Image Credit: Reuters
Muscat: Elon Musk, the CEO of SpaceX and Tesla, has called on sovereign wealth funds to invest in artificial intelligence technologies on Monday.
That came after Oman has hosted the international forum of Sovereign Wealth Fund (IFSWF) for gathering which is lasted from November 3 to 6.
The forum which is founded in 2009, was attended by more than 50 sovereign fund around 46 countries worldwide.
Key speakers such as Elon Musk, Salim Al Al Ufi, Minister of Energy and Minerals, as well as Salim Al Murshidi, the head of Oman’s Investment Authority have reiterated on the importance of investing on the global and energy transformation.
The forum discusses the latest artificial intelligence, supply chain, governance and energy transition.
The logo of the forum is Mandoos, a traditional box, which is symbolizing prosperity and creativity in Oman and at the same time Oman Central Bank will issue a special coin to commemorate Oman as a “Land of Opportunities.”
Musk, known for revolutionising multiple industries, is making headlines not just for his innovative ventures but also for his growing presence in Oman.
SpaceX’s satellite internet service, Starlink, entered into an agreement with Oman last year for setting up and operating a satellite communications system to provide fixed public communication services. A Royal Decree No. (42/2023), issued in June 2023, granted Starlink Muscat a first-class license to establish a satellite communications system.
In 2021, Oman Investment Authority (OIA), the integrated sovereign wealth fund of the Sultanate of Oman, had taken an equity stake in SpaceX – the US based space exploration company founded by billionaire businessman Elon Musk – underscoring the Omani government’s ambitions to develop a new economic sector around space and satellite communications.
Musk’s other ventures, such as his role as Chairman of X, the rebranded Twitter platform, also highlight his vision of creating integrated digital ecosystems. His ambition for X is to transform it into a multi-functional “super app” that brings together social media, payment services, and e-commerce, adding new dimensions to the digital economy.
The IFSWF annual meeting brings together sovereign wealth funds from around the world, representing trillions of dollars in assets. Musk’s participation will undoubtedly add depth to the discussions on technological innovations and sustainable investments.
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