GulfBase Live Support
24/04/2017 13:44 AST
Oman, the largest Arab oil producer outside the Organization of Petroleum Exporting Countries, is considering a merger of its two main sovereign wealth funds amid a slump in oil prices, people familiar with the matter said.
The Gulf state is seeking to combine State General Reserve Fund with smaller peer Oman Investment Fund to create an entity with about $25 billion in assets, the people said, asking not to be identified as the information is private. The discussions are preliminary and no financial advisers are currently involved, the people said. Final agreements haven’t been reached and talks may still falter, they said.
Oman is studying ways to improve its investment management and a merger of the two funds could include other investments, one of the people said. Countries in the Gulf Cooperation Council, a group of six oil-producing Arab monarchies, are restructuring national oil companies -- selling shares, merging units and cutting costs -- after crude slumped by more than half since 2014.
Representatives for SGRF and OIF didn’t immediately respond to requests for comment. No one at Oman’s finance ministry was available for comment.
Abu Dhabi is merging its sovereign wealth funds Mubadala Development Co. with International Petroleum Investment Co. to cut costs and combine complimentary businesses.
SGRF was set up in 1980 to invest the country’s financial surpluses and mostly focuses on opportunities outside Oman, according to information on its website. It manages assets of about $18 billion, according to the Sovereign Wealth Fund Institute. The annual return reached 7.1 percent since its inception, according to the fund’s 2015 report.
Oman Investment Fund was founded in 2006 and is fully funded by the Ministry of Finance, according to its website. The SWFI estimates the fund’s size to be about $6 billion in assets.
Bloomberg
05/04/2018
Saudi Arabia's Public Investment Fund (PIF) has signed an agreement with Six Flags to develop and design an amusement park in Riyadh. Six Flags, the world’s leading international amusement park compa
Arab News
05/04/2018
In an exclusive interview with Arab News, Turki Mohammed Al-Shehri explains how an expanding renewables industry will boost employment as well as pave the way for a greener future.
A massiv
Arab News
05/04/2018
Dubai’s residential property market continued to soften in the first three months of this year, in line with analysts’ forecasts, with rental values recording a more pronounced fall than sales prices
The National
05/04/2018
Buoyed by a strong oil price of $70 per barrel, Saudi Arabia’s Tadawul shot up by over 6 per cent in March 2018, according to Kuwait Financial Centre’s (Markaz’s) recently released Monthly Markets Re
Times of Oman
05/04/2018
Qatar banks’ combined credit facilities to real estate sector rose by QR17bn to QR147.7bn in 2017. The banks’ credit to various sectors stood at QR911bn at the end of 2017, up from QR839bn recorded i
The Peninsula