Shura committee discusses social investment policy with OIA officials

Muscat: The Media Tourism and Culture Committee of the Shura Council met on Wednesday with a number of specialists from the Oman Investment Authority (OIA), as part of the committee’s ongoing study of a proposal to allocate a percentage of companies’ financial provisions under corporate social responsibility (CSR) to fund projects in the heritage, culture, and tourism sectors across the governorates of the Sultanate of Oman.

Abdullah Humaid Al Harthy, Head of the Committee, welcomed the guests and commended the role played by government entities foremost among them the Oman Investment Authority in supporting community initiatives and promoting the concept of social investment.

He noted that such efforts contribute to achieving sustainable development and align with the objectives of Oman Vision 2040, while expressing his aspiration for enhanced coordination between the Shura Council and the OIA in advancing this approach in the future.

During the meeting, OIA specialists delivered a visual presentation to the esteemed members of the committee and the Council’s General Secretariat on the social investment policy and the performance of the Authority’s affiliated companies.

The presentation outlined the concept and objectives of social investment, as well as the key features of the new policy, including governance frameworks and regulatory mechanisms aimed at improving spending efficiency and maximising the societal impact of projects.

The presentation also highlighted performance indicators of OIA-affiliated companies in this field, including expenditure levels, the number of initiatives and projects implemented, and their distribution across various sectors.

Particular emphasis was placed on projects related to heritage, culture, and tourism in the governorates, and their role in supporting local development.

It further addressed key challenges facing social investment, most notably regulatory and structural issues, the need to enhance institutional integration, and the importance of balancing welfare-oriented initiatives with sustainable development projects. In addition, a set of development-oriented directions for social investment policies was reviewed.

These included strengthening governance through the establishment of specialised committees, setting precise criteria for project selection, defining spending priorities, reinforcing the principle of partnership with the community and stakeholders, and adopting clear methodologies for measuring performance and impact.

The presentation, an extensive discussion took place among committee members, focusing on the importance of directing CSR allocations toward projects that deliver tangible added value to society.

Emphasis was placed on the need for clear allocation mechanisms linked to the specific needs and development priorities of each governorate, taking into account their unique heritage and cultural assets.

Interventions also highlighted the importance of developing project selection criteria to ensure sustainability and systematically measure impact, particularly in heritage, culture, and tourism sectors.

Committee members further underscored the importance of enhancing the role of OIA-affiliated companies in supporting initiatives that generate employment opportunities and stimulate local economies.

They also stressed the need to strengthen coordination with relevant entities across the governorates to ensure integrated efforts and optimal outcomes.

Discussions additionally touched on the importance of drawing on leading international experiences in this field and addressing regulatory, legislative, and financial challenges that may hinder the effectiveness of social investment.

At the conclusion of the meeting, the committee emphasised the importance of continuing to develop social investment policies in a manner that enhances their developmental impact, supports the heritage, culture, and tourism sectors, and achieves balanced and comprehensive development across all governorates of the Sultanate of Oman.

The meeting was chaired by Abdullah Humaid Al Harthy, Head of the Committee, and attended by their Excellencies the committee members.