Con­sul­tant urges changes to Gulf firms

China Daily (USA) - - BUSINESS -

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.

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