Oman: OIA boosts local content spending to $688mln in 2024
MUSCAT: Local content spending by Oman Investment Authority (OIA), the government's investment arm, totaled RO 265.5 million in 2024, OIA President Abdulsalam bin Mohammed al Murshidi revealed on Sunday.
Addressing the Authority's annual media briefing, Al Murshidi stated: 'OIA has fulfilled its role in maximizing local content and supporting small and medium enterprises (SMEs), with spending on SMEs reaching RO 265.5 million by the end of 2024. Of this amount, RO 139 million was allocated to Riyada card holders, increasing the share of SMEs in total supply chain expenditures to 19.8 per cent.' According to the Authority's 2024 Annual Report, the share of local content contractual expenditure within OIA and its subsidiaries rose from 30 per cent to 32.4 per cent in 2024.
The contribution to local content is part of OIA's strategy of creating an enabling environment for entrepreneurs, SMEs and innovative startups, particularly those which are adopting and localising advanced technologies and retaining investment capital domestically. This, in turn, drives development, enhancing economic diversification and boosting national competitiveness.
In-Country-Value (ICV) development is a main pillar of OIA's objectives. In 2024, the Authority advanced its Ring-Fencing Programme, which is designed to increase the market share of local companies by allocating specific business scopes to Omani firms exclusively. A total of 32 ring-fenced domains were approved in 2024, enabling business opportunities worth RO 71 million to be channeled to local firms in these domains.
OIA President Abdulsalam bin Mohammed al Murshidi speaking at the media briefing on Sunday.
Furthermore, 38 small and medium enterprises were suitably developed to receive a total of RO 11 million in contracts under its Vendor Development programme.
Moreover, OIA launched of the third edition of the mandatory list programme, which stipulates the types of services and products that OIA companies are required to procure from Omani businesses. Included in the latest edition are 311 products and services provided by local vendors.
Additionally, the authority implemented a new performance monitoring system for the programme in 2024. Furthermore, in line with maximising local content and empowering small enterprises, the Authority issued a revised version of its procurement and tender policy which obliges contractors to meet specified Omanisation rates. The policy also contributed to improving incentives provided to SMEs and Riyada card holders.
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