Abdul Salam bin Muhammad al-Murshidi was named head of the Oman Investment Authority, the new entity to manage the country's two sovereign wealth funds.
A royal decree by His Majesty Sultan Haitham Bin Tarik said Mr. Murshidi will have the rank of a minister.
A royal decree last week said the $14.3 billion State General Reserve Fund and the $3.4 billion Oman Investment Fund, both based in Muscat, will be brought together under the new unit. Asset figures are according to the Sovereign Wealth Fund Institute.
Mr. Murshidi is CEO of the SGRF.