Oman Investment Fund, the Gulf state’s sovereign wealth fund, has acquired a 41.13 percent stake in Oman National Investment Corporation Holding (ONIC) from Dubai Group.
The purchase will enable ONIC to expand its operations in Oman and the rest of the GCC, Oman Investment Fund said in a statement.
“We look forward to working closely with the board to develop further opportunities for growth both in Oman and the broader region,” said Hassan Al-Nabhani, CEO at Oman Investment Fund.
Dubai Group, part of Dubai Holding, put the stake up for sale as part of a wider asset divestment plan aimed at raising money for debt repayment, sources told Reuters in December. The stake was valued at around US$59m, said the source.
Oman Investment Fund, which has a regional and global investment portfolio, also owns stakes in Dubai Mercantile Exchange and India’s Quippo Infrastructure Equipment.