Consultant urges changes to Gulf firms
Global consultancy Oliver Wyman said on Sunday that in the wake of the oil slump, Gulf Arab states could create $100 billion of additional value by privatizing 25 percent of statecontrolled firms and assets. Wyman said selling down a sale of a quarter of government assets, such as stateowned ports, airlines or companies, had the potential of shifting 300,000 public sector jobs of Gulf nationals to the private sector and could reduce national budgets by 5 percent. That would mean a partial solution to the challenge of lower oil prices, the New York-based consultancy added. Crude has been trading at an average of around $45 per barrel, down from $110 per barrel in June 2014.