Muscat – The Oman Investment Authority (OIA) has announced the merger of Oman Food Investment Holding Company (Nitaj) and Fisheries Development Oman (FDO) into a single entity. This strategic move aims to strengthen the food security sector in Oman, aligning with OIA’s goal to enhance efficiency and optimize spending in this vital sector. The merger is expected to improve performance, deliver high-quality products, and ensure cost efficiency. It supports Oman Vision 2040’s national priorities and will follow a detailed action plan and timeline, coordinated with relevant public entities. Under Royal Decree No 57/2021, which outlines OIA’s role in the establishment, merger, liquidation, and sale of its companies, this merger is set to drive revenue growth by integrating value chains and consolidating procurement, contracts, logistics, and business activities. Both companies’ Boards of Directors will keep employees updated and address any concerns about the merger’s impact. They will also work with financial institutions to ensure transparency and compliance with legal and contractual obligations. The merger process will be managed carefully to ensure ongoing projects and existing contracts remain unaffected, maintaining current commitments and ensuring project continuity.
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https://www.zawya.com/en/world/middle-east/oman-investment-authority-announces-nitaj-fdo-merger-to-enhance-food-security-rl1c41a7
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