Oman plans to split its sovereign wealth fund into two portfolios, with one managing local and the other focusing on foreign assets, in a bid to boost its economic growth.
The Oman Investment Authority will be split into the National Development Portfolio and the Generational Portfolio, Abdulsalam bin Muhammad Al-Murshidi, chairman of the authority, was quoted as saying by the state-run Oman News Agency.
The National Development Portfolio, which includes more than 160 domestic companies, will manage local assets. It will support the state's general budget through dividend distributions, privatisation proceeds and treasury management.
The second unit, the Generational Portfolio, consists of mainly foreign assets with the aim of "achieving the greatest returns for future generations", the state agency reported. It also oversees some local assets with various instruments, including public and private markets, in addition to property.
The authority seeks to achieve the priorities of Oman’s Vision 2040, in terms of economic diversification, empowering the private sector, attracting foreign investment and maintaining financial sustainability, said Hisham Al Shidi, director general of the economic diversification investments unit at the Oman Investment Authority.
The Oman Investment Authority was established in June 2020 to own and manage most of its assets. The fund is comparatively smaller than Saudi Arabia’s Public Investment Fund, the Abu Dhabi Investment Authority and the Kuwait Investment Authority.
Oman, one of 23 members of the Opec+ alliance, said it will use the surplus arising from higher oil prices to reduce fiscal deficit, minimise public debt and boost spending on development projects.
The sultanate recorded a 210 million Omani riyal ($546m) budget surplus at the end of February, compared with a 457m riyal deficit a year earlier, as oil prices nearly doubled, the Ministry of Finance said.
S&P Global Ratings upgraded Oman’s long-term foreign and local currency sovereign credit rating for the first time since 2007 to BB- from B+, citing higher oil prices, rising hydrocarbon production and the government’s fiscal reform programme. The credit rating agency also revised the Gulf country's outlook to stable.
A BB rating is a speculative grading that implies the issuer is less vulnerable in the near term.
Company Profile
Company name: Yeepeey
Started: Soft launch in November, 2020
Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani
Based: Dubai
Industry: E-grocery
Initial investment: $150,000
Future plan: Raise $1.5m and enter Saudi Arabia next year
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
Company%C2%A0profile
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
The specs
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Transmission: seven-speed DSG automatic
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Price: Dh136,814
UAE players with central contracts
Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.
Jetour T1 specs
Engine: 2-litre turbocharged
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FIXTURES
All times UAE ( 4 GMT)
Friday
Saint-Etienne v Montpellier (10.45pm)
Saturday
Monaco v Caen (7pm)
Amiens v Bordeaux (10pm)
Angers v Toulouse (10pm)
Metz v Dijon (10pm)
Nantes v Guingamp (10pm)
Rennes v Lille (10pm)
Sunday
Nice v Strasbourg (5pm)
Troyes v Lyon (7pm)
Marseille v Paris Saint-Germain (11pm)
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
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