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Tuesday, 25 April 2017

Oman to Follow Abu Dhabi With Sovereign Fund Merger Plans - Bloomberg

Oman to Follow Abu Dhabi With Sovereign Fund Merger Plans - Bloomberg:

"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."

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