Oman Air announces comprehensive program to restructure airline
In the interest of financial sustainability and operational continuity, His Excellency Eng. Saeed Al Mawali, Minister of Transport, Communications and Information Technology, and Chairman of Oman Air, has announced a comprehensive program to restructure the airline. The program, which will be implemented over the next 3-4 years, aims to address ongoing losses and the accumulation of debt, and includes four main pillars: financial sustainability, corporate governance, commercial aspects, and human capital.
The program is based on the recommendations of international management consulting firm, Oliver Wyman, who conducted a thorough assessment of the airline’s financial and commercial performance and presented practical measures to achieve sustainable commercial operations. In addition, Oman Air will restructure with the aim of improving its basic operational performance and enabling it to better meet the needs of the market.
His Excellency indicated that the procedures for Oman Air’s radical and 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, His Excellency said that specialized committees have been formed to reformulate governance concerned with human, financial and commercial resources, affiliated to the Board of Directors.
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 Salam Air is also high on the program’s agenda.
His Excellency stressed that the upcoming steps will positively affect the quality and reliability of Oman Air’s services and expressed his thanks to the company’s workforce for their contribution and efforts during the last period.
