OIA Excellence Awards 2024: What Winning Means for Businesses and Investors in Oman
MUSCAT: The Oman Investment Authority (OIA) announced the winners of the third edition of the "OIA Excellence Award" on May 5. This award, featuring eight distinct categories, is a strategic initiative designed to enhance competitiveness among OIA’s portfolio companies through a stringent, metrics-driven approach aligned with national objectives.
The key winners include OQ Group, which secured the “Investment and Job Creation” award for its Ladayn Complex project that attracted nine investments totaling RO 39 million and generated 728 direct and 500 indirect jobs. Omantel earned the “Performance and Financial Sustainability” award, achieving an 88% growth in net profit along with notable improvements in asset returns and cash flow efficiency.
Omran Group was recognized for “Private Sector Engagement” by achieving full marks in attracting foreign capital and executing successful project exits, notably in the Sultan Qaboos Port Waterfront and Yiti Development Project (Phase 3). The Muscat International School project, affiliated with Oman and Brunei Investment Company, won the “Outstanding Project” category by meeting criteria on timeline adherence, budget compliance, and occupational safety standards.
Nama Holding Group, represented by Nama Water Services and Nama Distribution, received the “Local Content and Innovation” award, credited for the highest spending on local added value. Be’ah was honored in the “SME and Startup Support” category, while Omantel’s “Maqroo’” initiative won the “Social Investment” award for its pioneering support for individuals with dyslexia in Arabic.
The newly introduced “Project Collaboration” category was awarded to two initiatives demonstrating strategic external partnerships: the Activation of Economic Diplomacy project in cooperation with the Ministry of Foreign Affairs, opening new international investment channels; and the Indirect Omanisation in the ICT Sector project with the Ministry of Labour, increasing Omanisation rates and creating over 1,700 indirect jobs.
The award ceremony took place during the 10th “Rawabet” Forum, organized by OIA and hosted by Omantel under the patronage of Shaikh Ghuson bin Hilal Al Alawi, Chairman of the State Audit Institution. The event was attended by Abdulsalam bin Mohammed al Murshidi, OIA President, senior officials, board members of OIA companies, and CEOs. The forum serves as an annual platform to strengthen integration across OIA companies, align strategic visions, and highlight achievements and collaborative initiatives.
Al Murshidi highlighted OIA’s commitment to translating the Eleventh Five-Year Plan and Oman Vision 2040 goals into real outcomes, focusing on priority sectors such as tourism, digital economy, and manufacturing to drive economic diversification. He emphasized the vital role of OIA companies in delivering high-quality projects that enhance value creation and sustainable growth, underlining the importance of integration as essential, not optional, to maximize economic returns.
The forum also saw the launch of a new package of 10 approved initiatives from the OIA’s annual brainstorming workshops aimed at advancing execution and value creation in the national economy. Additionally, several strategic agreements were signed to underscore OIA’s dedication to fostering high-quality partnerships, promoting integration, and enabling projects with lasting economic and developmental impact.
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Oman Investment Authority’s (OIA) Excellence Awards highlight the growing emphasis on strategic collaboration, local content, and innovation across key sectors aligned with Oman Vision 2040. For businesses, this signals increased opportunities in digital economy, tourism, and manufacturing, with enhanced government backing for sustainable growth and job creation. Smart investors and entrepreneurs should focus on leveraging partnerships with OIA portfolio companies, tapping into emerging sectors like ICT and economic diplomacy to maximize impact and secure long-term returns.
