OIA holds third Rawabet Programme workshop

Muscat: Oman Investment Authority (OIA) on Sunday held the third Rawabet programme workshop in the presence of chairmen of board of directors of state-owned companies, executive chairmen, businessmen and representatives of Oman Chamber of Commerce and Industry (OCCI). The workshop seeks to come up with a standardized framework for corporate governance of state-owned companies as well as attain the principle of empowerment and integration with the private sector.

The workshop discussed integration between the state-owned firms and private sector companies and the means for achieving the desired goals of integration and identifying the targeted sectors as the OIA seeks to enable the private sector to set up strategic partnerships with firms and investments overseen by OIA.

OIA also seeks to study opportunities for the allocation of percentages in some of the state-owned companies with a view of reinforcing the private sector’s role in the economy and boosting in-country value.

By establishing a real partnership between the state-owned companies and the private sector, OIA targets to create investment opportunities, generate lucrative revenues from liquidation, attain the economic diversification principle by investing in emerging and promising sectors, promote local products and enrich the capital markets.

The Rawabet Programme working team reviewed the governance frameworks and policies and the guiding principles that were accomplished as part of the programme which include the scopes of the business charter of the boards of directors, the decisions entrusted to the shareholders, dividend, risk management, information security, legal affairs, internal auditing, media and communication and tenders and purchases, which take effect by the end of this year. — ONA

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