Oman Air sets course for overhaul, financial recovery

Oman Air sets course for overhaul, financial recovery

Oman Air is steering towards a promising future, marked by a significant reduction in losses and a boost in revenue growth in 2024.Muscat – Oman Air is steering towards a promising future, marked by a significant reduction in losses and a boost in revenue growth, without relying on commercial bank loans or government aid in 2024.

H E Said bin Hamood al Mawali, Minister of Transport, Communications and Information Technology and Chairman of Oman Air’s Board of Directors, unveiled this positive shift at the second media gathering dedicated to discussing the airline’s transformation plan on Wednesday.

The airline’s financial turnaround, with losses reduced by 25%, is credited to a series of strategic measures and decisions, aligned with the transformation plan introduced in August 2023.

These steps were designed to tackle the airline’s long-standing issues of accumulated debt and operational losses. According to H E Mawali, the plan includes optimising the fleet size and revising the destination network to better suit the airline’s strategic goals.

A key announcement on the appointment of a new CEO will be made soon, the minister informed, signalling a major organisational restructuring to meet current market demands and the airline’s needs. “This restructuring aims to establish financial stability by 2026,