Oman has about 70 GOEs spread more than various sectors, some of which, more than the years, have witnessed lowered earnings, according to the Implementation Support & Follow-Up Unit (ISFU) tasked with overseeing timely execution of financial initiatives.
In order to facilitate and supervise the privatisation of GOEs, a privatisation committee was established by July 2017.
According to ISFU, the Ministry of Finance had to create a new privatisation program by means of GOEs holding businesses. As component of the program, all holding businesses had to submit their 5-year privatisation program to the ministry for evaluations. “The plan outlaid an aspirational target of RO700mn for the value of GOEs transferred to private sector owners between 2017 and 2021,” ISFU stated in its annual report.
The initiative is aimed to obtain privatisation plans from businesses like the Oman Tourism Development Company (Omran), Oman Food Investment Holding Company, Electricity Holding Company (EHC), Oman Global Logistics Group (Asyad) and Oman Oil Company (OOC) by November 2017. “A notable accomplishment was that a committee to supervise the privatisation of GOEs was established. While Asyad submitted its privatisation plan, Oman Food Investment Holding Company and OOC identified companies under it to be privatised. The privatisation plan of EHC has already been green lighted by the Council of Ministers.”
Moving forward, ISFU stated, “The direction for 2018 is to have all the privatisation plans related to GOEs received by the ministry.”
Information Source: Muscat Daily