2020-09-27

Oman Investment Authority launches "Rawabet" Program

In light of the recent meeting between HE Chairman of the Board, and HE President of Oman Investment Authority (OIA), with heads of Boards of Directors of its affiliated companies, the Authority launched a special program under the name of "Rawabet", as a direct link between the Authority and its companies, in order to enhance their Corporate Governance, and link all their policies and systems with the higher policies of OIA.

The program will help OIA's affiliated companies align their policies with Oman Vision 2040, which focuses on developing economic diversification sources, enhancing non-oil revenues' contribution to national GDP, and attracting foreign direct investment to the Sultanate.

Rawabet also aims to shed light on the role that the private sector plays in developing the Omani economy and promoting successful partnerships in local value-added investments, in addition to promoting the securities markets, developing the national workforce, and working on the continuous development of different investment sectors in the Sultanate.

In order to achieve the desired goals of the program, OIA will involve all relevant sectors, such as investment, asset management, risk & compliance, human resources, procurement & contract operations, asset allocation, finance, information technology, corporate communication, legal affairs, and auditing, to ensure their strategic implementation of government companies' alignment with the national goals, to positively contribute in achieving Oman 2040 vision.

It is hopeful that Rawabet will help enhance OIA's companies' performance to achieve their goals and overcome all associated challenges, in addition to creating strong partnership with the private sector that supports the involvement of a bigger share of private sector establishments. The program will also help create a comprehensive plan to prepare these companies' investments in ICV initiatives as well as exiting from investments or listing in financial markets and other areas that help create new job opportunities.

"Rawabet" will also work as a platform for exchanging resources and expertise on best investment practice by planning joint team activities that can enhance their general performance.