MUSCAT : The gathering marked a significant milestone in setting up the institution, established by Royal Decree No. 28/2024, as a public body with financial and administrative independence under the ministry’s umbrella.
In this foundation-phase meeting, the board made key decisions to solidify the institution’s leadership and operational framework. Appointments were approved for the Vice Chairman of the Board and the Secretary-General of the Committee, and the initial organizational structure for the work team and project governance was defined. Additionally, a temporary headquarters was selected in Muscat, with provisions allowing for future branches across governorates as needed.
Beyond administrative matters, the board also tackled the financial foundation of the institution, including a preliminary budget. One board member was authorized to perform the duties of CEO, with recruitment for a permanent CEO and additional specialized roles set to commence under the supervision of a specialized agency.
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Investment strategy was another key topic, as the board reviewed potential investment opportunities and operational models to support the foundation’s financial goals. They also discussed cooperation with financial and administrative experts to develop robust systems for the foundation’s growth.
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