor confidence has grown, and the cap on foreign ownership of public stock companies was increased to 70 per cent under Royal Decree 50/2021. Draft rules and agreements related to the business of market makers and liquidity suppliers are no longer prepared. A series of promotional programs are being launched locally and internationally to familiarize people with MSX, its strategies, and available opportunities. The duties of licensing and oversight of companies working in the securities field were transferred to MSX under Royal Decree 46/2022. An MOU was signed with the Saudi Tadawul Group to improve bilateral relations and locate investment opportunities.
Also, MSX launched a new mechanism that many advanced global stock exchanges use to calculate closing prices for listed companies. MSX also rolled out three new indicators for total return in key sectors: financial, industrial, and services. Moreover, MSX established an ESG department; it is also part of a GCC collaboration to issue a unified guide for ESG practices. Furthermore, MSX improved procedures for budget allocation, follow-up, and project selection. It also signed an agreement with its subsidiary, Muscat Clearing and Depository, to integrate support departments to lower costs and improve performance.
The issue highlighted the secondment of three OIA employees from the Private Equity and Real Estate teams to Vietnam, USA, and UK. Mohammed al Maanni joined Vietnam Oman Investments, Ali al Amri joined the offices of Cranemere, a private equity company in the United States, and Aisha al Balushi was assigned to ICT Group, a real estate developer in London. These assignments stem from OIA’s belief in the importance of training employees, honing skills and knowledge, and bringing global experiences to OIA.
As it does regularly, the newsletter highlighted pioneering and innovative projects and operations by its national subsidiaries. One section discussed Ibri’s Solar Power Plant, which commenced operations in January 2021, and is located 300 km from Muscat. The plant is the largest solar photovoltaic plant in Oman and the first solar energy-generating plant to be connected to the main electrical grid. The plant uses state-of-the-art technologies and is operated by the private sector.
In another article, the issue highlights the pioneering operations of Transom Catering Company, an Oman Air subsidiary, from meal preparation to dry cleaning and logistic services.
