His Majesty Sultan Haitham bin Tarik on Thursday issued a Royal Decree, No.61/2020, on the establishment of Oman Investment Institution.
The Oman Investment Authority will be under the supervision of the Council of Ministers.
Article (1) stipulates that a state department to be named “Oman Investment Institution” shall be established and that it shall have a legal identity, enjoy financial and administrative autonomy and report to the Council of Ministers.
Article (2) states that Oman Investment Institution shall have a board of directors to be formed under a Royal order of His Majesty the Sultan.
Article (3) states that a Royal decree shall promulgate the system (law) of Oman Investment Institution.
Article (4) states that all specializations, allocations, rights, obligations, registers, assets and investments related to the State’s General Reserve Fund shall be transferred to Oman Investment Institution, and so shall Oman Investment Fund and the Directorate General of Investments at the Ministry of Finance. Also, all employees of the State’s General Reserve Fund and Oman Investment Fund shall be transferred to Oman Investment Institution, along with their current job status and financial dues.
It also states that the transfer of employees of the Directorate General of Investments at the Ministry of Finance, to Oman Investment Institution shall be in accordance with terms to be agreed between the Ministry of Finance and Oman Investment Institution.
Article (5) stipulates that the ownership of all government companies and investments shall be transferred from the Ministry of Finance to Oman Investment Institution, with the exception of Petroleum Development Oman Company, Government contributions in international establishments and companies to be specified in a Royal order.
Article (6) states that the two phrases “State’s General Reserve Fund” and “Oman Investment Fund”, wherever they might recur in laws and Royal decrees, shall be replaced with “Oman Investment Institution”.
Article (7) cancels the two Royal Decrees No.1/80 and 14/2006, and so shall all that contradicts this decree or contravenes its provisions.
Article (8) says that this decree shall be published in the Official Gazette and enforced on its date of issue.
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