Oman's two sovereign wealth funds will be combined under a new single unit, the Oman Investment Authority, bringing together about $17 billion in assets.
The State's General Reserve Fund and the Oman Investment Fund, both based in Muscat, will be transferred to the newly established authority. The SGRF has $14.3 billion in assets and the OIF has $3.4 billion, according to the Sovereign Wealth Fund Institute.
A royal decree issued by His Majesty Sultan Haitham Bin Tarik said the authority will have a board of directors, to be formed under a royal order.
The authority will "enjoy financial and administrative autonomy and report to the council of ministers" in the country. All employees of the SGRF and the OIF will be transferred to the new entity.
Further, the ownership of all government companies and investments are to transfer to the authority from the Ministry of Finance, with the exception of oil and gas company, the Petroleum Development Oman Co., "government contributions in international establishments and companies to be specified in a royal order," the decree said.
A time frame was not specified.
