Oman wealth fund merges food units
The OIA is overseeing the merger in coordination with relevant government bodies
Dubai: Oman advances its food security strategy by merging two state-owned entities. The Oman Investment Authority (OIA), the country's sovereign wealth fund, has initiated the merger of Oman Food Investment Holding Co (Nitaj) and Fisheries Development Oman, as reported by Oman News Agency.
This merger aims to enhance product quality, achieve cost efficiency, and streamline decision-making processes, aligning with the Vision 2040 initiative.
Oman Vision 2040 is the national reference for economic and social planning for the period of 2021-2040, and the source of national sector strategies and five-year development plans.
The OIA is overseeing the merger in coordination with relevant government bodies, as part of its role in establishing, merging, liquidating, and selling companies.
The consolidation is expected to integrate value chains and optimize procurement, contracts, logistics, and other business operations.
Nitaj has invested over $1.2 billion (Dh4.4 billion) in more than 10 food projects nationwide by 2022.
Fisheries Development Oman focuses on exploring and investing in both local and international fisheries opportunities.