Compañía Española de Financiación del Desarrollo, COFIDES SA, and the State General Reserve Fund, Oman sovereign fund (SGRF) will launch a fund for the internationalisation of Spanish companies.

Both the State General Reserve Fund of the Sultanate of Oman as well as Spain will each contribute €100m, which will create an initial joint fund of €200m. This fund will be available to finance the Spanish companies with international expansion plans and attracts them towards Oman.

This is what has been agreed by SGRF Executive President, His Excellency Abdulsalam Al Murshidi, and the COFIDES Chairman and CEO, Salvador Marin, who signed a cooperation agreement in Oman in the presence of the Secretary of State for Trade, Jaime García-Legaz and H.E. Dr. Ali Al-Sunaidy, the Minister of Commerce and Industry of Oman, to initiate this project.

The agreement, which is the result of previous meetings held by the Spanish government through the Secretary of State for Trade of the Government of Spain and the Omani Government through SGRF, focuses especially on companies interested in conducting business in Oman, and targeting the Gulf Cooperation Council Countries, East Africa, South Asia and Southeast Asia. The fund will allow Oman to benefit from the expertise and technological knowhow of Spanish companies through job creation, technology transfer and investment return. The principal focus sectors for the fund will be Building Materials, Food, Infrastructure, Energy and Tourism. The forecast is that this fund will be launched at the end of the second quarter in order to make the first investments available at the end of this year.

COFIDES Chairman and CEO, Salvador Marín, expressed his satisfaction with this agreement, that "After the high-level meetings conducted by the Secretary of State for Trade of the Spanish Government and the Government of Oman, this is going to be a specific and lasting relationship between Oman and Spain". Marin stressed that "This is an excellent opportunity for Spanish companies wishing to invest in new strategic markets as it will certainly strengthen their financial structure”.


H.E. Abdulsalam Al-Murshidi, the Executive President of SGRF said “I’m very pleased with this achievement. This partnership strongly reflects the depth of the relationship between our two countries”. He also added “the fund is founded on mutual interest. It couples the Spanish technologies with Oman’s attractive business environment, which in turns, will increase the competitiveness of the Spanish industries in global markets and enhances the diversification of the Omani economy, utilizes Oman’s raw materials, and proximity to the targeted markets”.

State General Reserve Fund (SGRF) was established by a Royal Decree 1/80 in 1980. It endeavors to achieve long term sustainable returns on the revenues generated from oil and gas, and that are surplus to the state’s budgetary requirements.

On behalf of the Government of Oman, SGRF manages the reserves placed in its care to achieve best possible long term returns with acceptable risks, through investing in a diversified portfolio of asset classes in more than 40 countries worldwide.

COFIDES is a combined private-public concern, which since 1988 has provided financial support to Spanish enterprises abroad. COFIDES manages the FIEX and FONPYME funds on behalf of the State Secretariat of Commerce, within the Ministry of Economy and Competitiveness. The stockholders include the Bank of Bilbao Vizcaya Argentaria (BBVA), Santander Bank, Popular Bank, Sabadell Bank and CAF-Development Bank of Latin America.

Subscribe to Directory
Write an Article

Highlight

Axon moves into Cloud Technology

by Axon Partners Group

cloud technology axon

Estrategias de Negociación con Inversor...

by Foro Capital Pymes

La negociación con inversores es un paso crucial y a menudo intimidan...

Photos Stream