HH Sayyid Theyazin Opens 16th Meeting of International Forum of Sovereign Wealth Funds.

MUSCAT: HH Sayyid Theyazin bin Haitham Al Said, Minister of Culture, Sports and Youth, today inaugurated the 16th annual meeting of the International Forum of Sovereign Wealth Funds (IFSWF) in Muscat. The event is hosted by the Sultanate of Oman, represented by the Oman Investment Authority (OIA), and sees participation from representatives of 50 sovereign funds from 46 countries. According to Oman News Agency, HH Sayyid Theyazin emphasized that hosting the IFSWF meeting reaffirms Oman's esteemed position globally and highlights its ability to foster cooperation and strategic partnerships. He remarked that choosing Oman as the host signifies the country's adherence to global standards in governance and sustainability, and its commitment to wealth management and investment development. HH Sayyid Theyazin noted that the timing of the event coincides with Oman's successful navigation of economic challenges, driving stability and prosperity. He highlighted Oman's upgraded credit rating as a testament to its att ractiveness to global investors, citing the nation's rich legacy, ambitious vision for the future, and promising opportunities across vital sectors. Abdul Salam bin Mohammed Al Murshidi, Chairman of the Oman Investment Authority, stated that OIA's investment portfolios bolster the national economy, generate employment, and foster industry development in collaboration with government and private sectors. This, he added, has elevated Oman's creditworthiness and underscored the transparency and financial stability of the OIA's operations. Obaid Amrane, Acting Chairman of the IFSWF, addressed the global economic shifts, notably the rise of artificial intelligence, and the need for strategic and responsible decision-making to mitigate risks and enhance financial stability. He advocated for a balance between technological investments and the principles of sound governance. American businessman Elon Musk, in a video call, highlighted the imperative for ethical considerations in developing economic intelligence te chnologies and encouraged sovereign wealth funds to focus on sustainable development projects in innovation and AI sectors. Robert Smith, another American businessman, emphasized the optimal use of AI in government and private sector transactions. The Oman Investment Authority introduced 'Al Mandoos Al Omani' as the logo for the meeting, symbolizing Omani heritage. To commemorate the event, a silver coin and postage stamp were issued, reflecting Oman's maritime history and cultural richness, themed 'Oman is the land of opportunities.' The forum's agenda, continuing until November 6, 2024, includes sessions on investment-related topics like energy transition, AI, and supply chains, along with the election of a new IFSWF board. Participants will also tour historical sites such as the Royal Opera House Muscat, the old city of Muscat, and Nizwa.