All government companies, except Petroleum Development man and the nation's international investments, will fall under the new entity
Oman will combine its two wealth funds into one entity, which will hold assets valued at about $17 billion.
The Oman Investment Authority will manage all assets and liabilities of the State General Reserve Fund and the Oman Investment Fund, according to a royal decree.
All government companies, except Petroleum Development Oman and the nation’s international investments, will fall under the new entity.
The State General Reserve Fund’s assets are valued at $14 billion and Oman Investment Fund’s at $3.4 billion, according to the Sovereign Wealth Fund Institute.
The Oman Investment Authority will be one of the smallest managers of state capital in the Middle East and is dwarfed by Saudi Arabia’s Public Investment Fund, which aims to be the world’s biggest with $2 trillion in assets. The Abu Dhabi Investment Authority, Qatar Investment Authority and Kuwait Investment Authority are well-entrenched with billions of assets under management.