Oman Investment Authority lists tourism, food projects among key successes

Oman Investment Authority lists tourism, food projects among key successes

A scorecard of the Oman Investment Authority's (OIA) performance over the six months since it was restructured as the sole integrated sovereign wealth fund of the Sultanate of Oman features an array of achievements, including key decisions in progressing major tourism, fisheries and food security related projects.However, the past six months are more notable for the Authority's success in driving corporate governance, waste reduction and accountability in the large slate of state-owned enterprises (SOEs) operating under its umbrella.Set up last June, the restructured OIA has been given the mandate to, among other things, spearhead Oman's economic recovery amid a slowdown wrought by low international oil prices and compounded by the coronavirus pandemic.It owns and manages all of the government's public assets (with the exception of Petroleum Development Oman) worth an estimated $18 billion.In its first actions since its reorganisation, OIA announced the successful completion of the integration of three fisheries related affiliates into one flagship company.Wholly-owned Fisheries Development Oman (FDO) is now the holding company of Blue Waters LLC, Al Wusta Fisheries Industries LLC, and Ocean Shrimp Aquaculture LLC, all three of which are positioned to play strategic roles in the development of Oman's fisheries and aquaculture sectors.In July, tourism