OIA launches Furas platform; spends RO 1.3bn across local supply chains

New digital platform aims to widen SME access to contracts as mandatory local content spend reaches RO 210m and supplier development accelerates.

MUSCAT: Oman Investment Authority (OIA) has launched the Furas platform to widen access for local suppliers and small and medium enterprises (SMEs) to business opportunities across its group companies, as the Sultanate steps up efforts to strengthen local content and expand private-sector participation.

The platform was launched under the patronage of Dr Khamis bin Saif bin Hamoud Al Jabri, Minister of Economy, according to information presented at the event.

Furas is designed to provide a structured digital channel linking Omani suppliers and SMEs with procurement and contracting opportunities generated by OIA-linked entities, improving visibility of tenders and simplifying access for vendors.

The launch comes alongside new data highlighting the scale of Oman’s local content push. Total spending across supply chains reached RO 1.3 billion during 2023–2025, while average spending on local value added stood at 32 per cent over the same period.

Spending directed towards SMEs exceeded 20 per cent, reflecting efforts to expand the role of smaller firms within the state investment ecosystem.

Programme results up to the end of 2025 showed that 383 products and services had been included in the mandatory local content list, with total spending of RO 210 million through that channel.

In parallel, 64 work packages were approved under business allocation initiatives, with a combined value of RO 118 million, while 58 SMEs were qualified under supplier development programmes, representing around RO 29 million in value.

Beyond procurement, the programme includes research, development, and innovation activity, including 67 joint projects with companies, support for start-ups and entrepreneurship graduates, and investment in innovation-focused initiatives aimed at strengthening longer-term industrial capacity.

Officials also highlighted a shift towards digital performance tracking, signalling a move to more data-driven monitoring of local content outcomes.

The initiative aligns with Oman’s broader economic strategy under Vision 2040, which seeks to strengthen in-country value, deepen industrial linkages, and ensure that major investments generate wider benefits for the domestic economy.