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Oman and India Establish Joint Investment Fund

Wednesday, 14 July 2010 21:01

Inida (New Delhi) – Oman and India has signed an agreement to set up the Omani-Indian Joint Investment Fund between the State General Reserve Fund (SGRF) and the State Bank of India (SBI) with a paid-up capital of $100 million equally between the two sides in the presence of Ahmed bin Abdulnabi Macki, National Economy Minister and Deputy Chairman of the Financial Affairs and Energy Resources Council, his accopanying delegation, Shri Pranab Mukherjee, Finance Minister and a number of officials at the Indian government.

The agreement was signed on behalf of the State General Reserve Fund (SGRF)by Warith bin Mubarak al Kharousi, Chief Executive Officer (CEO) of the fund while Om Prakash Butt Chairman of the Board signed for the State Bank Of India.

Ahmed bin Abdulnabi Macki, National Economy Minister and Deputy Chairman of the Financial Affairs and Energy Resources Council stressed the importance of the role due to be played by the fund in enhancing research fields for new Omani-Indian joint investments in various economic sectors.

He also said in his speech that the Sultanate currently has investments in the Republic of India and before setting up the fund worth 200,000,000 dollars in the telecommunications and real estate services sectors. Moreover, there are joint investments between Indian companies and Oman Oil Company in the Omani-Indian fertilizers project in the Sultanate and refinery project "Pena" in Madhya Pradesh County in India.

On his turn, Warith bin Mubarak al Kharusi, Chief Executive Officer (CEO) of SGRF said that by setting up the Omani-Indian Joint Investment Fund with SBI, SGRF will enhance the fields of the Sultanate's government foreign investments.

He pointed out that the SGRF has the global experience in the investments fields in various economic sectors and setting up this fund between the two sides will enhance the expected investment opportunity in the markets of the Republic of India which are witnessing growth in various sectors that exceeded the rates of global forecasts.

Meanwhile, Shri Pranab Mukherjee, Finance Minister and a number of senior officials in the Indian government said that the government of the Republic of India understands well the Omani economic policy which is based on the mutual respect and the basis to achieve the desired goals, confirming that the plans and developmental programmes being implemented by the government of His Majesty the Sultan in various fields are sources of interest and administration of various nations of the world.

The signing ceremony was attended by Sheikh Humaid bin Ali al Ma'ani, Sultanate's ambassador to the Republic of India. (ONA)

Global Arab Network

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