DUBAI: Oman’s stock market, the Muscat Securities Market, has been converted into a closed joint stock company and put under the ownership of the state-owned Oman Investment Authority, state media said on Wednesday.

It will be called the Muscat Stock Exchange and all assets and employees of the Muscat Securities Market will be transferred to that new entity, Oman news Agency said.

Oman established the Oman Investment Authority in June to own and manage most of the country’s sovereign wealth fund and finance ministry assets.