(MENAFN) Oman's State General Reserve Fund (SGRF) announced it has boosted its buying of assets in the local market, particularly shares, due to the massive drop in the prices as the result of the continuous fall in oil prices, Arabian Business reported.
The market has been affected by fears that the drop in oil prices will impact the government's spending, despite it already revealing plans to raise money by cutting natural gas subsidies for industry, as well as saying that it is considering a range of other spending cuts and tax rises.
The SGRF, which is Oman's largest sovereign wealth fund, has assets totaling about USD13 billion, said that these shares were bought to increase its market share in the local market, adding that it expects that the prices will rise again due to the government announcing its budget for 2015 as well as saying that it will continue spending on major infrastructure and strategic economic projects.
"It is part of our mandate to look internationally for new opportunities for investment. With the decline in share prices locally, and by studying the market fundamentals, we have seen an attractive investment waiting to be tapped. Hence we started investing some of the fund's available liquidity," SGRF's Chief Executive said.
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