Business | Investment

Oman Investment Fund acquires 41.13% stake in Oman National Investment

Sale is in line with Dubai Group’s strategy to sell portfolio assets

  • Staff Report
  • Published: 16:18 February 28, 2013
  • Gulf News

Muscat: Oman Investment Fund (OIF) a sovereign wealth fund of the Sultanate of Oman, announced that it has acquired a 41.13 per cent holding, representing 71,323,988 shares, in the Oman National Investment Corporation Holding SAOG (ONIC Holding) from Dubai Insurance Group (DIG), a subsidiary of Dubai Group, a diversified financial services company.

“We are very pleased that the Oman Investment Fund is acquiring our interest in ONICH and we believe that they are the right partner to support the Group in its next phase of growth in Oman and other GCC countries. This is a strategic decision for DIG and is part of our stated plan to sell down assets in order to support our broader ongoing restructuring process,” said Fadel Al Ali, Acting CEO, Dubai Group.

ONIC is listed on the Muscat Securities Market, is a leading diversified financial services holding company in the Sultanate of Oman and an established player in the field of Life and General Insurance,

“We are delighted to have been able to acquire a significant shareholding in ONIC Holding. This investment demonstrates Oman Investment Fund focus on strong businesses in the Omani market in which we will seek to actively participate with fellow shareholders to assist in their further development. We look forward to working closely with the Board to develop further opportunities for growth both in Oman and the broader region,” Hassan Al Nabhani, Chief Executive Officer of Oman Investment Fund.

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