Banking & Finance Oman sovereign wealth fund’s assets reach $41.5bn in 2021 By Pramod Kumar November 15, 2022, 5:11 AM Creative Commons Oman Investment Authority has achieved an annual average return of 10.3 percent Oman Investment Authority’s (OIA) assets reached $41.5 billion as the wealth fund increased holdings in real estate, technology and logistics, Bloomberg reported, citing its 2021 annual review. The sovereign wealth fund manages assets in 40 countries and has achieved an annual average return of 10.3 percent. OIA invests in stocks, bonds, short-term assets, logistics, service sector, mining and industrial projects. Most of the fund’s investments are within the country, accounting for 61.5 percent of its portfolio. North America accounted for 17 percent of its holdings, Western Europe 9.3 percent, and Asia Pacific 4.7 percent. Earlier this year, Oman divided the OIA into two units overseeing local and foreign assets. The ‘generational portfolio’ consists of mostly foreign assets and will focus on “achieving the greatest returns for future generations” the annual review said. In October, Ibrahim Al Eisri, director of private equity at OIA, said the wealth fund was looking at deals in the UK due to the drop in the value of the British currency. Abu Dhabi wealth fund ADQ and OIA have pinpointed investments worth $8 billion in the sultanate, the report said.
Tax $660m a year ‘sin tax’ target set by Kuwait Kuwait hopes to raise 200 million dinars ($660 million) a year through a “sin tax” on unhealthy products as part of tax reforms proposed by the International Monetary Fund, the country’s finance minister said on Wednesday. Noora Al-Fassam told the official Kuwaiti news agency that her ministry was working on a new law for a […] 3 hours ago
Transport Tenders issued for high speed Abu Dhabi-Dubai rail link Tenders have been issued for the design and construction of central components in a high-speed rail link between Abu Dhabi and Dubai. Etihad Rail, the national rail company of the UAE, has sent out tenders for designing and constructing civil works and station packages for the line connecting the two cities as part of the […] 3 hours ago
EXCLUSIVE Aviation Wizz Air increases flights from UAE to Israel after ceasefire The budget carrier Wizz Air is increasing the number of flights between Abu Dhabi and Tel Aviv after the ceasefire agreement between Israel and Hamas. The airline had previously scaled back its Tel Aviv-Abu Dhabi service to four flights a week because of the conflict, down from its pre-crisis schedule of two flights a day. […] 2 hours ago
Construction Dubai Multi Commodities Centre announces “Crypto Tower” Dubai Multi Commodities Centre (DMCC) and software company Reit Development have announced plans to build a 17-storey “Crypto Tower” that they say will demonstrate the use of blockchain technology. Blockchain will be used for tenant interactions and transactions through the use of on-chain voting mechanisms, shared resources, smart contracts and other automated services. The 150,000 sq […] 2 hours ago
