Oman Wealth Fund’s latest revamp focuses on tourism, real estate
Oman’s $17 billion wealth fund plans to restructure its tourism and real estate investments in the latest shift by the $17 billion sovereign investor.
The Oman Investment Authority will transfer a shareholding company, a tourism development project and resorts to the Omran Tourism Development Co., also known as Omran Group, the wealth fund said in a statement Sunday.
For all the latest headlines follow our Google News channel online or via the app.
This move aims to “drive growth for Omran Group and strengthen its role in supporting economic diversification, the statement added. Omran Group was established by the government in 2005 to focus on developing sources of economic diversification and attracting foreign direct investment to the Gulf nation, according to its website.
Last June, Oman combined its two wealth funds -- the State General Reserve Fund and the Oman Investment Fund -- into one entity.
The sultanate -- one of the Gulf’s weakest sovereigns --- is aiming to add greater variety to its economy as it struggles to improve its finances. Its budget deficit has swollen to become the widest in the region, due to lower oil prices and the coronavirus pandemic.
Read more:
Coronavirus: Oman extends land border closure until February 8
Oman receives 100,000 doses of Oxford-AstraZeneca COVID-19 vaccine
Oman makes recruitment of expat workers more costly, promotes nationalization
-
Coronavirus: Oman extends land border closure until February 8
Oman will extend the closure of its land borders for another week, until February 8, to curb the spread of the coronavirus, state TV said on Sunday, ... Coronavirus -
Oman receives 100,000 doses of Oxford-AstraZeneca COVID-19 vaccine
Oman on Sunday received 100,000 doses of the Oxford-AstraZeneca COVID-19 vaccine, according to the country’s official Oman VS COVID19 Twitter account ... Coronavirus -
Oman makes recruitment of expat workers more costly, promotes nationalization
Oman’s Ministry of Labor announced a new fee structure that employers must follow when hiring expatriate workers in order to promote nationalization ... Gulf