MUSCAT: OMINVEST, the largest publicly listed investment company in the Sultanate, held an exclusive event at the Shangri-La Barr Al Jissah Resort to celebrate milestone achievements and to outline the company’s vision for future growth. The event was held under the patronage of Mohammad Al Zubair, Adviser for Economic Planning Affairs to His Majesty the Sultan, and was attended by OMINVEST Chairman, Khalid Al Zubair, Deputy Chairman Hassan Al Nabhani, Group Chief Executive Officer Abdulaziz Al Balushi, distinguished Omani public and private sector officials and honorable guests from across the GCC region.
In his speech, Khalid Al Zubair, highlighted the growth potential and contributions of the company
He shared, "The development of the Sultanate, both in terms of human capital and economic diversification is our major priority. Following our merger with ONIC Holding in 2015, the new OMINVEST is one of the largest and most diversified investment companies in the MENA region. This new positioning enables us to play a much larger role in the economic growth and social well-being of country."
Commenting on the shareholder value creation of the company, Al Zubair noted, "Over the last three year period ending 30th Sept 2016, shareholders have seen their value increase substantially, as OMINVEST stock delivered a total return of +86.4% vs a total return of -2.4% achieved by the MSM30 Index.
Al Zubair detailed the major investments held by the company across the banking, insurance and leasing sectors.
He noted that in the banking sector, Oman Arab Bank is the company’s largest investment with an ownership stake of 51%. The company also holds major investments in Bank Muscat and Ahli Bank.
In the insurance sector, the company’s flagship subsidiary is National Life & General Insurance Company (NLGIC) – which commands the biggest market share in Oman and a fast growing market share in the UAE market. While in the leasing sector, the company holds large stakes in National Finance Company, the second largest leasing company in Oman, and in Oman Orix Leasing Company which is the third largest leasing company in Oman.
An important highlight of the evening came when the Honorable Chief Guest, Mohammad Al Zubair was invited to unveil plans for company’s new corporate office, which is being constructed in the Hay Al Irfan precinct in Muscat Hills. When completed in early 2018, OBC will be the new home of the company. It is aimed to be the most desirable business address, setting new standards for business productivity, energy efficiency and environmental responsibility.
Source : Oman Observer http://omanobserver.om/ominvest-celebrates-milestone-achievements/