A delegation from OIA recently visited sovereign wealth funds in Bahrain (Osool) & Qatar (QIA) and met with their top officials to exchange expertise and explore various operational processes related to Finance & Risk.
According to members of the delegation, the meetings were fruitful and helped shed light on the potential for cooperation between OIA, Osool and QIA.
We are proud and pleased to confirm that on 4 June 2020 the Oman Investment Authority (OIA) was established as an independent legal entity by Royal Decree 61/2020. Through this Royal Decree, all assets and employees of the State General Reserve Fund (SGRF) and the Oman Investment Fund (OIF) have been transferred to OIA with immediate effect. Simultaneously, SGRF and OIF no longer exist as legal entities. OIA has a separate legal identity with financial and administrative independence and will report directly to the Cabinet of Ministers. By the Royal Decree, the ownership of all government investments and companies (excluding Petroleum Development Oman) overseen by the Ministry of Finance have been transferred to OIA.
As many of you know, SGRF and OIF have been working together for some time and therefore this Royal Decree will not cause any interruption of activities formerly conducted by SGRF and OIF. OIA will continue to work from the offices located at Beach One, Shatti Al Qurum and all our contact details currently remain the same.
We know that all the counterparties will want to update the ”Know Your Client” information for OIA and we will endeavor to do this as soon as practicable. In the first instance, a certified translation of Royal Decree 61/2020 is attached for your reference. The Authorised Signatory sheet for OIA will be updated and issued soon and this will be circulated to all our counterparties together with the KYC documents for those people.
We will continue to publish OIA news and updates as soon as they are available.
We look forward to continuing and growing our business relationships with you all and to building a prosperous Oman.