2023-09-11

OIA and IIA Sign an MoC to Utilize Innovation and Research in Driving the National Industrial Sector

Muscat: 11 September 2023: As part of its efforts to enhance local content, promote local products, and support Omani SMEs, Oman Investment Authority (OIA) signed a Memorandum of Cooperation (MoC) with the Industrial Innovation Academy (IIA). The MoC aims to establish industrial activities in diverse economic sectors. It also seeks to examine and analyze value chains, explore investment opportunities targeting SMEs, and train national talents in order to qualify them for market needs through specialized business accelerators.

The program is one of many OIA initiatives and similar programs launched in cooperation with its companies and stakeholders, all aiming to enhance local content and create business opportunities for SMEs. The new MoC will focus on IIA’s programs, projects, and databases, which serve the entrepreneurial sector in Oman.

The agreement was signed by Al Mutasim Al Sariri, Director of In-country Value at OIA, and Dr. Ayman Al Fudaili, CEO of IIA.

In light of the signing, Al Sariri reiterated that OIA will work on multiple streams, starting with sharing the Business Technology Mapping Outcomes with IIA, which mainly includes opportunities and challenges that face OIA Companies. IIA will then work on resolutions that will be presented to SMEs. This MoC reflects the synergies between OIA and its companies in terms of ICV.” On the other hand, Dr. Al Fudaili noted that “IIA has worked on strategic and service projects aiming at creating business opportunities for SMEs, including the ‘Tawreed’ program that focused on examining the value-added chains for a number of economic sectors in Oman. In addition, IIA built a database for all products manufactured in Madayn’s industrial cities. Hopefully, such programs will contribute to enhancing SMEs’ growth.”

It’s noteworthy that the collaboration program is in line with the strategic partnerships between OIA and its companies on the one hand and other partners and stakeholders on the other hand. This new agreement will further help SMEs win rewarding tenders and contracts, provide them with further competition opportunities, broaden their business horizons, and create job opportunities for the national workforce, whether direct or indirect.