MoC signed to establish industrial activities in diverse economic sectors

MoC signed to establish industrial activities in diverse economic sectors

Muscat: As part of its efforts to enhance local content, promote local products, and support Omani SMEs, the Oman Investment Authority (OIA) signed a Memorandum of Cooperation (MoC) with the Industrial Innovation Academy (IIA). The MoC aims to establish industrial activities in diverse economic sectors. It also seeks to examine and analyse value chains, explore investment opportunities targeting SMEs, and train national talents in order to qualify them for market needs through specialized business accelerators. The program is one of many OIA initiatives and similar programs launched in cooperation with its companies and stakeholders, all aiming to enhance local content and create business opportunities for SMEs. The new MoC will focus on IIA's programmes, projects, and databases, which serve the entrepreneurial sector in Oman. The agreement was signed by Al Mutasim Al Sariri, Director of In-country Value at OIA, and Dr. Ayman Al Fudaili, CEO of IIA. In light of the signing, Al Sariri reiterated that OIA will work on multiple streams, starting with sharing the Business Technology Mapping Outcomes with IIA, which mainly includes opportunities and challenges that face OIA Companies. IIA will then work on resolutions that will be presented to SMEs. This MoC reflects the synergies between