OIA firms spent RO202mn on SMEs in 2023

  • Date: 04-Apr-2024
  • Source: Muscat Daily
  • Sector:Technology
  • Country:Oman
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OIA firms spent RO202mn on SMEs in 2023

To enhance in-country value, Oman Investment Authority has unveiled its Social Investment Policy and a portal called ‘Qimam’ for inquiries.Authority unveils Social Investment Policy and a portal called ‘Qimam’ for inquiries to enhance ICV

Muscat – In efforts to enhance in-country value, Oman Investment Authority (OIA) has unveiled its Social Investment Policy, targeted at companies under its umbrella, and a portal called ‘Qimam’ for inquiries.

The announcement, made on Wednesday, marks a significant stride towards bolstering the Omani economy and supporting small and medium enterprises.

OIA also released the second edition of its mandatory list, expanding it to include over 100 additional local products and services. This update complements the initial list of 103 items, mandating OIA companies to prioritise local procurement.

Additionally, OIA-affiliated firms have committed over RO6mn in cooperation agreements and programmes designed to foster social investment and SME development.

Reflecting on 2023, OIA disclosed that its expenditure on SMEs surged to RO202mn from RO187mn in 2022, marking a growth of 4.5%. These efforts are in alignment with the Oman Vision 2040 objectives, which aim to transition towards a knowledge-based economy, nurturing a conducive environment for entrepreneurs and attracting cutting-edge technologies.

Sheikh Nasser al Harthy, Deputy President of Operations at OIA, emphasised the authority’s