Omani fund buys ONIC stake

Oman Investment Fund (OIF), a sovereign wealth fund of the Sultanate, announced that it has acquired a 41.13 per cent holding, representing 71,323,988 shares, in the Oman National Investment Corporation Holding from Dubai Insurance Group (DIG), a subsidiary of Dubai Group, a diversified financial services company. ONIC is a leading diversified financial services holding company in Oman and an established player in the field of life and general insurance. Hassan Al Nabhani, CEO of Oman Investment Fund said; "We are delighted to have been able to acquire a significant shareholding in ONIC Holding. This investment demonstrates Oman Investment Fund'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. We look forward to working closely with the board to develop further opportunities for growth both in Oman and the broader region." From Times of Oman