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Tue 9 Jun 2020 11:33 AM

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Sultan Haitham appoints head of new Oman Investment Authority

Oman will combine its two wealth funds into one entity, which will hold assets valued at about $17 billion.

Sultan Haitham appoints head of new Oman Investment Authority

Oman's Sultan Haitham Bin Tarik

Oman’s Sultan Haitham bin Tarik has appointed Abdulsalam al-Murshidi as head of the newly created Omani Investment Authority.

On Thursday, a royal decree announced that Oman will combine its two wealth funds into one entity, which will hold assets valued at about $17 billion.

All government companies, except Petroleum Development Oman and the nation’s international investments, will fall under the new entity.

Al-Murshidi was previously executive president of the State General Reserve Fund. His new position comes with the rank of government minister, according to the most recent decree.

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