Oman Investment Authority to Own and Manage Majority of State Assets

The Ruler of Oman, Sultan Haitham bin Tariq Al-Said has issued a decree allowing the formation of the Oman Investment Authority (OIA) to own and manage majority of Oman’s sovereign wealth fund and finance ministry assets, excluding the Petroleum Development Oman company and the Government’s ownership in international institutions.

According to the decree, the OIA will replace Oman’s two sovereign wealth funds comprising the State General Reserve Fund with assets worth USD 14 billion and the Oman Investment Fund with USD 3.4 billion in assets.

The Board members of the OIA will be commissioned by Sultan Haitham, whilst all employees of the country's two sovereign funds...