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Oman Launches $5B Investment Fund to Diversify Economy

A general view of Muscat, Oman. (AP)
A general view of Muscat, Oman. (AP)
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Oman Launches $5B Investment Fund to Diversify Economy

A general view of Muscat, Oman. (AP)
A general view of Muscat, Oman. (AP)

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.

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Türkiye Hikes Fuel Tax by 6%, Aims to Control Inflation

A girl sells flowers to passersby on the Karakoy sea promenade in Istanbul, Türkiye, Friday, Dec. 6, 2024. (AP Photo/Francisco Seco)
A girl sells flowers to passersby on the Karakoy sea promenade in Istanbul, Türkiye, Friday, Dec. 6, 2024. (AP Photo/Francisco Seco)
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Türkiye Hikes Fuel Tax by 6%, Aims to Control Inflation

A girl sells flowers to passersby on the Karakoy sea promenade in Istanbul, Türkiye, Friday, Dec. 6, 2024. (AP Photo/Francisco Seco)
A girl sells flowers to passersby on the Karakoy sea promenade in Istanbul, Türkiye, Friday, Dec. 6, 2024. (AP Photo/Francisco Seco)

Türkiye imposed a 6% tax hike on fuel on Tuesday, after its finance minister said over the weekend that tax moves on fuel and tobacco would not affect the government's inflation goal.

The special consumption tax per liter for fuel has been increased by around 6%, according to a presidential decree in the Official Gazette, which publishes new legislation and official announcements.

The special consumption tax on fuel is adjusted every six months based on the producer price index. With the 5-month cumulative PPI since the last increase standing at 7.12%, the latest tax hike is below the index.

Authorities will announce an update on the PPI on Jan. 3, when it is widely expected to increase, Reuters reported.

Fuel taxes typically have a major impact on inflation.
But Finance Minister Mehmet Simsek said on Sunday that tax hikes for fuel and tobacco in the New Year will be set in a way that does not affect the country's 2025 inflation outlook.
Turkish annual inflation stood at 47.1% in November, higher than expected but at its lowest level since mid-2023. A Reuters poll forecast that it will ease to 26.5% by end-2025, but higher than a central bank prediction of 21%.