Oman to set up investment authority to manage state assets

Oman to set up investment authority to manage state assets

DUBAI: Oman is setting up the Oman Investment Authority to own and manage most of the country's sovereign wealth fund and finance ministry assets, state TV reported on Thursday, citing a decree from the sultanate's ruler.. The decree, issued by Sultan Haitham bin Tariq Al-Said, will allow the new authority to own all public assets except the Petroleum Development Oman company and government stakes in international institutions.. The investment authority will also replace sovereign wealth funds in the country's official documents, the decree said.. Oman, a small oil producer relative to its Gulf neighbors, is being hit hard by the coronavirus pandemic and low oil prices.. Emirates, Etihad to resume transit flights after UAE lifts suspension /node/1684591/middle-east. Foreign citizens remain banned from entering the Gulf Arab state except those holding UAE residency, who require UAE government approval before returning..