Muscat – The 16th annual meeting of International Forum of Sovereign Wealth Funds (IFSWF) opened in Muscat on Monday with H H Sayyid Theyazin bin Haitham al Said, Minister of Culture, Sports and Youth, inaugurating the event.

IFSWF 2024, led by Oman Investment Authority (OIA), brings together representatives from 50 sovereign wealth funds from 46 countries.

In his opening remarks, H H Sayyid Theyazin highlighted Oman’s growing reputation in the global financial community. “This event reflects Oman’s capacity to build cooperation and form strategic partnerships,” he said. “The decision to hold this event in Oman underscores our commitment to governance and sustainability, as well as our success in achieving ‘Investment Grade’ credit status.” This development, he added, has opened new opportunities for global investments across Oman’s economic sectors.

Abdul Salam bin Mohammed al Murshidi, Chairman of OIA, spoke of Oman’s commitment to economic growth through diversified investments. “OIA’s portfolios contribute to the national economy, creating employment and supporting emerging industries,” he said, adding that Oman’s elevated credit status underscores OIA’s commitment to transparency and strong financial management. The forum, Murshidi informed, is an opportunity to present Oman’s potential to global sovereign wealth funds, while fostering sustainable investment partnerships.

Obaid Amrane, Acting Chairman of IFSWF, addressed the transformative role of artificial intelligence in the financial world, emphasising the need for prudent strategies in managing the opportunities and risks AI presents. “It is essential to balance technical progress with financial stability,” he said, urging funds to prioritise sound governance.

Via video call, Elon Musk, CEO of Tesla and SpaceX, spoke on innovation and AI, emphasising the need for ethical practices in developing economic intelligence technologies. He highlighted the importance of sovereign wealth funds investing in AI-driven sustainable development projects.

Robert F Smith, a prominent American investor, also addressed the forum, underscoring AI’s growing role in government and private-sector investments.

In a nod to Omani heritage, OIA designated ‘Al Mandoos al Omani’ as the forum’s logo. Mandoos are traditional Omani decorative boxes used historically for storing valuables and hence symbolic of savings. To commemorate the event, OIA issued a silver coin and postage stamp that pay tribute to Oman’s maritime history and artistic heritage.

Running until November 6, the forum’s agenda includes workshops and sessions covering investment trends in energy transition, AI and supply chain. The forum will conclude with the election of a new IFSWF board of directors.

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