logo
Financial Circular issued on awarding government tenders to SMEs

Financial Circular issued on awarding government tenders to SMEs

Times of Oman16-02-2025

Muscat: The Ministry of Finance today issued Financial Circular No. (1/2025) in which it instructed all ministries, units, public authorities and institutions and government companies to commit to awarding government tenders for supplies, implementation of works and provision of services whose value does not exceed RO 25,000 to small and medium enterprises whose owners have obtained Riyada card.
Through this circular, the Ministry of Finance called for coordination with the Follow-up Committee of the National Local Content System regarding the challenges facing the awarding of tenders. It also stressed the need to follow up with internal audit units in ministries, government units, public authorities and institutions and government companies, to commit to implementing this decision and to take into account the implementation of the provisions and rules stipulated in the relevant systems and laws.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

MSX market cap surpasses RO 28 billion
MSX market cap surpasses RO 28 billion

Observer

time2 days ago

  • Observer

MSX market cap surpasses RO 28 billion

MUSCAT: The market capitalisation of the Muscat Stock Exchange (MSX) climbed to over RO 28 billion last week, supported by weekly gains of RO 79.3 million as several stocks ended higher. The MSX's main index closed at 4,578 points, up 17 points, maintaining the momentum seen over the past five weeks. The services sector index gained 5 points, driven by strong performances from Ooredoo, Omantel and OQ Gas Networks. In contrast, the industrial and financial sector indices dropped by 17 and 10 points, respectively, while the Shariah index recorded a marginal decline. The daily trading volume increased to RO 11 million, up from RO 10 million the previous week. The average daily number of transactions also rose, reaching 2,149 compared to 1,787. Trading was limited to four days due to the Eid Al Adha holiday. OQ Base Industries dominated activity with trades worth RO 10.58 million — 24 per cent of the week's total trading value of RO 44 million. Its share price rose by 4 baisas to close at 122 baisas. Bank Muscat followed with RO 5.49 million in trades, while OQ Gas Networks, Sohar International Bank, and OQ Exploration and Production rounded out the top five most traded stocks. Market performance remained buoyant with 34 securities gaining, 30 losing and 17 remaining unchanged. Muscat Gases posted the highest weekly gain at 18 per cent, closing at 118 baisas. Galfar Engineering rose 9 per cent to 72 baisas, while National Gas gained 8.8 per cent to 86 baisas. National Gas Company also announced the acquisition of an 80-per cent stake in Samharam Gas Company, which operates LPG bottling and distribution in Dhofar. The deal is expected to enhance the company's market position and profitability. In corporate news, Al Anwar Investments reported a surge in net profits from RO 532,000 to approximately RO 2.4 million for the fiscal year ending on March 31, 2025. Its board approved a 4-per cent cash dividend and a 4-per cent bonus share issue, subject to approval at the AGM on June 25. The share closed last week at 83 baisas, down 2 baisas. — ONA

Business Platform project to boost Oman's investment appeal
Business Platform project to boost Oman's investment appeal

Observer

time4 days ago

  • Observer

Business Platform project to boost Oman's investment appeal

MUSCAT, JUNE 5 Prominent Omani firms are among a total of 12 local and international consortiums that have been qualified by the Ministry of Finance to compete for the government's prestigious contract to develop and operate the Oman Business Platform (OBP) project – a vital government e-services platform - via the Public Private Partnership (PPP) route. In the fray at this stage of the competitive bidding process are consortiums led by: Al Madina, Bahwan CyberTek, Bahwan Engineering, Business Gateways, NELTA, Nortal, PwC, Quilix, Solutions by STC (Saudi Telecom Company), SSL Software Systems, Tata Consultancy Services and World CloudTurksat. They were shortlisted from among a total of 30 companies that sought to prequalify for this first-ever initiative to build and operate a digital hub designed to deliver seamless, efficient, and integrated government services. The Ministry of Finance, in its exclusive capacity as the orchestrator of PPP projects, is overseeing the procurement process on behalf of the project owner, the Ministry of Commerce, Industry and Investment Promotion (MoCIIP). The project is one of several flagship initiatives unveiled under the latter's Digital Transformation Programme 2021-25. Launched originally as a One-Stop-Shop in 2003, the Oman Business Platform has undergone a succession of upgrades and enhancements – technological and qualitative – to serve as the government's principal digital vehicle for engagement with investors and the wider business community. 'The Oman Business Platform plays a crucial role as the central hub for business registration data in Oman, serving over 50 million records and supporting more than 36 government and private entities. This platform is vital for ensuring smooth e-government services across the country. On an average day, it handles 250,000 web service requests, processes 10,639 tasks and supports more than 50 online services and licensing-related services,' the Ministry of Finance explained in a backgrounder on the initiative. The successful vendor will be granted a 7-year contract (extendable by 1+1 year renewal periods) to operate the platform against a payment structure that includes 'both a fixed component and one or more variable components possibly related to platform revenue growth and/or transaction volume growth'. The Platform Operator will be required to enhance the platform's capability to deliver seamless, efficient, and integrated government services. 'As a digital hub for the community, the platform's enhancements will prioritise user engagement and streamlined service delivery. The vision includes refining user interfaces and improving backend systems to ensure a responsive and accessible digital environment for all users, ranging from local Omani businesses to international investors and the general public,' the Ministry of Finance added. In the next stage of the procurement process, the qualified contestants will be invited to submit proposals outlining their respective strategies for building and operating the platform. An award is anticipated before the end of this year.

India and Kyrgyzstan's BIT comes into force, strengthen economic ties
India and Kyrgyzstan's BIT comes into force, strengthen economic ties

Times of Oman

time4 days ago

  • Times of Oman

India and Kyrgyzstan's BIT comes into force, strengthen economic ties

New Delhi: The new Bilateral Investment Treaty (BIT) between India and the Kyrgyz Republic comes into force on Thursday, marking a significant milestone in their bilateral economic relations. Union Minister for Finance and Corporate Affairs Nirmala Sitharaman and Minister of Foreign Affairs of the Kyrgyz Republic, Zheenbek Kulubaev Moldokanovich signed the Protocol and exchanged Instrument of Ratification of the Bilateral Investment Treaty (BIT) in New Delhi. According to Ministry of Finance, "the Bilateral Investment Treaty (BIT) signed on 14th June, 2019, in Bishkek, between the Government of the Republic of India and the Government of the Kyrgyz Republic, enters into force with effect from today, i.e. 5th June 2025. This new BIT replaces the earlier agreement enforced on 12th May 2000, ensuring continuity in the protection of investments between the two nations." The aim of this BIT is to promote and protect the interests of investors from both countries within each other's territories. The treaty incorporates several key features designed to create a balanced framework for investment. It highlights that the importance of sustainable development. Additionally, it also provides an enterprise-based definition of assets with an indicative inclusion list and a specific exclusion list, clarifying characteristics of investments such such as capital commitment, expectation of gain, risk assumption, and significance for the host state's development. The treaty excludes matters relating to local government, government procurement, taxation, services supplied in the exercise of governmental authority, and compulsory licenses, thereby retaining sufficient policy space for the government. The BIT defines the core elements of the Treatment of Investment, aligning with customary international law, and includes provisions on national treatment, expropriation, and transfers. It also focus on matter related to removal of Most Favored Nation (MFN) clause, general and security exceptions and calibrated investor-state dispute settlement. "The BIT balances the investor rights with the sovereign regulatory powers of both countries, and reflects a shared commitment to create a resilient and transparent investment climate. It is expected to further encourage cross-border investments and deepen economic cooperation between India and Kyrgyzstan," the Ministry of Finance said.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store