Oman buys 41% of ONIC from Dubai Group

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.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Who audits the auditors?

Who audits the auditors?

DIFC Courts is hearing a case against the Middle East branch...

Saudis tighten their belts for Eid in age of austerity

Saudis tighten their belts for Eid in age of austerity

Gov't cuts, which began late in 2015, are now rippling through...

Fly economy class, share an office: Qatar's new reality

Fly economy class, share an office: Qatar's new reality

Gov't employees are being asked to make savings as low energy...

Most Discussed
sponsoredTracking