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Oman pushes ahead with bourse fund |
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1/16/2009 10:24:13 AM |
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Oman is pushing ahead with plans to shore up its bourse through a 150m rial ($389.6m) market marker fund in partnership with the private sector, the fund's chairman said yesterday.
"The government has established the fund to restore confidence in the market," Rashid Salim Al Masroori, chairman of the Investment Stability Fund, said.
"A meeting will be held shortly with investment companies and pension funds ... to discuss the best ways for effective achievement of the objective of the fund, most importantly market stability."
Oman said in November it would create the fund with the private sector to stabilise a market roiled by the global financial crisis.
The bourse shed more than 44 per cent last year but two government officials said that the Gulf country was reviewing the fund plan amid worries about the impact of declining oil prices on its budget.
Oil prices, which stood at $53 a barrel when the fund was announced, have since sunk below $40 and Oman has said it would consider cutting spending if oil falls below the $45 a barrel price it had budgeted for the current year.
Al Masroori said that Oman's Capital Market Authority had approved the plan, that a bank account had been set up and that the fund was now seeking a portfolio manager.
The government will dedicate 60pc of the funds with the remaining 40pc coming from banks, investment companies and pension funds.
Al Masroori did not say when the fund would come into operation.
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Source: Gulf-daily-news.com |
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