Oman fund acquires 41% stake in Onic

Oman Investment Fund, or 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 Oman National Investment Corporation Holding, or Onic Holding, from the Dubai Insurance Group, a subsidiary of the Dubai Group, a diversified financial services company.

“We believe the OIF is right partner to support the group in its next phase of growth in Oman and other GCC countries. This is a strategic decision for the DIG and is part of our stated plan to sell down assets in order to support our broader ongoing restructuring process,” Dubai Group acting chief executive officer Fadel Al Ali said.

“This investment demonstrates the OIF’s 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,” OIF chief executive officer Hassan Al Nabhani said.

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