OMINVEST, Oman’s largest publicly listed investment company launches three new subsidiaries- ONIC SAOC, Ubhar Capital SAOC and Oman Real Estate Investment Services – ORIS SAOC- and announces construction of a new business center in Hay Al Irfan precinct.
OMINVEST 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 HE 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 CEO Abdulaziz Al Balushi, distinguished Omani public and private sector officials and honorable guests from across the GCC region.
Delivering his opening remarks, Khalid Al Zubair, chairman of OMINVEST, reflected on the upcoming 46th National Day Celebrations. He noted, “As we celebrate our National Day in this month, happiness and joy lives in the heart of every Omani. We are profoundly thankful for the wise and benevolent leadership of His Majesty Sultan Qaboos bin Said. Celebrating National Day underlines our firm commitment to preserve the achievements of our nation and demonstrates our aspirations to work harder for the continued development and prosperity of our country.”
Highlighting growth potential and contributions of OMINVEST, chairman Khalid Al Zubair elaborated, “The development of the Sultanate, both in terms of human capital and economic diversification is our major priority. For over three decades, OMINVEST has been a catalyst for empowering local businesses and creating opportunities for Omani nationals. 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 at OMINVEST, Khalid 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.
Khalid Al Zubair added that to further enhance and sustain value for shareholders, OMINVEST’s strategy is focused on six key growth pillars: (i) further build our presence in the banking sector and help improve performance of our strategic investments, (ii) expand our footprint in the regional insurance sector through organic expansion and bolt-on acquisitions, (iii) explore strategic collaborations among our leasing associates to realize synergies, (iv) build and grow our investment banking and asset management platform to generate fee income, (v) develop a diverse and high quality portfolio of financial investments in public and private equity through our new subsidiary ONIC, and (vi) establish a top-tier real estate investment and projects advisory business. He added that these initiatives, which are already well under way, will help diversify OMINVEST revenue streams and create durable value for all stakeholders.
During his speech, Khalid Al Zubair detailed the major investments held by OMINVEST 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%. OMINVEST also holds major investments in Bank Muscat and Ahli Bank. In the insurance sector, OMINVEST’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, OMINVEST 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 chief guest, HE 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. The OMINVEST Business Center or ‘OBC’ is conceptualized to be the smartest and most modern office complex in Oman. When completed in early 2018, OBC will be the new home for OMINVEST. It is aimed to be the most desirable business address, setting new standards for business productivity, energy efficiency and environmental responsibility.
Outlining the company’s future growth strategy, OMINVEST group CEO, Abdulaziz Al Balushi commented, “We are well positioned for strong growth in the years ahead, and it is our vision to be the largest and best performing publicly traded Investment Company in the MENA region within the next five years. Demonstrating our commitment to promote economic and social growth in Oman, OMINVEST has recently launched three new subsidiaries – these entities represent a major milestone in our efforts. The three new OMINVEST subsidiaries are; ONIC SAOC, Ubhar Capital SAOC and Oman Real Estate Investment Services – ORIS SAOC.”
Abdulaziz Al Balushi noted that ONIC will be a dedicated platform to manage all proprietary Financial Investments across Public and Private Equities. Ubhar Capital or ‘U-Capital’ will be Oman’s first independent investment banking platform – sponsored by leading Omani & international institutional investors. Meanwhile, ORIS is a unique company seeking to be positioned as an “Affordable Luxury” Lifestyle provider that creates exceptional value to its shareholders and the Omani economy at large. ORIS will be focused on developing Salalah Resorts and the upcoming OMINVEST Business Center atop Muscat Hills.
Commenting on the future potential of the new subsidiaries, Abdulaziz Al Balushi concluded, “We have set out ambitious goals for ONIC, Ubhar Capital and ORIS in order to meet today’s demands for innovation, focus and consistent growth. OMINVEST is heavily invested in the future prosperity of Oman, with a strong focus on investments which will continue to grow – to create greater value and deliver a positive impact on Omani economy and the region.”