2022-11-22

Oman Investment Authority and SMEs Development Authority organized a workshop to enhance ICV in SMEs

As part of the effort to maximize the in-country value of SMEs, and in line with its initiatives targeting these enterprises, Oman Investment Authority (OIA) held a workshop, in collaboration with SMEs Development Authority, to discuss the key challenges facing the SMEs sector and the proposed solutions. The workshop saw over 80 participants from ICV and supply chain officials at OIA and its companies, as well as a number of stakeholders from the SMEs Development Authority and entrepreneurs.

The workshop aimed to promote communication between OIA’s companies, SMEs, and SMEs Development Authority. It also allows for an open discussion on the challenges facing their collaboration and highlights the key areas that create business opportunities for these enterprises with a view to increasing their efficiency and enabling them to enter local and global markets.

The workshop highlighted the efforts made by two of OIA’s companies in this regard, i.e. Mazoon Dairy, which launched an initiative for creating several business opportunities for SMEs, and Takatuf Company, which implemented a program in cooperation with the Authority to offer technical and organizational support to SMEs in activities relating to HR consultations. In addition, there was a presentation by the SMEs Development Authority on areas of interest and initiatives. The workshop discussed the Suppliers Development Program, which promotes SME development by highlighting the necessary technical procedures, requirements, and standards in cooperation with competent entities in the sector, and the Start-ups Program, which aims to deeply transform the concept of startups. The workshop included panel discussions with entrepreneurs covering the challenges faced by their enterprises with regard to obtaining business opportunities, along with the proposed solutions to address them.

It is important to note that the workshop is in line with OIA’s programs, initiatives, and policies aiming to enhance the in-country value, most notably the establishment of a dedicated directorate for ICV within OIA, launching Qimam Fellowship Program, issuing the Tenders and Procurement Policy, and ICV Guidelines, awarding procurements with value not exceeding OMR 10k to SMEs holding the Entrepreneurship Card (Riyada) and allocating %10 of procurements in OIA and its companies, as well as exempting them from tender fees and granting them a 10% Preference in procurements and contracts with a value from OMR 10k to OMR 50 k in materials, services, etc.