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Sultan Haitham Bin Tariq Al-Said’s decision to merge the State General Reserve Fund (SGRF) and the Oman Investment Fund (OIF) – announced via a royal decree on 4 June – brings to an end a debate that has rumbled on since 2017. The new Oman Investment Authority (OIA) will combine the $14.3bn of assets held by the SGRF and $3.4bn from the OIF. To be independent of the Ministry of Finance (MoF), the new entity will report directly to the Council of Ministers.