MUSCAT: His Majesty Sultan Haitham bin Tarik on Thursday issued a Royal Decree to establish Oman Investment Authority that will have a “legal identity, enjoy full financial and administrative autonomy” and will report to the Council of Ministers.
What is the role of Oman Investment Authority?
Oman Investment Authority (OIA) will have a board of directors who will be appointed by His Majesty Sultan Haitham. OIA will own and manage most of the country’s sovereign wealth fund and finance ministry assets, according to the Royal Decree.
According to the Royal Decree, OIA all allocations and assets of the State General Reserve Fund (SGRF), Oman Investment Fund (OIF), the General Directorate of Investments at the Ministry of Finance, and all ownership of all State-Owned Enterprises (SOEs) except the Petroleum Development Oman company and government stakes in international institutions. All employees of the two sovereign funds would transfer to the new entity.
As per the Royal Decree, OIA will also replace sovereign wealth funds in the country’s official documents.