عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Oman's SWF Says Total Assets Reach $46.61 bln in 2022

More than 800 jobs have been created for Omanis in the agency and its subsidiaries (Oman News Agency)
More than 800 jobs have been created for Omanis in the agency and its subsidiaries (Oman News Agency)
TT
TT

Oman's SWF Says Total Assets Reach $46.61 bln in 2022

More than 800 jobs have been created for Omanis in the agency and its subsidiaries (Oman News Agency)
More than 800 jobs have been created for Omanis in the agency and its subsidiaries (Oman News Agency)

Total assets at Oman’s sovereign wealth fund, the Oman Investment Authority, reached 17.9 billion rials ($46.6 billion) in 2022, the fund said in its annual report on Wednesday.

The OIA said its return on investment last year was 8.8%, and it added that it has contributed more than 5 billion riyals to the finance ministry in dividends to support the general budget.

Among its major assets, the OIA wholly owns Oman’s main energy holding company OQ, created to centralize the state’s oil and gas investments, Reuters reported.

OQ’s 2022 revenue was up 68% on the previous year, leading to a 100% increase in net profit last year, the fund wrote in the report, without providing further financial details.

The OIA said in December it aimed to spend 1.9 billion rials on investment projects in 2023.

It has recently partnered with Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, to jointly invest in Oman’s economy.

Most Viewed

 
 
Business

Biden Admin Delays Enforcement of Order Blocking Nippon Steel, US Steel Deal

FILE PHOTO: The logos of Nippon Steel Corp. are displayed at the company headquarters in Tokyo, Japan March 18, 2019. REUTERS/Yuka Obayashi/File Photo
FILE PHOTO: The logos of Nippon Steel Corp. are displayed at the company headquarters in Tokyo, Japan March 18, 2019. REUTERS/Yuka Obayashi/File Photo
TT
TT

Biden Admin Delays Enforcement of Order Blocking Nippon Steel, US Steel Deal

FILE PHOTO: The logos of Nippon Steel Corp. are displayed at the company headquarters in Tokyo, Japan March 18, 2019. REUTERS/Yuka Obayashi/File Photo
FILE PHOTO: The logos of Nippon Steel Corp. are displayed at the company headquarters in Tokyo, Japan March 18, 2019. REUTERS/Yuka Obayashi/File Photo

The Biden administration will hold off enforcing a requirement laid out in an executive order this month that Nippon Steel abandon its $14.9 billion bid for US Steel, the companies said on Saturday.

US President Joe Biden blocked Nippon Steel's planned acquisition of US Steel on national security grounds on Jan. 3, and his Treasury Secretary Janet Yellen said this week that the proposed deal had received a "thorough analysis" by interagency review body, the Committee on Foreign Investment in the United States.

The delay will give the courts time to review a legal challenge brought by the parties earlier this month against Biden's order. The parties previously had 30 days to unwind their transaction, Reuters reported.
"We are pleased that CFIUS has granted an extension to June 18, 2025 of the requirement in President Biden's Executive Order that the parties permanently abandon the transaction," the companies said in a joint statement.
"We look forward to completing the transaction, which secures the best future for the American steel industry and all our stakeholders," they said.
US Steel and Nippon Steel alleged in a lawsuit on Monday that the CFIUS review was prejudiced by Biden's longstanding opposition to the deal, denying them of a right to a fair review. They asked a federal appeals court to overturn Biden's decision to allow them a fresh review to secure another shot at closing the merger.
The US Treasury secretary chairs the CFIUS panel, which screens foreign acquisitions of US companies and other investment deals for national security concerns. CFIUS normally decides directly on cases or submits recommendations to the president, but in the US Steel-Nippon Steel case, the panel failed to reach consensus on whether Biden should to approve or reject it, leaving the decision to him.
Both Biden and his successor, Republican Donald Trump, had voiced opposition to the Japanese company acquiring the American steelmaker as the candidates courted union votes in the November election won by Trump.
CFIUS has rarely rejected deals involving the Group of Seven closely allied countries, which include Japan.