MUSCAT: His Majesty Sultan Haitham bin Tarik on Monday appointed His Excellency Abdulsalam bin Mohammed bin Abdullah Al Murshidi as the Chairman of Oman Investment Authority (OIA) with a rank of minister.
OIA formed by His Majesty, will own and manage most of the country’s sovereign wealth fund and finance ministry assets, according to the Royal Decree.
Murshidi has served as executive president of the State General Reserve Fund. He is also the chairman of telecommunications giant Omantel. Murshidi serves on the board of few subsidiaries such as the Oman National Investment Development Company (TANMIA), UzOmanKapital LLC and Oman Brunei Investment Company (OBIC).
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What’s the role of OIA?
According to the Royal Decree, 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.
