Muscat: The Privatisation Preparatory Committee of the Public Authority for Privatisation and Partnership held its first meeting on Wednesday under the auspices of Dr Dhafir bin Awad al Shanfari, CEO of the Authority and Chairman the Committee. In attendance were representatives from the Ministry of Finance, the Supreme Council for Planning, Oman Investment Authority, and the National Programme for Financial Balance.
Deliberations focused on preparations of the “Privatisation Programme” concerned with developing policies and regulatory controls, the allocation process, its implementation mechanism, and timelines, in line with the goals and objectives of plans, economic trends and public financial policies.
Dr Dhafir al Shanfari said: “The privatisation programme stems from the issuance of the Privatisation Law last July. The programme will be prepared in accordance with studies and evaluation of economic and legal conditions, taking into account the evaluation of previous privatisation processes that have been completed and the programme will be progressed after approval by the Board of Directors in preparation for its endorsement by the Council of Ministers”.
He further added: “Allocations of projects for privatization will be a based on prudent studies during which consultants will be tapped to assess the economic feasibility of the proposed projects to be privatized, and its impact on the economy and the local population. A level playing field will be adopted in the privatization process.”
During the stage of preparing the general allocation programme, the committee will inventory and classify government companies and government contributions by sectors and the nature of the various economic activities, and to assess the economic, financial and legal conditions, and to define sectors and criteria for selecting allocation projects with an initial assessment of the operational, technical and organizational conditions related to allocation projects, as well as evaluation of project performance.
The privatization process, managed and supervised by PAPP, is part of the Sultanate’s economic policy aimed at engaging the private sector in the process of economic development, expanding its role in owning and managing projects, and through these partnerships, raising the efficiency of the national economy and enhancing the Omani capital market, rationalisation of public government expenditures, diversification of government revenues, raising the efficiency of operating resources and developing quality services and creating good job opportunities.