Oman Investment Authority merges its three fisheries firms into one company

Energy Tuesday 23/June/2020 18:13 PM
By: Times News Service
Oman Investment Authority merges its three fisheries firms into one company

Muscat: Guided by the Royal Directives of His Majesty Sultan Haitham Bin Tarik to review the mandate and performance of government companies in order to develop and raise their efficiency and enable them to contribute effectively to Oman’s economy, Oman Investment Authority (OIA) announced the completion of consolidating three of its investment initiatives in the field of fisheries, namely Blue Water LLC, Al Wusta Fishery Industries, and Oceanic Shrimp Aquaculture LLC, to establish a new company under the name of the Fisheries Development Oman.
The consolidation decision comes as a first step in the direction OIA intends to implement in the coming period to evaluate the performance of state-owned companies, in order to take the correct investment decision regarding them, whether by merging them, raising their capital, restructuring or exiting, according to its investment strategy, to ensure stronger returns from the state’s financial resources.
The consolidation of these companies comes as a fruit of close cooperation between Oman Investment Authority and the Ministry of Agriculture and Fisheries, a positive example of government institutions' cooperation with the investment authorities in the Sultanate and will create a positive incentive for private sector investors.
The consolidation will include the dissolution of the boards of directors of the three companies to be under one board of directors, in addition to the integration of their operations under one umbrella and one legal and investment entity.
This will enhance the efficiency of investment and performance governance, as well as working to achieve unified economic and investment goals.
The consolidation will push forward Barr Al Hikman Shrimp Aquaculture Farm, expected to be the second largest of its kind in the MENA region, with an area of 40,000 hectares, and an estimated production capacity of 200,000 tons of shrimp annually.