DUBAI- Oman's Sultan has appointed Abdulsalam al-Murshidi as the head of the Omani Investment Authority, a new state entity replacing the sultanate's sovereign wealth funds, Omani state television reported on Monday.

Murshidi has served as Executive President of the State General Reserve Fund, Oman's biggest sovereign wealth fund with $14 billion under management.

The formation of Omani Investment Authority was announced on June 4. 

(Reporting by Yousef Saba, writing by Alexander Cornwell; Editing by Angus MacSwan) ((;))