Oman’s government on Thursday said it would band together with pension funds and the financial sector in the sultanate to form a OR150mn ($389mn) fund to stabilise the country’s stock market, joining Gulf-wide efforts to contain the financial crisis.
Kuwait has already established a vehicle – administered by the country’s sovereign wealth fund – to prop up its stock market. Governments across the Gulf have moved to prop up the regional financial system via equity injections into banks and by guaranteeing deposits.
The Omani government would contribute 60 per cent of the fund, while the rest will be contributed by pension funds, banks, brokerages and investment companies, Rashid Salim Al Masroori, the chairman of the Investment Stability Fund, said on Thursday in a statement on the Muscat bourse web site.
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