Oman Investment Authority announces winners of its Excellence Award
Muscat: Oman Investment Authority (OIA) has revealed the winners of the second edition of its Excellence Award, reinforcing its commitment to fostering a culture of continuous improvement and recognising companies that contribute to national goals while encouraging competitiveness and performance excellence.
Omantel secured the award in the Growth and Job Creation category for increasing its revenue compared to the previous year, allocating 18% of its assets to new projects—achieving 98% of its annual targets. The company also created new jobs for Omanis alongside replacements, raising its Omanisation rate to 94%.
ITHCA Group excelled in the Financial Sustainability category, ranking highest in the 2024 financial sustainability assessment due to significant improvements in key indicators and delivering positive financial performance.
In the Private Sector and SME Empowerment category, Omra Group won for achieving high growth in SME development, facilitating private-sector investment exits, and ensuring 56% of total investments were private-sector driven.
OQ Group claimed the Local Value-Added, Research, Development and Innovation award for having the highest average spending on local value-added within its supply chain in 2023–2024. The group also led in supplier development programs, local product and service customisation, and R&D initiatives.
Asyad Group won the Project Excellence award for its Asyad Container Terminal in Duqm, recognized for efficient execution within budget, timeline, and safety standards, alongside a 70% Omanisation rate and 43% local procurement, boosting in-country value.
Abdulsalam Mohammed Al Murshidi, OIA Chairman emphasised the authority's responsibility beyond financial returns, stating its focus on national priorities like economic diversification, local value addition, knowledge transfer, job creation, and governance best practices.
He noted that the award reflected tangible progress, with companies showing improved 2024 revenues, new investments, operational expansions, and sustained Omanisation efforts. Strategic private-sector partnerships and SME support initiatives also grew, alongside increased local procurement, which directed OMR265.5 million to SMEs. Local value-added rose to 32% in 2024 (from 23% in 2023), with over 50 innovative projects developed.
The announcements were made at the ninth Rawabit Forum, held under the patronage of Dr. Khamis Saif Al Jabri, Head of Oman Vision 2040 Implementation Follow-up Unit, and attended by board chairs and CEOs. The forum highlighted innovation and alignment with national priorities.
OIA showcased its role in advancing Oman's agenda, including human capital development—creating 6,500 jobs (77.7% Omanisation) across its 41,000-strong workforce. It also emphasised local value-added integration into subsidiary KPIs, a social investment policy launched in Q1 2024, and reducing subsidiary debt by OMR1.8 billion in 2024 to enhance credit ratings and reinvestment capacity.
The National Development Portfolio (NDP), established in 2021, has contributed OMR3 billion to the state budget, with OMR8 billion invested in Oman Vision 2040 priority sectors.
OIA launched the NDP Strategy to amplify its support for Oman Vision 2040, focusing on renewable energy, hydrogen, carbon neutrality by 2050, downstream value addition, sector localization, and competitive advantage.
The forum also saw key agreements, including Asyad's partnership with Hafeet Rail and Takatuf Oman to enhance logistics training, and Mazoon Mining's $270 million financing from local and regional banks, alongside construction contracts with Asyad, ONIC, and Strabag Oman.
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