New head of Omani Investment Authority appointed

Our Correspondent

DUBAI

His Majesty Sultan Haitham bin Tariq has appointed Abdulsalam Al Murshidi as the head of the Omani Investment Authority, a new state entity replacing the Sultanate’s sovereign wealth funds, Omani state television reported on June 8.
Al Murshidi has served as executive president of the State General Reserve Fund, Oman’s biggest sovereign wealth fund with $14 billion under management.
The formation of Omani Investment Authority was announced by His Majesty on June 4.
The new Oman Investment Authority – established in a decree issued on June 4 by His Majesty the Sultan – will take over almost all the assets of the country’s two existing funds, the State General Reserve Fund and the Oman Investment Fund, as well as assets held by the Directorate General of Investments at the Ministry of Finance, with the exception of Petroleum Development Oman Company and a few others that will be specified in a royal order.