The Sultan of Oman on Thursday ordered the establishment of a national investment body to manage the country's sovereign wealth funds, Trend reports citing Xinhua.
"All allocations, assets and investments" of State General Reserve Fund and Oman Investment Fund will be transferred to the Oman Investment Institution, said a royal decree issued by Haitham bin Tariq.
The Directorate General of Investments and government companies at the finance ministry and all government companies except Petroleum Development Oman will also be incorporated in the new body, according to the decree.
Both State General Reserve Fund and Oman Investment Fund will be cancelled, it note