DUBAI: Oman is setting up the Oman Investment Authority to own and manage most of the country's sovereign wealth fund and finance ministry assets, state TV reported on Thursday, citing a decree from the sultanate's ruler.

The decree, issued by Sultan Haitham bin Tariq al-Said, will allow the new authority to own all public assets except the Petroleum Development Oman company and government stakes in international institutions.

The investment authority will also replace sovereign wealth funds in the country's official documents, the decree said.

Oman's largest sovereign fund, the State General Reserve Fund, has assets of around $14 billion dollars while its second-largest fund, Oman Investment Fund, has around $3.4 billion, data from research group the Sovereign Wealth Fund Institute showed.