New regulation to boost Oman’s economy, growth

New regulation to boost Oman’s economy, growth

Muscat: As part of efforts to add value to the local products and boost the country’s economy, a regulation was issued by the Secretariat General of the Tender Board on Sunday.

According to the regulation, the Directorate General of Local Content at the Secretariat General of the Tender Board shall identify the requirements of the local content in the contracts to tender projects exceeding OMR3 million.

It may also review the requirements of the local content prepared by the departments concerned for contracts with the value ranging between OMR500,000 to OMR3 million as per the nature of the contract.

Bader bin Salim bin Marhoon Al Mamari, Secretary General of the Tender Board said, “The regulation obligates companies to submit along with tender bids the plan on the local content for all phases of the project and to incorporate the same in their subcontracts, if any.”

“The Secretariat General of the Tender Board may amend the plan in agreement with the department concerned to award the project to the company for executing it,” he added.

He further said that the regulation is aimed to boost the use and local supply of national products for the execution of contracts and to develop the SMEs and create job