OQ boosts local content and economic growth in Oman
Published: 03:01 PM,Jan 14,2025 | EDITED : 07:01 PM,Jan 14,2025
OQ achieves an impressive 85% Omanisation rate across its operations.
MUSCAT, JAN 14
OQ, Oman’s global energy group, has positioned itself as a key player in driving local content and in-country value (ICV) while advancing Oman’s economic and energy transition goals. Through strategic initiatives, robust investments, and a commitment to sustainability, OQ has not only bolstered the nation’s economy but also empowered local communities and businesses.
Between 2020 and the third quarter of 2024, OQ allocated over RO 2.2 billion for procurement, of which more than RO 1.6 billion, or approximately 73%, was spent locally. This strategic focus on local suppliers reflects OQ’s mission to promote economic growth and self-sufficiency within Oman. Additionally, the group's procurement strategies have retained a significant RO 748 million in ICV value, a testament to its commitment to ensuring that a substantial share of the economic benefits remains within the Sultanate of Oman.
Small and Medium Enterprises (SMEs) are the backbone of any thriving economy, and OQ’s focus on SME development underscores its role as a catalyst for local business growth. Over RO 345 million has been spent directly on SMEs, enabling these businesses to expand their operations, innovate, and create jobs. By actively involving SMEs in its supply chain, OQ has ensured a ripple effect of economic benefits, fostering entrepreneurship and strengthening local industries.
OQ’s commitment to Omanisation is a cornerstone of its ICV strategy, achieving an impressive 85% Omanisation rate across its operations. This achievement is complemented by significant investments in developing human capital, with 720 Omani graduates hired and 2,831 interns trained. These initiatives not only equip Omani youth with the skills needed to thrive in the energy sector but also secure a sustainable talent pipeline for the industry.
OQ’s ICV index, which averages 33%, highlights the company’s deliberate efforts to maximise the local economic impact of its operations. From ensuring that contracts are awarded to Omani businesses to incorporating local content requirements in major projects, OQ has consistently elevated the role of local resources and expertise in its business ecosystem.
OQ’s initiatives extend beyond conventional energy operations to embrace renewable energy and green hydrogen projects. Its pipeline of over 7 GW of renewable energy projects and flagship initiatives like Hyport Duqm (1.3 GW), SalalaH2 (3.8 GW), and Green Energy Oman (3.8 GW) highlight its leadership in the global shift toward sustainable energy. These projects not only position Oman as a hub for clean energy production but also create opportunities for local industries to participate in the global green economy.
OQ, Oman’s global energy group, has positioned itself as a key player in driving local content and in-country value (ICV) while advancing Oman’s economic and energy transition goals. Through strategic initiatives, robust investments, and a commitment to sustainability, OQ has not only bolstered the nation’s economy but also empowered local communities and businesses.
Between 2020 and the third quarter of 2024, OQ allocated over RO 2.2 billion for procurement, of which more than RO 1.6 billion, or approximately 73%, was spent locally. This strategic focus on local suppliers reflects OQ’s mission to promote economic growth and self-sufficiency within Oman. Additionally, the group's procurement strategies have retained a significant RO 748 million in ICV value, a testament to its commitment to ensuring that a substantial share of the economic benefits remains within the Sultanate of Oman.
Small and Medium Enterprises (SMEs) are the backbone of any thriving economy, and OQ’s focus on SME development underscores its role as a catalyst for local business growth. Over RO 345 million has been spent directly on SMEs, enabling these businesses to expand their operations, innovate, and create jobs. By actively involving SMEs in its supply chain, OQ has ensured a ripple effect of economic benefits, fostering entrepreneurship and strengthening local industries.
OQ’s commitment to Omanisation is a cornerstone of its ICV strategy, achieving an impressive 85% Omanisation rate across its operations. This achievement is complemented by significant investments in developing human capital, with 720 Omani graduates hired and 2,831 interns trained. These initiatives not only equip Omani youth with the skills needed to thrive in the energy sector but also secure a sustainable talent pipeline for the industry.
OQ’s ICV index, which averages 33%, highlights the company’s deliberate efforts to maximise the local economic impact of its operations. From ensuring that contracts are awarded to Omani businesses to incorporating local content requirements in major projects, OQ has consistently elevated the role of local resources and expertise in its business ecosystem.
OQ’s initiatives extend beyond conventional energy operations to embrace renewable energy and green hydrogen projects. Its pipeline of over 7 GW of renewable energy projects and flagship initiatives like Hyport Duqm (1.3 GW), SalalaH2 (3.8 GW), and Green Energy Oman (3.8 GW) highlight its leadership in the global shift toward sustainable energy. These projects not only position Oman as a hub for clean energy production but also create opportunities for local industries to participate in the global green economy.