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Oman government to establish investment fund
20 Nov 2008
According to the authorities, a fund worth $390 million has been set up with 60 per cent being funded by its own resources.
The remainder of the funds stem from the private sector and pension funds.
In a statement, the Oman government said: "The fund will be managed by a special administration operating on market fundamentals to provide protection from the sharp and unjustified volatility that the financial markets are being exposed to."
The creation of the fund should also help balance factors surrounding supply and demand within the market, they added.
According to the government, the fund will be used to try and smooth the turbulence seen in the economic markets.
The value of the Muscat Securities Market 30 Index, the stock market of Oman, has dropped by nearly a third during the past year.
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