Oman and Brunei establish $100m investment fund

Saturday, Apr 18, 2009

Gulf News

Muscat: Oman and Brunei signed a memorandum of understanding (MoU) setting up a joint investment fund with a capital of $100 million to be shared equally by the two countries.

The MoU, inked on Thursday at Al Alam Palace, was signed on behalf of Oman's government by Ahmad Bin Abdul Nabi Macki, Minister of National Economy and Deputy Chairman of Financial Affairs and Energy Resources Council and for Brunei's government by Behen Major General (retired) Dato Awang Haj Mohammad Bin Haj Dawood, Minister of Energy.

In a statement, Macki said the fund will be headquartered in Oman and will target available investment opportunities in the two countries in various fields including trade, industry and tourism.

Macki conferred with Brunei's Energy Minister and the Second Minister of Foreign Affairs and Trade at Al Alam Guest House earlier in the day on the sidelines of the Sultan of Brunei's visit to Oman.

In the meeting, they discussed a number of issues on joint investment and trade co-operation, besides the economic situation in light of the global financial crisis.

Macki noted the efforts exerted by Oman's government to develop its local and external investments and explained the development programmes being implemented during the current five-year plan.

The two Brunei officials, on their part, mentioned the government development plans being executed in their country's various economic sectors.

The meeting was attended by Syed Fakhri Bin Mohammad Al Said, Oman's ambassador to Brunei and Muharram Bin Biah, Brunei's ambassador to Oman.