OIA to consolidate key food and fisheries entities
Published: 03:09 PM,Sep 01,2024 | EDITED : 07:09 PM,Sep 01,2024
The merger is part of OIA's broader strategy to optimise the food security sector’s performance.
MUSCAT: The Oman Investment Authority (OIA) has initiated the process of merging the Oman Food Investment Holding Company (Nitaj) and the Oman Fisheries Development Company into a single, more robust entity. This move is designed to elevate the sector’s economic and commercial impact, aligning with Oman Vision 2040 by enhancing performance, product quality, and decision-making efficiency while reducing operating costs.
The Authority's statement underscored the merger as part of its broader strategy to optimise the food security sector’s performance, aligning with its mandate under Royal Decree No. 57/2021. The consolidation is expected to maximise synergies between the two companies, particularly in value chain integration, procurement, logistics, and commercial operations.
The merger will be executed according to a detailed plan and timeline, in collaboration with relevant government authorities. The project aims to ensure transparency and minimal disruption, particularly for employees. The boards of the two companies will actively engage with employees, providing updates and holding open discussions to address their concerns.
Additionally, the Oman Investment Authority is assessing the legal and contractual obligations of both companies to ensure a seamless transition that does not affect ongoing projects or commitments with contractors and funding agencies. — ONA
The Authority's statement underscored the merger as part of its broader strategy to optimise the food security sector’s performance, aligning with its mandate under Royal Decree No. 57/2021. The consolidation is expected to maximise synergies between the two companies, particularly in value chain integration, procurement, logistics, and commercial operations.
The merger will be executed according to a detailed plan and timeline, in collaboration with relevant government authorities. The project aims to ensure transparency and minimal disruption, particularly for employees. The boards of the two companies will actively engage with employees, providing updates and holding open discussions to address their concerns.
Additionally, the Oman Investment Authority is assessing the legal and contractual obligations of both companies to ensure a seamless transition that does not affect ongoing projects or commitments with contractors and funding agencies. — ONA