Oman creates institution to manage investments
Date
6/4/2020 11:27:24 PM
(MENAFN- Brazil-Arab News Agency (ANBA)) From the Newsroom
São Paulo – The Oman investment Institution was established this Thursday (4) by sultan Haitham Bin Tarik (pictured), Oman News Agency ( ONA ) reported. The new entity will manage national investments.
The decree whereby the institution was created provides that it will 'enjoy financial and administrative autonomy and report to the Council of Ministers,' and that 'all specializations, allocations, rights, obligations, registers, assets and investments related to the State's General Reserve Fund shall be transferred to Oman Investment Institution, and so shall Oman Investment Fund and the Directorate General of Investments at the Ministry of Finance.'
Employees of the Oman's General Reserve Fund and Oman Investment Fund will be 'transferred to the Oman Investment Institution, along with their current job status and financial dues.' The transfer of employees from the Directorate General of Investments at the Ministry of Finance will be agreed between the Ministry of Finance and the recently created organization.
The Oman Investment Fund will retain ownership of all government companies and investments, 'with the exception of Petroleum Development Oman Company, Government contributions in international establishments and companies to be specified in a Royal order.'
Translated by Gabriel Pomerancblum
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