OIA holds meeting with the new boards of state-owned companies

Muscat: Sultan bin Salim al Habsi, Chairman of the Board of Directors of Oman Investment Authority (OIA) and Abdulsalam bin Mohammed al Murshidi, Chairman of OIA, on Monday met with the chairmen of the board of directors of state-owned companies which have been restructured, recently.

The meeting discussed the basics and principles adopted by the OIA in managing the companies under its supervision, and the ways for achieving integration between them in a bid to realize economic growth and expand businesses in the Sultanate.

The chairman of OIA reviewed a number of principles and values that govern the relationship between the authority and the companies under its supervision, and the principles that will be highlighted in the upcoming period such as enhancing In-Country Value (ICV) of contracts and purchases, empowering the private sector and cooperating with it to push forward development, discarding competition between two sectors and committing to the principles of governance to protect public funds.

The chairman of OIA called for striking a balance between the governance procedures in order to avoid delay and complication of work and streamline the workflow. He underscored the adoption of annual performance indicators to measure the performance and evaluate the executive management in each company.

The meeting also stressed the importance to set the rhythm between the state-owned companies in terms of the human resources systems related to wages and rewards, legal actions and the policies for addressing the media.
The chairman of OIA urged the state-owned companies to diversify their projects taking into account the distribution of businesses in different governorates and wilayats of the Sultanate. — ONA

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