31/08/2015 07:36 AST
State General Reserve Fund (SGRF), Oman’s sovereign wealth fund, and Oman Oil Company (OOC), the government’s investment arm in the energy sector, have signed a cooperation agreement to build a strategic cooperation partnership.
The announcement of this strategic cooperation came in light of the commitment of both sides to contribute in developing the national economy through diversifying the national income, and enhancing in-country value.
The partnership between SGRF and OOC will focus on a number of areas such as the development of human capital, supporting small and medium enterprises (SMEs) and knowledge transfer.
On this occasion, Abdulsalam Al Murshidi, executive president of SGRF said: “this partnership has been established because we, at SGRF, believe in the importance of the cooperation and integration between various investment bodies in the Sultanate, to serve the objectives of the fund in building national capacities, localising knowledge and expertise, and enhancing the In Country Value.”
“This partnership between the two powerful institutions, State General Reserve Fund and Oman Oil Company, will work to maximise the use of human, financial, technical and administrative resources and international networks for both parties to benefit,” he added.
Commenting on this cooperation, Isam bin Saud Al Zadjali, chief executive officer of Oman Oil Company said: “This strategic partnership with SGRF will serve the company’s goals towards making more efforts and initiatives to develop Human Resources related areas, encourage Innovation, acquire technologies, and to facilitate the transfer of knowledge to the Sultanate.
“Additionally, it further enhances the national efforts in supporting ICV, which in turn works to promote Small and Medium Enterprises. The Partnership will open horizons and integrates efforts towards the continued support of the Sultanate's efforts to diversify the national economy,” he added.
Both partners will announce a number of strategic investment initiatives that promote integration among the largest sovereign wealth fund of the Sultanate, and the investment arm of the government in the oil, gas and energy related sectors.
Times of Oman
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