Oman plans to launch a $5 billion public investment fund to support plans to overhaul the economy in the Gulf Arab nation over the next two decades, state media reported Wednesday.
The Oman Future Fund will aim to increase economic activity and support the private sector as the country looks to reduce its reliance on oil.
State media said Sultan Haitham bin Tariq Al Said approved the new fund, which would launch with 2 million riyals, or around $5.2 billion. It would support the country's Vision 2040 plans to grow and diversify the economy.
The Oman Investment Authority was established in 2020 and incorporated an earlier fund dating back to 1980.