Saturday, November 27
06:49 PM

Move to reinforce economic prosperity

21 Jul 2020

After the newly established Oman Investment Authority (OIA) restructured the boards of directors of 15 state-owned companies, the authority met with the chairmen of these boards, laying down the agenda of economic prosperity and cooperation in pushing forward the march of domestic development. 

Sultan bin Salim al Habsi, chairman of Board of Directors of OIA, and Abdussalam bin Mohammed al Murshidi, head of OIA, met the chairmen of boards of directors and discussed the principles espoused by OIA in managing the government companies under its supervision. It also discussed ways to achieve integration among the firms with the prime aim of realising economic growth and expanding the scope of work of the firms in the sultanate.

Habsi made a presentation of the values regulating the relationship between the OIA and the companies under its supervision, besides the principles to focus on during the next stage of action, like fostering in-country value (ICV) in contracts and purchases, empowering the private sector, cooperation in pushing forward the march of domestic development, minimising competition between sectors, and commitment to governance to save public money.

Murshidi called for the creation of balance between procedures undertaken in governance in a manner that evades any hurdles or complications to the progress of work. He laid emphasis on streamlining procedures and devising annual indicators to assess the performance of each company.

The meeting also touched on regulating the functioning of companies in terms of human resources, payments and incentives, legal procedures and policies of communication with the media.

The meeting also urged the companies to diversify their projects and consider their decentralisation so that they cover all districts and governorates of the sultanate.

The firms were encouraged to attract foreign investments that back the national economy and enhance business in the sultanate.

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