Oman launches $5B investment fund as part of efforts to diversify oil-dependant economy

DUBAI, United Arab Emirates (AP) — Oman plans to launch a $5 billion public investment fund to support plans to overhaul the economy in the Arab Gulf nation over the next two decades. State media reported Wednesday that the Oman Future Fund will aim to increase economic activity and support the private sector as the country looks to reduce its reliance on oil. With a population of around 5 million, Oman is the second largest Gulf Arab nation after Saudi Arabia but has nowhere near its vast oil reserves. Oman has long served as a regional mediator, maintaining close ties to the U.S. and other Gulf states as well as Iran, a position that has allowed it to facilitate prisoner exchanges and other agreements.