Oman
Investment Authority Announces Winners of Its Excellence Award

Muscat,
13 May (ONA) —— Oman Investment Authority (OIA) has revealed the winners of the
second edition of its Excellence Award, reinforcing its commitment to fostering
a culture of continuous improvement and recognizing companies that contribute
to national goals while encouraging competitiveness and performance excellence.

Omantel
secured the award in the Growth and Job Creation category for increasing its
revenue compared to the previous year, allocating 18% of its assets to new
projects—achieving 98% of its annual targets. The company also created new jobs
for Omanis alongside replacements, raising its Omanization rate to 94%.

ITHCA
Group excelled in the Financial Sustainability category, ranking highest in the
2024 financial sustainability assessment due to significant improvements in key
indicators and delivering positive financial performance.

In
the Private Sector and SME Empowerment category, OMRAN Group won for achieving
high growth in SME development, facilitating private-sector investment exits,
and ensuring 56% of total investments were private-sector driven.

OQ
Group claimed the Local Value-Added, Research, Development and Innovation award
for having the highest average spending on local value-added within its supply
chain in 2023–2024. The group also led in supplier development programs, local
product and service customization, and R&D initiatives.

Asyad
Group won the Project Excellence award for its Asyad Container Terminal in
Duqm, recognized for efficient execution within budget, timeline, and safety
standards, alongside a 70% Omanization rate and 43% local procurement, boosting
in-country value.

Abdulsalam
Mohammed Al Murshidi, OIA Chairman emphasized the authority’s responsibility
beyond financial returns, stating its focus on national priorities like
economic diversification, local value addition, knowledge transfer, job creation,
and governance best practices.

He
noted that the award reflected tangible progress, with companies showing
improved 2024 revenues, new investments, operational expansions, and sustained
Omanization efforts. Strategic private-sector partnerships and SME support
initiatives also grew, alongside increased local procurement, which directed RO
265.5 million to SMEs. Local value-added rose to 32% in 2024 (from 23% in
2023), with over 50 innovative projects developed.

The
announcements were made at the ninth Rawabit Forum, held under the patronage of
Dr. Khamis Saif Al Jabri, Head of Oman Vision 2040 Implementation Follow-up
Unit, and attended by board chairs and CEOs. The forum highlighted innovation
and alignment with national priorities.

OIA
showcased its role in advancing Oman’s agenda, including human capital
development—creating 6,500 jobs (77.7% Omanization) across its 41,000-strong
workforce. It also emphasized local value-added integration into subsidiary
KPIs, a social investment policy launched in Q1 2024, and reducing subsidiary
debt by RO 1.8 billion in 2024 to enhance credit ratings and reinvestment
capacity.

The
National Development Portfolio (NDP), established in 2021, has contributed RO 3
billion to the state budget, with RO 8 billion invested in Oman Vision 2040
priority sectors.

OIA
launched the NDP Strategy to amplify its support for Oman Vision 2040, focusing
on renewable energy, hydrogen, carbon neutrality by 2050, downstream value
addition, sector localization, and competitive advantage.

The
forum also saw key agreements, including Asyad’s partnership with Hafeet Rail
and Takatuf Oman to enhance logistics training, and Mazoon Mining’s $270
million financing from local and regional banks, alongside construction
contracts with Asyad, ONIC, and Strabag Oman.

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Ends/AH