Oman's State General Reserve Fund is setting up firm with capital of $520m
Sovereign wealth funds from Oman and Brunei are partnering to establish an aircraft leasing firm with capital of 200 million rials ($520 million), the Omani fund said on Monday.
Oman's State General Reserve Fund (SGRF) is setting up the firm with Oman Brunei Investment Co (OBIC), which is itself a 50-50 venture between SGRF and the Brunei Investment Agency.
The new venture, Oman Brunei Aviation Leasing Co (OBALC), will invest in and manage the purchase and lease of commercial aircraft operated by airlines in the Middle East and globally.
"Aircraft leasing represents an attractive investment product and in due course we will be offering institutional investors the opportunity to participate in the sector through an aviation leasing fund," said Abeer Al Abduwani, chief executive of OBIC.
OBALC will be owned 30 percent by SGRF, 60 percent by OBIC and 10 percent by other investors.