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Oman wealth fund begins merger of food units

By Pramod Kumar
Oman says its food-unit merger will lead to high-quality products, cost efficiency and effective decision-making Oman News Agency
Oman says its food-unit merger will lead to high-quality products, cost efficiency and effective decision-making

Oman has initiated a merger between two state-run entities to support its food security sector.

Oman Investment Authority, the sultanate’s sovereign wealth fund, has begun the initial process of merging Oman Food Investment Holding Co (Nitaj) and Fisheries Development Oman, the state-run Oman News Agency reported.

The move is intended to lead to high-quality products, cost efficiency and effective decision-making in alignment with the Vision 2040 initiative.

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The merger, being implemented in coordination with the concerned government entities, is within the OIA’s mandate to establish, merge, liquidate and sell its companies.

Potential benefits involve integrating value chains and consolidating procurement, contracts, logistics, and business activities.

Nitaj has established more than 10 projects in various food segments across the country, with investments of more than OMR457 million ($1.2 billion) by 2022, according to the company website.

Fisheries Development Oman was established to explore and invest in local and international opportunities in the fisheries sector.

In March, Oman was reportedly working on 137 food projects, with a total investment of OMR1.6 billion ($4.2 billion).

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