Sultanate of Oman has named Abdulsalam al-Murshidi as the leader of the Omani Investment Authority, a new state organization that will be replacing all of its sovereign wealth funds.
Mr. Murshidi has served the Sultanate as the Executive President of the State General Reserve Fund, Oman’s biggest sovereign wealth fund with a cumulative value of $14 billion under management. The establishment of the Omani Investment Authority was published on June 4.
Earlier this month Oman stated about a new decree that would establish the Oman Investment Authority to hold and control most of the country’s sovereign wealth fund and finance ministry assets.
The decree, issued by Sultan Haitham bin Tariq al-Said allows the new administration to own all public assets except the Petroleum Development Oman company and government stakes in international institutions. The investment authority will also supersede sovereign wealth funds in the country’s official documents.
According to data from the research group, Sovereign Wealth Fund Institute, Oman’s largest sovereign fund, the State General Reserve Fund, has assets worth $14 billion dollars while its second-largest fund, Oman Investment Fund holds assets around $3.4 billion.