MUSCAT: Telecommunications giant Omantel said it will announce a new chairman soon in place of His Excellency Abdulsalam Al Murshidi, who is now appointed by His Majesty Sultan Haitham bin Tarik, as the Chairman of the newly formed Oman Investment Authority (OIA).

Al Murshidi was the chairman of Omantel. In a statement issued to the Muscat Securities Market, Omantel said it will disclose the name of a temporary board member who will replace Al Murshidi and will later announce the new chairman.

According to a Royal Decree issued on July 4, the newly established Oman Investment Authority will take over all the assets of the country’s two existing funds, the State General Reserve Fund (SGRF) and the Oman Investment Fund (OIF), as well as assets held by the Directorate General of Investments at the Ministry of Finance.