Details Announced for Oman’s Hosting of the International Forum of Sovereign Wealth Funds
● Heads and members of over 50 sovereign wealth funds, with combined assets exceeding $8 trillion, will gather in Muscat.
● Elon Musk is among the keynote speakers at the conference accompanying the forum.
● Fifteen distinguished Omani professionals will contribute to the discussions at the accompanying conference.
● The “Omani Mandoos” is the chosen logo, symbolizing its historical role as a timeless safeguard of Omani fortune, representing Omani culture, heritage, and prosperity.
● A commemorative coin and postage stamp have been issued to celebrate this significant global event.
Muscat, 30 October 2024
Oman Investment Authority (OIA) has finalized preparations to host the largest gathering in the history of the International Forum of Sovereign Wealth Funds since its establishment in 2009. Muscat will welcome heads and members of over fifty sovereign wealth funds representing forty-six countries worldwide from November 3 to 6. The meeting’s accompanying conference will feature a distinguished lineup of prominent speakers from around the globe, including Elon Musk, CEO of SpaceX and Tesla, who will join virtually; H.E. Engineer Salim Al Aufi, Minister of Energy and Minerals; H.E. Abdulsalam Al Murshidi, President of Oman Investment Authority; Robert Smith, the wealthiest African-American in the United States; Antonio Gracias, CEO of Valor; and Yan Yu, General Counsel at the International Monetary Fund.
A Prominent Position for the Sultanate of Oman
The Sultanate of Oman’s hosting of this significant global event highlights its important role on the world stage and its central position through Oman Investment Authority in promoting international relations and building strategic partnerships. OIA won the bid to host the event with a strong majority, securing 63.64% of the votes from forum members during a competitive selection process in November 2022. This achievement is supported by several key advantages, including Oman’s strategic location, which is less than seven hours from half of the world’s population, as well as its central position in a region with a rich history and ongoing relevance among sovereign wealth funds. Moreover, Oman’s natural and historical resources enhance its ability to offer a unique tourism experience, backed by infrastructure and facilities that meet global standards.
Opening New Horizons for Economic Integration
Sheikh Nasser Al-Harthy, Deputy President for Operations at Oman Investment Authority, stated that hosting this event represents Oman’s commitment to opening new avenues for economic integration with global sovereign wealth funds and enhancing investments. The meeting will be attended by officials from some of the largest sovereign funds in the world, managing assets totaling over eight trillion dollars. This presents a significant opportunity to represent Oman’s investment potential and promote partnerships in targeted sectors. Furthermore, it will lay the groundwork for long-term investment relationships that will positively contribute to economic diversification and the development of the national economy.
A Program to Introduce Participants to Oman
Duncan Bonfield, CEO of the International Forum of Sovereign Wealth Funds, expressed his enthusiasm for the meeting program designed by Oman Investment Authority, noting that it will feature a diverse array of meetings and panel discussions. Additionally, a new board of directors for the forum will be elected from a record number of candidates. He remarked, “This level of interest in the forum demonstrates that the organization is in a strong position, and we are fortunate that Muscat serves as a wonderful backdrop for this event. It’s a beautiful city, and our members will enjoy the stunning landscapes of Oman while engaging with the local community and experiencing Omani culture.”
Discussion on Global Changes in the Investment Sector
The accompanying conference of the meeting will address the latest developments in the investment sector, focusing on topics such as energy transition, artificial intelligence, supply chains, and governance, along with the social impact of investment. This meeting offers a unique opportunity for to meet senior executives from various sovereign wealth funds to engage in discussions about contemporary global issues, exchange insights on diverse investment and economic topics, and address the challenges facing sovereign wealth funds today.
Investment in the “Omani Dimension” of Hosting
To enhance the local value of this global event and exemplify the concept of the “Omani Dimension,” the organizing body has included fifteen (15) prominent Omani speakers in the conference agenda. This initiative allows them to connect with international speakers and share ideas and proposals that benefit the work of sovereign wealth funds. The topics selected for the conference agenda are relevant and of interest to the Omani economic agenda, covering the development and growth of sovereign wealth funds’ roles, the impact of energy transitions on the investment landscape in developing economies, the need to enhance governance within sovereign wealth funds, and supply chains in a changing world. Additional discussions will focus on investment opportunities in green hydrogen, joint investment and financing frameworks for sovereign wealth funds, and a comprehensive program has been prepared for forum guests to explore the rich tourism, economic, and historical resources of the Sultanate of Oman. This program includes visits to Nizwa Fort, Al Aqar neighborhood, Oman Across Ages Museum, Al Mirani Fort, and Royal Opera House Muscat.
“Omani Mandoos” as the Forum’s Logo
In celebration of Omani culture and heritage, OIA has chosen the Mandoos as the logo for the annual meeting. This symbol highlights the concepts of prosperity, self-sufficiency, trust, communication, and creativity, which are the key elements that support the vision and mission of the International Forum of Sovereign Wealth Funds. It also aligns with Oman’s investment strategies aimed at achieving sustainable growth and safeguarding the wealth of future generations. By incorporating traditional symbols and engravings, the logo reflects both the historical significance and cultural richness of Oman while looking forward to a future that balances the authenticity of its past with the modern values needed in today’s rapidly growing global economy.
Coin and Stamp Celebrating the Global Event
The commemorative coin, issued by OIA in collaboration with the Central Bank of Oman, will commemorate the hosting of the event in Muscat. It captures the essence of authentic Arab art and Oman’s rich maritime history through an exceptional design that represents Omani creativity and cultural heritage. This marks the first commemorative coin issued by the Central Bank of Oman in four years, and it features a unique serial number, making it a rare collector’s item. The coin aims to serve as a special keepsake for the forum’s guests to encourage them to discover more of Oman’s unique treasures. A postal stamp, designed in partnership with Oman Post, will also carry the message “Oman, Land of Opportunities” through its creative design. This stamp highlights the welcoming spirit of the Omani identity and features a collection of landmarks that illustrates the cultural, historical, and commercial richness of the Sultanate of Oman.
Close Relationship with the International Forum of Sovereign Wealth Funds
Oman Investment Authority has represented Oman’s commitment to economic diplomacy since becoming an observer member at the International Forum of Sovereign Wealth Funds at its establishment in 2009 and later securing full membership in 2015. OIA has strengthened its position among global investment funds and committed to following the Santiago Principles established by the Forum, which focus on promoting transparency and accountability in asset management. Furthermore, OIA actively engages in the Forum’s regular meetings to enhance international collaboration, share knowledge and experiences, and facilitate discussions on the challenges and opportunities facing sovereign wealth funds. This includes exchanging best practices in investment and management.
Hosting Partners
In line with its cooperative approach to ensuring the success of this significant event, OIA has worked alongside various government and private institutions to finalize preparations. Key hosting partners for this event include the Ministry of Heritage and Tourism, Oman Investment Bank, Omran Group, Asyad Group, Omantel, Ominvest, OQ Group, Hydrom, ITHCA Group, as well as the Office of Dakhiliyah Governor, Oman Across Ages Museum, Royal Oman Police, Ministry of Health, Royal Opera House Muscat, and Central Bank of Oman.
