Oman-Brunei joint venture capitalized at USD 200 mln

MUSCAT, Oman’s State General Reserve Fund (SGRF) and Brunei Investment Agency (BIA) have agreed to increase the capital of Oman Brunei Investment Company (OBIC) by another USD 100 million, thus bringing the total capital of the company to USD 200 million.

The agreement was signed on the sidelines of the 19th Bilateral Consultative Meeting between the Sultanate of Oman and Brunei Darussalam, held at the level of foreign ministers here on Monday, Oman News Agency (ONA) reported. Abdulsalam Mohammad Al-Murshidi, CEO of SGRF, signed on behalf of the Omani government, while Sofian Mohammed Jani, acting managing director of BIA and chairman of OBIC, signed on behalf of the government of Brunei Darussalam. The signing ceremony gathered Sayyid Badr bin Hamad bin Hamood Al-Busaidi, Secretary-General of the Ministry of Foreign Affairs, Honorable Dato Seri Setia Haji Erywan bin Pehin Datu Pekerma Jaya Haji Mohammed Yusof, Minister of Foreign Affairs II of Brunei, Sheikh Ahmed Bin Hashil Al Maskari, Sultanate’s Ambassador to Brunei Darussalam and Haji Sulaini bin Haji Said, Ambassador of Brunei Darussalam to the Sultanate.

Commenting on the signing of the agreement, Al Murshidi said, “OBIC has invested in 9 projects in Oman since its establishment ten years ago, most importantly Kempinski Hotel Muscat, the European Hospital, currently being built in Al-Ghubra, and the water desalination plant in Sohar.

It has also exited from 3 investments so far yielding good returns. This year, we are pleased that OBIC has acquired 50 percent share of Golden Corporation, a company that specializes in providing high-quality seafood products and is based in Brunei Darussalam, its first investment in Brunei.” On his part, Sofian Mohammed Jani said: “We are pleased with the cooperation between SGRF and BIA.” “The signing of the agreement is icing on the cake for Oman-Brunei bilateral cooperation in the field of investment and related fields,” he noted.

Jani also applauded OBIC, describing it as a unique example of successful cooperation between sovereign wealth funds, as it owns a diversified investment portfolio covering numerous sectors.

He also hailed the company’s successful investments over the past decade, and expressed optimism that it will continue making the most of business opportunities in both countries’ local markets, in order to further boost their economic development and diversification plans.

OBIC was established in 2009 during the visit of Sultan of Brunei Darussalam to Oman with an investment capital of USD 100 million paid equally by the SGRF and BIA, according to ONA report.

Source: Kuwait News Agency