Saturday 05 / October / 2024
MUSCAT: Oman is set to welcome one of the world’s most influential entrepreneurs, Elon Musk, as he confirmed his participation in the 16th annual meeting of the International Forum of Sovereign Wealth Funds (IFSWF) this November.
Musk, the CEO of SpaceX and Tesla and Chairman of X (formerly Twitter), will offer his visionary insights during the prestigious event, hosted in the capital, Muscat.
In their announcement, the IFSWF stated: “We are delighted to announce that Elon Musk will be joining us at our annual meeting in Muscat, Oman. He will share his thoughts on the technological trends that are reshaping the world today and the profound changes these advancements are likely to bring in the near future.”
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.
After the equity investment deal, OIA stressed that its broader objective transcends monetary returns alone.
“The investment will advance in benefiting from the technologies owned by the company and create potential opportunities to transfer the company’s expertise and experience locally, which leads to opening prospects for foreign investments,” the wealth fund had noted in a post.
The investment comes against a ramped-up effort by the government to ignite the growth of wider space and satellite communications activities in the Sultanate of Oman that aligns with the country’s Vision 2040 strategy, which seeks to diversify the economy through technological innovation and improve digital connectivity across the nation.
Starlink’s technology, based on a network of low-Earth orbit satellites, offers high-speed, low-latency internet in areas that have been historically underserved by traditional internet providers.
Musk’s participation in the IFSWF forum in Muscat comes at a pivotal moment, with Oman increasingly investing in technology-driven growth.
His appearance is expected to bring fresh perspectives on the role of artificial intelligence (AI), space exploration, and renewable energy in shaping the future. Musk’s leadership in SpaceX and Tesla is emblematic of the technological shift the world is experiencing, with Tesla continuing to pioneer the electric vehicle (EV) industry and clean energy solutions, and SpaceX pushing the boundaries of space travel.
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.
With Oman hosting this critical forum, the nation further solidifies its position as a strategic hub for global dialogue on finance, innovation, and future technologies.
