Muscat: Sheikh Abdul Malik bin Abdullah Al Khalili, Minister of Justice, yesterday issued a decision, forming the Committee for the Investment of Orphans' and Minors' Funds.
The Committee, headed by the undersecretary of the Ministry of Justice, will have the following individuals as members: Chairman of the Directorate-General of Courts from the Administrative Affairs Council for the Judiciary, the Director-General of Financial Planning at the Ministry of Finance, Sayyidah Rawan bint Ahmed bin Thabit Al Said, Sheikh Rashid bin Saif bin Mohammed Al Sa'adi, the Director-General of the Directorate-General for the Management and Investment of Orphans' and Minors' Funds at the Ministry of Justice, and the Director of Investment and Follow up at the Ministry of Justice.
The Committee will study and define aspects of the ideal commercial investment of orphans' and minors' funds, revise the feasibility studies for potential investment projects, revise and evaluate existing investments while considering the type of investment and the prevailing conditions of the market, consider proposals submitted by the Committee or proposals made to purchase or sell lands or to construct properties, and raise recommendations for approval.
The Committee will also evaluate the offices and companies connected with the Directorate through contracts for management, leases, maintenance, engineering consultancy, and account auditing, and will review quarterly the results related to the balances of the orphans' and minors' funds, offering recommendations based on these results. It will also review the list for the evaluation of properties and will raise recommendations for approval.