Oman appoints head of new sovereign wealth fund

Abdulsalam Al Murshidi has served as executive president of the State General Reserve Fund in the past

Oman's oil and gas ministry has launched several bid rounds to draw international companies back to the country following the 2014-16 price crash. arabianEye

Oman's Sultan Haitham bin Tariq appointed Abdulsalam Al Murshidi as the head of the Omani Investment Authority, a new state entity replacing the sultanate's sovereign wealth funds, Omani state television reported on Monday.

Mr Al Murshidi has served as executive president of the State General Reserve Fund, Oman's biggest sovereign wealth fund with $14 billion (Dh51.42bn) under management.

The formation of Omani Investment Authority was announced on June 4.