HE Eng. Said Hamoud Al Ma’awali, Minister of Transport, Communications and Information Technology and Chairman of Oman Air’s Board of Directors announced that the board has approved a comprehensive programme to restructure the airline company. The programme aims to address ongoing losses and the accumulation of debt.
HE Al Ma’awali said during a press conference that the programme includes four main pillars: financial sustainability, corporate governance, commercial aspects and human capital. The board, he added, also approved recommendations of the study of the international management consulting firm, Oliver Wyman, which conducted a thorough assessment of the airline’s financial and commercial performance and presented practical measures to achieve sustainable commercial operations.
He said that Oman Air will restructure with the aim of improving its basic operational performance and enabling it to better meet the needs of the market.
HE Al Ma’awali pointed out that the procedures for Oman Air’s sustainable transformation require the use of qualified experts. In this regard, changes will be made in the current Board of Directors and Executive Management team during the coming months, ensuring the onboarding of highly qualified experts, whether local or international.
On corporate governance, the Minister said that specialised committees have been formed to reformulate governance concerned with human, financial and commercial resources.
Meanwhile, the airline’s network is being re-evaluated by international experts, and decisions will be taken on whether to continue certain destinations. Integration with local companies in the aviation field is also high on the programme’s agenda. HE Al Ma’awali stressed that the upcoming steps will positively affect the quality and reliability of Oman Air’s services.
Oman Air plays a crucial role in promoting tourism in Oman. The government aims to increase tourism sector’s contribution to GDP from 2.4% in 2021 to 5% by 2030 and 10% by 2040.
