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Mon 20 Jul 2020 08:56 AM

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Oman Investment Authority restructures boards of 15 state-owned companies

Five chairmen of state-owned entities replaced in Oman Investment Authority restructure

Oman Investment Authority restructures boards of 15 state-owned companies

OIA said 79 experts and specialists in various governmental and private sectors had been appointed as new heads and members of the boards of directors of its subsidiaries.

Oman Investment Authority (OIA) has restructured the boards of directors of 15 companies it now manages as part of a comprehensive review of state-owned entities.

The OIA, which holds assets valued at about $17 billion, was created earlier this year when the sultanate’s two wealth funds - State General Reserve Fund and the Oman Investment Fund – were merged into one body

All government companies, except Petroleum Development Oman and the nation’s international investments, now fall under the new entity.

In its update on Sunday, OIA said 79 experts and specialists in various governmental and private sectors had been appointed as new heads and members of the boards of directors of its subsidiaries.

In addition, five companies had a change in chairman “in order to achieve effective management and optimal governance”, the investment authority said in its statement on Oman News Agency.

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