Future Fund Oman empowering private sector, small businesses

Oman Tuesday 26/March/2024 19:04 PM
Future Fund Oman empowering private sector, small businesses

Muscat: Oman Chamber of Commerce and Industry (OCCI) reviewed in its third Ramadan Evening the role the Future Fund Oman plays as a reliable investment partner.

The evening also deliberated the mission, goals and work mechanisms of the fund and the types of partnerships between the public sector and the private sector and the fund’s role in finance of small and medium enterprises (SMEs).

Rashid bin Sultan Al Hashmi, Sr. Manager of Investments of Future Fund Oman delivered a working paper titled ‘Future Fund Oman; a reliable investment partner’ in which he tackled the objectives of the fund associated with boosting the economy and empowerment of the private sector and the support of SMEs and encouragement of investment among other issues.

The working paper also dealt with the role of the fund in integration with the government finance projects aimed to provide wider finance options for the private sector companies and establishments, businessmen, SMEs, and foreign investors along with the sectors of propriety to economic diversification, in accordance with Oman Vision 2040.

These sectors included tourism sector, industrial sector, green energy, information technology and communications sector, mining sector, agriculture and fisheries sector, ports and logistics sector among others.

The capital of the fund amounts to OMR2 billion. The fund provide finance during 2024 to 2028 at OMR400 million every year.

Dr. Yousef bin Hamad Al Balushi, founder of Smart Investment Gateway (SIG) delivered a working paper in which he reviewed the development march and the macro-economy framework 1970- 2020,  the qualitative changes in the structure of the economy and the role of the Future Fund Oman among other issues.

Qais bin Rashid Al Tobi, General Supervisor on the programme of the Omani promising emerging companies at the Authority of SMEs Development delivered a working paper on the targets of the Authority of SMEs Development in achievement of Oman Vision 2040.

The evening also saw discussions on the mechanisms of Future Fund Oman and the types and forms of partnership between the public sector and the private sector through Future Fund Oman and its role as a third portfolio to Oman Investment Authority.