Ministry transfers shares in Salalah Port to Oman Global Logistics Group

Business Sunday 04/September/2016 18:03 PM
By: Times News Service
Ministry transfers shares in Salalah Port to Oman Global Logistics Group

Muscat: Oman’s Ministry of Finance has transferred its 20.085 per cent stake held in Salalah Port Services to Oman Global Logistics Group SAOC. The number of shares in absolute terms is 36.12 million, with each share having a face value of 100 baisas. Oman Gobal Logistics is a wholly owned company of the Ministry of Finance, according to a disclosure statement posted on MSM website.
Oman government in June established a holding company — Oman Global Logistics Group — to invest in ports, free zones, railway, maritime and land transport companies.
The holding firm is the government’s development arm and will play a key role in creating major growth opportunities to significantly raise the contribution of logistics sector to the gross domestic product.
The aim is to synchronise investment and development objectives and therefore exploit the assets capabilities and potential in order to maximise the return on investment.
A key mandate for the holding firm will be the implementation of the National Logistics Strategy, under the direct supervision of the Ministry of Transport and Communication.
A key drive in the implementation will be to activate the role of the private sector in accelerating the growth of logistics sector through joint investments, innovation and by developing national capability in order to create employment opportunities.
The firm will also take necessary steps to implement the policies drawn by the government, including the coordination and integration between the state agencies to achieve the company’s investment and development objectives. Further, it will have the responsibility to monitor the performance of the group companies.