MUSCAT: Oman Investment Authority (OIA) has updated its ‘mandatory list’ programme, which stipulates the types of services and products that OIA companies are required to procure from Omani businesses as part of its In-Country Value (ICV) strategy.
In a report released last week, the Authority added 13 more categories to the list, covering a total of 143 products and 108 services.
The newly added five product categories include: information technology equipment, building services and materials, electrical installations and sanitary tools.
The service category, on the other hand, encompasses eight services including architectural services, general administration, human resources management, transportation and distribution, maintenance, value-addition services, comprehensive logistics services and aviation services.
In 2023, the Oman Investment Authority reported a total expenditure of RO 42.1 million on local products and services as part of the mandatory list programme.
In an earlier statement to the Observer, Al Mutasim al Sariri, Director of In-Country Value (ICV) at OIA, highlighted the significance of the list.
“[Through the programme] we will be reinjecting more funds into the country itself and that will definitely [contribute] significantly towards the GDP.” Additionally, he shared that ICV represents an important pillar of OIA. “In-Country Value is an important pillar to Oman Investment Authority, through this pillar we ensure the implementation of programmes that support not only small and medium enterprises (SMEs) but local contractors as well.” The list is part of the Authority’s ICV project ‘Qimam’, which was first launched in 2021, to maximise retained in-country value.
Similarly, the Authority also recently launched its social investment policy which aims to fulfil the 2040 Vision’s goals and fulfil community needs.
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