Oman Investment Authority (OIA) was established an independent legal entity on 4 June 2020 by Royal Decree 61/2020. Through this Royal Decree, all assets and employees of the State General Reserve Fund (SGRF) and the Oman Investment Fund (OIF) have been transferred to OIA with immediate effect. OIA endeavors to achieve long term sustainable returns on the revenues generated from the oil and gas, and that are surplus to the state's budgetary requirements. On behalf of the Government of Oman, OIA manages the reserves placed in its care to achieve best possible long term returns with acceptable risks, through investing in a diversified portfolio of asset classes in more than 25 countries worldwide. OIA reports directly to the Cabinet of Ministers.