Oman’s local content drive fuels institutional growth
Published: 07:02 PM,Feb 15,2025 | EDITED : 11:02 PM,Feb 15,2025
Till Dec 2024 about 145,750 SMEs were registered, with 123 small enterprises scaling up to medium-sized businesses
MUSCAT, FEB 15
The Sultanate of Oman has placed significant emphasis on local content to drive the growth of Omani companies, aligning with Oman Vision 2040. By enhancing local added value, this initiative strengthens Omani institutions, increases productivity and stimulates the national economy.
With incentives and privileges for Omani enterprises, local content plays a crucial role in job creation, Omanisation and boosting economic sectors. A prime example is Karwa Automobiles Company, which has demonstrated remarkable growth, with local purchases exceeding RO 2.5 million since its commercial operations began.
In 2024 alone, Karwa awarded contracts worth over RO 1.1 million to 93 local small and medium enterprises (SMEs), reinforcing its commitment to local supply chains and reducing import dependency.
Dr Ibrahim bin Ali al Balushi, CEO of Karwa, highlighted the strategic importance of investing in local suppliers, noting that collaboration with Omani institutions strengthens the industrial sector and yields long-term benefits.
Oman's Authority for Small and Medium Enterprises Development has also played a key role in promoting local content through targeted initiatives, resulting in a surge in SMEs securing business opportunities. As of December last year, 145,750 SMEs were registered, with 123 small enterprises scaling up to medium-sized businesses and five medium enterprises expanding into large corporations.
To sustain SME growth and maximise local value-added contributions, Oman continues to implement initiatives that bolster the manufacturing sector — a key pillar of Oman Vision 2040. The adoption of a national policy for local content ensures sustainable economic development while empowering the private sector to lead a competitive, resilient economy.
The Sultanate of Oman has placed significant emphasis on local content to drive the growth of Omani companies, aligning with Oman Vision 2040. By enhancing local added value, this initiative strengthens Omani institutions, increases productivity and stimulates the national economy.
With incentives and privileges for Omani enterprises, local content plays a crucial role in job creation, Omanisation and boosting economic sectors. A prime example is Karwa Automobiles Company, which has demonstrated remarkable growth, with local purchases exceeding RO 2.5 million since its commercial operations began.
In 2024 alone, Karwa awarded contracts worth over RO 1.1 million to 93 local small and medium enterprises (SMEs), reinforcing its commitment to local supply chains and reducing import dependency.
Dr Ibrahim bin Ali al Balushi, CEO of Karwa, highlighted the strategic importance of investing in local suppliers, noting that collaboration with Omani institutions strengthens the industrial sector and yields long-term benefits.
Oman's Authority for Small and Medium Enterprises Development has also played a key role in promoting local content through targeted initiatives, resulting in a surge in SMEs securing business opportunities. As of December last year, 145,750 SMEs were registered, with 123 small enterprises scaling up to medium-sized businesses and five medium enterprises expanding into large corporations.
To sustain SME growth and maximise local value-added contributions, Oman continues to implement initiatives that bolster the manufacturing sector — a key pillar of Oman Vision 2040. The adoption of a national policy for local content ensures sustainable economic development while empowering the private sector to lead a competitive, resilient economy.