Sayyid Theyazin presides at opening of Forum of Sovereign Wealth Funds
His Highness Sayyid Theyazin bin Haitham Al Said, Minister of Culture, Sports and Youth, presided in Muscat over the opening of the 16th annual meeting of the International Forum of Sovereign Wealth Funds.
The event hosted by the Sultanate represented by the Oman Investment Authority brings together leaders and members of 50 funds from 46 countries.
In his speech to the opening, His Highness Sayyid Theyazin bin Haitham Al Said said that Oman’s hosting of this meeting highlights its esteemed position among nations and its strong capacity to build bridges of cooperation and strengthen strategic partnerships.
He added that hosting this significant event stands as a clear testament to Oman’s adherence to global standards of governance and sustainability in wealth management, as well as its excellence in growing and investing its resources.
His Highness said: “It is auspicious that this event coincides with Oman’s achievement – by the grace of Allah and the insightful vision of its illustrious Sultan – in overcoming economic challenges with steady strides. This is evident in the successful reclassification of Oman to investment grade status, paving the way for continued stability and prosperity, and positioning it as an open gateway for global investment, underpinned by a rich heritage, an ambitious vision and unique opportunities across key sectors.”
“We see this gathering not merely as an event, but also as a valuable opportunity to showcase Oman’s diverse investment potential, strengthen ties with sovereign funds globally and forge mutually beneficial strategic partnerships that support Oman’s Vision 2040.
“This vision draws from a vibrant present, laying the foundation for a bright future that will benefit future generations, guided by the wisdom and insight of our wise leader,” he added.
Abdulsalam Al Murshidi, President of the Oman Investment Authority, noted that the Authority’s investment portfolios directly support the Sultanate's economy, creating job opportunities and fostering future industries in collaboration with various government bodies and private sector institutions.
This has strengthened Oman’s credit rating to investment grade, he added, reflecting the nation’s robust financial standing and the transparency of the Authority’s operations.
The OIA President emphasised that Oman’s hosting of the meeting presents an opportunity to highlight its investment advantages and its commitment to achieving sustainable partnerships with the world’s largest sovereign wealth funds.
The country is dedicated, he said, to opening new avenues of cooperation across various sectors, to establish Oman as a prime investment destination.
Obaid Amrane, Acting Chairman of the International Forum of Sovereign Wealth Funds, noted that the current era is marked by global economic shifts and rapid developments, such as the rise of artificial intelligence (AI), which serves both as a symbol of hope and as a source of challenges.
He stressed the importance of making wise and cautious decisions to mitigate cybersecurity threats and to leverage AI strategically and responsibly. He said it is important to balance the potential of these technological advancements with the need to maintain global financial stability and to strengthen the Santiago Principles and sound governance.
US entrepreneur Elon Musk, speaking via video link, described innovation and AI as transformative forces for global economic sustainability. He spoke of the importance of prioritising ethical and human centred principles in the development of economic intelligence technologies.
He also stressed the significance of sovereign wealth funds investing in sustainable development projects, especially in innovation and AI, highlighting how modern technologies bolster investments and economic returns for nations.
In his speech to the conference, US business leader Robert F Smith, emphasised the optimal use of AI technologies across both government and private sectors, noting that several investment fund companies are already integrating these technologies into their operations.
During the opening, the Oman Investment Authority introduced the Omani Mandous as the event’s logo. This is inspired by Oman’s rich heritage, where the Mandous (literally a treasure box) has traditionally been used by Omanis to safeguard their most valued possessions.
To mark Oman’s hosting of the meeting, a commemorative coin and postage stamp were issued by the Oman Investment Authority in collaboration with the Central Bank of Oman. The designs reflect the essence of authentic Arab art and Oman’s rich maritime history, showcasing Oman's creativity and cultural heritage by featuring key elements of Omani tradition and reinforcing the message that Oman is a land of opportunities.
The agenda of the Forum, which runs until Wednesday, includes panel discussions and meetings on investment related topics such as energy transition, artificial intelligence and supply chains. A new Board of Directors for the International Forum of Sovereign Wealth Funds will also be elected.
The agenda also includes visits to prominent cultural and historical sites, including the Royal Opera House, old Muscat, Al Mirani Fort, Nizwa, and the Oman Across Ages Museum.