SOE (State-Owned Enterprise)
Definition
A state-owned enterprise is a business entity in which the government or state holds significant or total ownership. SOEs typically operate in strategic sectors considered vital to national interests, including energy, utilities, transportation, and telecommunications.
Context
Oman’s economy features prominent SOEs including Petroleum Development Oman, OQ Group, Oman Electricity Transmission Company, and Omantel. The Oman Investment Authority oversees the government’s portfolio of state-owned assets and manages the privatisation programme.
Example
OQ Group, formerly known as Oman Oil Company, is a state-owned integrated energy company involved in exploration, production, refining, and chemicals. Its partial privatisation through public share offerings exemplifies Oman’s SOE reform agenda.