MUSCAT: OIA President revealed during the ‘With Youth’ program on the national television that the assets of the Authority are estimated at more than OMR 16 billion, equivalent to more than 40 billion US dollars, as it invests about 60% within Oman and 40% abroad.

Affirming that protecting public money is more important than developing it, he stated that the Authority adopts the principle of transparency to protect its funds and investments, pointing out that the Authority’s subsidiaries are directed to disclose their financial statements to the public through annual reports. This step, he said, is an opportunity to highlight the successful models of these companies.

With regard to foreign investment, he clarified that the Authority depends on geographical and sectoral diversification. The OIA adopts division of sectors, countries and continents so that the investments of the Agency do not exceed the percentage allocated by it, even if the investments therein are good, taking into account the ease of exit from these investments.

The President indicated that there are a number of projects whose studies are underway to be offered for investment by the private sector, with a privatization plan in place for existing government companies. He further pointed out that the coming years will witness the disclosure of many projects in all governorates of the Sultanate of Oman, starting with tourism projects, followed by projects in other sectors, which will enhance decentralization in terms of distributing job opportunities and the economic activity that accompanies these projects.

He also clarified that there is a plan to privatize about 35 public companies over the next five years after the completion of the governance system of those companies.

The Authority, he stated, has many goals, most notably saving for future generations, economic development, the work of new projects and support for the state’s general budget.