The Oman Investment Authority restructured boards of 15 companies in its portfolio as part of a comprehensive review of its assets, as it looks to boost efficiencies amid the global pandemic, the state news agency reported on Sunday.
The sovereign wealth fund said that it also replaced chairmen of five companies to “achieve efficient management and ideal governance”.
“Boards of directors will operate in line with proper governance procedures and a national agenda to be supervised by the OIA," the Oman News Agency said, quoting the authority.
Oman Investment Authority was established earlier this year after merging the two existing wealth funds the State General Reserve Fund (SGRF) and the Oman Investment Fund (OIF). The new entity manages and owns all public assets, except the Petroleum Development Oman, according to a government decree in June.
The SGRF, had about $14.3 billion (Dh52.5bn) in assets, while OIF portfolio was worth about $3.4bn, giving OIA a portfolio of approximately $17.7bn, upon merger, according to the Sovereign Wealth Fund Institute data. OIA is currently ranked 35th largest independent fund in the world, as per the institute.
Oman, which saw a change of guard after its long-time leader Sultan Qaboos bin Said died this year, has rolled out various measures to cope with the economic fallout from the coronavirus pandemic.
In June, the sultanate set up a national committee to help the country navigate the current crisis and mitigate the impact of the outbreak on its economy.
“The committee shall deal with the economic effects resulting from the pandemic by setting an appropriate mechanism to ensure the speedy return of economic activities and ensure accelerated economic growth rates,” the state news agency said at that time.
Movement restrictions imposed to contain the pandemic in Oman and worldwide have pushed down the price of oil, a major contributor to the sultanate's economy, and also affected its growing tourism sector, including the cancellation of the popular Khareef Festival in the southern city of Salalah. The measures to contain the pandemic also led to a temporary shutdown of Oman’s biggest free zone in the city of Duqm.
