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.