The Oman wealth fund plans to restructure its tourism and property investments in the final shift of the $ 17 billion public investor.
The Oman Investment Authority will transfer an investment company, tourism development project and resorts to Omran Tourism Development Co., also known as the Omran Group, the wealth fund said in a statement on Sunday.
The move aims to “fuel the growth of the Omran Group and strengthen its role in supporting economic diversification,” the statement added. The Omran Group was founded 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.
In June, Oman merged its two asset funds – the State General Reserve Fund and the Oman Investment Fund – into one unit.
The sultanate – one of the weakest states in the Gulf – is seeking greater diversity in its economy as it struggles to improve its finances. The budget deficit has risen due to lower oil prices and the largest deficit in the region Coronavirus pandemic.
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