JEDDAH — Oman on Thursday announced setting up of a super investment body called Oman Investment Authority to take over the country’s sovereign wealth fund and finance ministry assets, state news agency ONA reported quoting a royal decree from Sultan Haitham Bin Tariq. As per the royal decree, Oman Investment Authority will have a legal identity, enjoy financial and administrative autonomy and report to the Council of Ministers. It will have a board of directors to be formed at the royal directives. All specializations, allocations, rights, obligations, registers, assets and investments related to the State’s General Reserve Fund shall be transferred to Oman Investment Authority, and so will be Oman Investment Fund and the Directorate General of Investments at the Ministry of Finance, according to the royal order. Also, all employees of the State’s General Reserve Fund and Oman Investment Fund will be transferred to new authority along with their current job status and financial dues. It also states that the transfer of employees of the Directorate General of Investments at the Ministry of Finance, to Oman Investment Authority shall be in accordance with terms to be agreed between the Ministry of Finance and Oman Investment Authority. Additionally, the ownership of all government companies and investments will be transferred from the Ministry of Finance to Oman Investment Authority, with the exception of Petroleum Development Oman Company and government stakes in international institutions. Oman Investment Authority will also replace State’s General Reserve Fund and Oman Investment Fund in the country’s official documents, the decree said.