Skip to content Skip to Search
Skip navigation

Oman Air set for operational overhaul as losses mount

Oman Air is to make changes to its board and executive management team Oman News Agency
Oman Air is to make changes to its board and executive management team

State-owned Oman Air will undergo a restructuring process to reduce ongoing losses and debt accumulation.

The plan includes four main pillars: financial sustainability, corporate governance, commercial aspects and human capital.

The airline’s board has approved the restructuring programme, state-run Oman News Agency reported, citing Said Hamoud Al Ma’awali, minister of transport, communications and information technology and chairman of Oman Air.

Specialised committees have been launched to look at human, financial and commercial resources.

The carrier’s network is also being re-evaluated and decisions will be made on whether to continue certain destinations, Al Ma’awali said.

Oman Air reduced its net loss by 35 percent in 2022 compared to 2020 figures, while revenues increased 128 percent, according to its latest financial statement in May.

The airline has forecast that total revenues will be up 236 percent this year compared to 2020, which could reduce its net loss by a further 56 percent.

The board approved the recommendations of international management consulting firm, Oliver Wyman, which conducted a “comprehensive assessment” of the airline’s financial and commercial performance, presenting practical measures to achieve sustainable commercial operations, Al Ma’awali said.

He added that Oman Air will restructure to improve its basic operational performance and enable it to meet the market’s needs better.

The chairman pointed out that changes in the current board of directors and executive management team will be made in the coming months, with the onboarding of highly qualified local or international experts.

Latest articles

A square in Cairo

‘Worst is behind us’ in Egypt’s black market dollar war says BMI

The Egyptian government’s priority for 2024 should be to keep the gap between the official and parallel exchange rates for Egypt’s pound and the US dollar as narrow as possible, says BMI Research. In a webinar on Tuesday BMI, a Fitch Group firm specialised in country risk, said that “the worst is behind us” in […]

Oman UAE deals Sultan of Oman president of UAE

Oman and UAE sign deals worth $35bn

The UAE and Oman have announced a host of new commercial and business deals worth a total of AED129 billion ($35 billion). The partnerships were agreed during Monday’s state visit to the Emirates by the ruler of Oman, Sultan Haitham bin Tariq al Said.  Investment and collaboration agreements covered areas including renewable energy, green metals, […]

A silver trader in his shop in Ahmedabad, India. India is sourcing an increasing amount of its silver from the UAE

India’s silver imports from UAE on the rise

Supplies of silver to India from the UAE have increased this year, as the Emirates’ exporters benefit from an agreement signed between the countries two years ago. The India-UAE comprehensive economic partnership agreement signed in 2022 has significantly boosted imports, according to a report by Indian English-language business newspaper The Financial Express.  The UAE route […]

A flooded residential area in Dubai. New drainage infrastructure should be nature-based, say experts

Concrete or sponge? Dubai’s post-flooding options

In the wake of last week’s floods, retrofitting Dubai with traditional, concrete-based drainage systems would be expensive, time-consuming and complicated. As an alternative, authorities should look to nature-based solutions, industry professionals told AGBI. “Dubai should not repeat the mistakes that have been made in most of the Western world,” said Ronny Berndtsson, professor in water […]