The rationalisation programme has helped in reducing allowances and incentives.
Muscat: A sum of OMR120 million is expected to be generated this year and the next, thanks to the ‘Salaries and Incentives Rationalisation Programme’ of Oman Investment Authority (OIA) and its affiliate entities.
OIA has disclosed that OMR80 million was generated in 2021 through the same programme.
This was unveiled during a media forum held at Al Bustan Palace Hotel here on Wednesday on the ‘Code of Governance for OIA Entities.’ OIA Chairman Abdulsalam Al Murshidi said in a statement during the forum that the rationalisation programme helped shrink the items on allowances and incentives at OIA-owned companies from 80 to 12 items.
Salient elements
The salient elements targeted by the programme include the end of service gratuity, personal loans, residential loans, office vehicles and other incentives, Al Murshidi added.
In a visual presentation, Al Murshidi reviewed the goals and themes of ‘Rawabit’ programme launched by the OIA in September 2020 with the prime aim of cementing collaboration and integration among its firms, besides enhancing the in-country value (ICV), governance, social investment, research, innovation, development and strategies.
Rawabit programme
Ayyad Ali Al Balushi, Assistant Chairman for Finance and Accreditation at OIA, who also acts as general supervisor of Rawabit programme, laid emphasis on the significance of applying governance to OIA firms to bolster their financial and operational performance, raise their productivity and establish a comprehensive system of decision making.
Al Balushi added that governance will enable the OIA firms to issue guiding principles and policies pertaining to procurements, tenders, investment, risk management, workflow and information security, based on the specialities/tasks assigned to the OIA under Royal Decree No. 57/2021.
“After not being able to go last year, we are very much looking forward to visiting the book fair this year,” said Alice Wilson, an expatriate in the country. “Events like this only add to the optimism after two years of the pandemic and remind us of how fortunate we are.”
During a recent press conference on the book fair, Dr Abdullah Nasser Al Harrasi, the Minister of Information, said the Governorate of South Sharqiyah would be the guest of honour this year.
“It will showcase a wide range of programmes and cultural activities carrying the insignia of its heritage and cultural legacy throughout the days of the book fair,” said the minister.
“The decision to hold the book fair this year was the outcome of extensive study, bearing in mind all concerns and interests. Strict precautionary measures were devised by a specialised technical and health team to ensure the safety of all visitors.”
Some 570 publishers from 27 countries will exhibit their publications at the book fair directly, while another 145 will participate through agents. Some 361,230 titles of books from 715 publishers will be available to the public at the book fair.
“The venue will comprise the guest of honour wing, as well as other rooms named after Arab and Omani celebrities,” said Ahmed Saud Al Rawahi, the director of the Muscat International Book Fair. “Other areas will be dedicated to official departments, nationwide initiatives, sponsors and media channels.”
Arrangements will be made with the Ministry of Education to arrange for school-going students to attend the fair.
“As many as 114 cultural activities, among them 29 unique to the South Al Sharqiyah Governorate, will be staged, but children’s activities will be limited to 85 in line with Covid-19 precautionary measures,” added Sayyid Said Sultan Al Busaidi, Undersecretary for Culture at the Ministry of Culture, Sport and Youth.
