Investment Authority forms Agricultural Production & Marketing Company Board, changes state-owned companies BoDs

Muscat: In continuation of the comprehensive review of its state-owned companies with the aim of raising their efficiency, developing their performance and achieving optimal governance, Oman Investment Authority (OIA) announced on Thursday the formation of the Board of Directors of the Agricultural Production and Marketing Company, in addition to making changes in the board of directors’ structure of Oman Fisheries Development Company, Oman Development Bank and a number of electricity sector companies.

According to OIA standards regarding the operating conditions of these companies and the sectors they represent, and in continuation of the social cooperation, a number of government and private sector experts and specialists have been appointed to represent OIA as chairpersons and members of its affiliated companies Board of Directors.

The Agricultural Production and Marketing Company Board of Directors will include two members from Oman Agriculture Association, a representative from the Ministry of Agriculture, Fisheries and Water Resources, in addition to Oman Food Investment Holding Company representatives.

The company is considered among OIA’s newly established companies, and will fall under the umbrella of the Oman Food Investment Holding Company.

Hopefully, It will help enable farmers to market their products using modern methods inside and outside the Sultanate, and embody positive partnership with the private sector by contributing to raising the efficiency of the supply chain in its various stages from production to marketing. It will also help build a production system that aims to achieve balance in local markets with a special focus on providing high-quality local alternatives to agricultural imports for consumers.

As for the electricity sector, OIA has coordinated with Nama Holding to slim the boards of directors of some of its electricity sector companies, while ensuring the consistency of their strategic plans within the group, in addition to preparing Muscat Electricity Distribution Company to privatize part of its government share, by forming a lean and diversified Board of Directors.

In the same context, OIA has appointed a new chairman for the Oman Development Bank Board of Directors, after it became vacant due to Royal Decree 113/2020 appointing the former chairman as the Undersecretary of the Ministry of Commerce, Industry and Investment Promotion, for Commerce and Industry.

All Boards of Directors will work according to the corporate governance procedures and controls, as well as the unified national goals OIA is overseeing, especially as per Rawabet program outputs, launched by the Authority recently to establish a clear set of governance work frame and policies. –ONA

 

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