Business | Economy

Growth markets major investment destinations

Stakes held in properties in Dubai, Ireland, India, China and Australia.

  • By Arno Maierbrugger, Deputy Business Editor
  • Published: 00:00 February 13, 2011
  • Gulf News

Dubai: The Oman Investment Fund (OIF) was established in 2006 under a royal decree of Sultan Qaboos Bin Saeed. The fund's sole shareholder is the government and its governing body is the Financial Affairs and Energy Resources Council.

Similar to other sovereign wealth funds in the GCC, it acts as an investment vehicle and makes equity, private equity, and real estate investments globally.

Currently, the fund holds stakes in the Dubai Mercantile Exchange, Jurys Inns Hotels Ireland, Quippo Infrastructure Equipment in India, Nimbus Communications in India, Housing Development Finance Corporation in India, Becton Property Group in Australia and China Gas Holdings Limited.

The OIF also is currently negotiating with Anglo-French property firm Hammerson on the sale of the £550-million (Dh3.24 billion) Bishops Square office and retail scheme in London to clients of JPMorgan Asset Management, Financial Times recently reported.

The Oman Fund has been looking to sell its 75 per cent stake in the development for several weeks to take advantage of the booming market for prime commercial property in London, the newspaper said.

Insurance company

The Sultanate's sovereign wealth fund bought the 75 per cent stake in the office scheme for £445 million in June 2009.

The OIF also owns a stake in PetroVietnam Insurance, bought in May last year. The insurance company has also been in talks about selling more shares to Oman Investment Fund, general director Bui Van Thuan said at a press conference in January.

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