Omani investment fund acquires 41.13% in ONIC

The Omani Investment Fund - the sovereign Omani fund - has announced its acquisition of a 41.13% share in the Omani National Investment Holdings Company (ONIC). The state news agency quoted Omani Fund's CEO, Sheikh Hassan bin Ahmed Al-Nebhani as having said that the selling of this share constitutes a strategic resolution for Dubai Group and part of its announced plan to sell its assets in order to support its current restructuring process. He also commented by saying that he is glad to be able to acquire a large share in ONIC describing this step as evidence of the Fund's focusing on investing in leading local companies in the Omani market and looked forward to development and growth of leading local companies. Sheikh Hassan Al-Nebhani also believes that the insurance sector has remarkable potentials and components for future growth. He said that he looks forward to working closely together with the company's management in order to increase opportunities for growth in the Sultanate Oman and the region For his part, the CEO of Dubai Group, Fadil Al-Ali, expressed his delight for the acquisition by the Omani Investment Fund of the share of Dubai Group in the Omani National Investment Holdings Company (ONIC), which he described as a perfect partner to support the company in upcoming phase of its growth in Oman and the rest of GCC countries.