What is the story of the liquidation of Mohammed bin Saud Bahwan companies that caused controversy in Oman? | A nation is tweeting out of tune

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The Omani Ministry of Trade and Industry issued an explanation about what is being circulated on social media about the start of the liquidation work for a number of companies. Affiliated to the “Mohammed Bin Saud Bahwan Group”.

“It is an indication of what is being circulated on social media,” the ministry said during the explanation, which it published through its accounts on the communication sites. On the start of the liquidation works for a number of companies affiliated with the Mohammed bin Saud Bahwan Group, the Ministry would like to clarify.

Mohammed bin Saud Bahwan

And she continued, after communicating with the concerned group. It concluded that the companies in which the liquidation business was announced and registered. The Ministry of Trade Registry Secretariat has companies that were established in 2019.

The Ministry went on to clarify that these companies had not practiced their commercial activity since its establishment to date.

The announcement of the liquidation came at the desire of the group, and based on Article 40 of the Commercial Companies Law related to dissolution and liquidation procedures.

The Ministry expressed its welcome to any questions and inquiries related to the Commercial Companies Law in the Sultanate.

Omani responses on the subject

Many tweeters and activists interacted with the announcement of the Omani ministry and commented on many comments on the subject.

One commentator said: “In the sense that companies were only on paper and the recent decisions of the Ministry of Labor aborted the usual dream.”

While another tweeter said: “Praise be to God, Lord of the Worlds. This is a good news, God affirms it in it the life scent of the late Sheikh Saud Bahwan, may God have mercy on him and forgive him. And he inhabits his spaciousness.

One activist wrote: “This step, the step of liquidation, is a step in the interest of the ministry, companies and trade in general.”

He stressed, “The existence of inactive commercial records confuses the market, data and decision-makers. Therefore, the Ministry of Commerce encourages and facilitates this process. For the public interest ”.

The Al Hamdani Gold Auditing and Consulting Office announced the commencement of the liquidation work for Bahwan United Motors LLC. And registered with the Trade Registry Secretariat.

It has also been announced that the liquidation works for Bahwan Modern Motors LLC and Saud Bahwan Engineering Company LLC have started.

As well as Bahwan Super Cars LLC, without mentioning the reasons for the liquidation.

According to this announcement, the liquidator invites the company’s creditors to submit their allegations against the company, supported by supporting documents, to the address mentioned above.

This shall take place within six months from the date of publishing this announcement, and everyone who has rights to the company must pay them to the liquidator.

Invest in the Sultanate of Oman

Several days ago, the Oman Investment Authority revealed that it had undertaken a restructuring process for its tourism and real estate investments within the Sultanate.

The Investment Authority stated that it had transferred these investments to the Oman Tourism Development Company “Omran Group” affiliated to the agency.

According to analysts, this is a very important step on the road to finding a solution to the financial deficit that afflicts the Sultanate, in light of the difficult economic conditions. And oil prices have fallen dramatically, which is the main source of income for the Sultanate.

According to the official Oman News Agency, Sunday, January 31, the ownership of projects for the agency has been transferred. And stakes in some companies. To the group in order to play its active role in the tourism sector.

In order to contribute, in turn, to the process of economic diversification sought by Oman, as the executive arm of the Omani government. In developing this vital and important sector.

This step also aims, according to the Omani agency, to unify tourism real estate investments under a single, highly efficient administration. To be consistent with the future Omani vision 2040.

Oman Investment Authority

It is worth noting that this step also comes in line with the “Rawabet” program launched by the Oman Investment Authority in September of last year 2020.

Which, in turn, aims to link the policies and regulations of its subsidiaries with its supreme policies that serve the Sultanate.

This is in order to unify and harmonize them, create a state of integration with the roles of the private sector, and give it the opportunity to contribute to the tourism sector. Which promotes economic diversification in the country.

On the subject, Hashel bin Obaid Al Mahrouqi, who is the CEO of Omran Group, said that this step would pay off. In the growth process of the group, as it enters a new stage of work.

Al-Mahrouqi added that this step reinforces the pioneering role of Omran Group in supporting economic diversification in the Sultanate, as it is. Strategic partner in Oman 2040 future vision.

All this is in addition to doubling the group’s contributions in order to achieve the desired national goals. In addition to companies in the tourism sector and other economic sectors.

The tourism sector in the Sultanate is among the objectives of the Omani plan, which seeks to create a state of economic diversification, and also in order to focus on the field of tourism. Because of its considerations that it is one of the most vital and effective sectors in supporting the Omani economy. The move also aims to increase the volume of non-oil revenues in Oman’s GDP, and also comes in the context of the process of attracting foreign investments to Oman.

For his part, the Omani Minister of Finance, Sultan bin Salem Al Habsi, reassured the Omani Prime Time Zone about the economy of their country, and the Vision 2040. In turn, he announced. A date for stabilizing the country’s economy, which would achieve a surplus in the state’s general budget.

In his statements at the beginning of the current year 2021, the Omani Minister of Finance said that work has been made to prepare the state’s general budget for the year 2021. In order to be consistent with Oman 2030 priorities, and in the context of the financial framework of the tenth five-year plan 2021/2025.

Al Habsi also indicated that this comes with taking into account the main trends and goals to achieve financial sustainability and reduce the size of public debt. And achieving economic growth rates that contribute to operating national forces and continuing to enhance the role of private sector institutions in the development process.

Minister Sultan Al Habsi said during an interview with the Oman News Agency that a package of initiatives aimed at improving financial performance and its sustainability for 2021 AD has been taken.

And enhancing the pace of economic growth in line with the directions and objectives of the government in financial and economic development policies that achieve financial balance in the medium and long term.

He also added that the government’s plan for 2021 includes a number of measures aimed at economic stimulus.

Royal directives have been issued in this regard, which it is hoped will give a positive impetus to various economic activities.

And that is in order to provide job opportunities, which are the housing loans provided by the Oman Housing Bank. And the distribution of residential lands to citizens.

Exempting borrowers from the Oman Development Bank and the Small and Medium Enterprises Development Authority from borrowing benefits for one year 2021. In addition to exemption from licensing fees for small and medium enterprises.

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