The Sultanate of Oman is taking significant steps to enhance its local content through various measures aimed at boosting the national workforce, local products, fixed assets, small and medium enterprises, and other resources. These resources play a crucial role in supporting the national economy and increasing the GDP. Eng. Badr Salim al Ma’amari, Secretary-General of the Tender Board, highlighted the focus on increasing the percentage of local content in government procurement contracts and projects to attract initiatives that will improve economic sectors, commercial balance, and direct investment resulting from the localization of industries.
The Secretariat General of the Tender Board is working on establishing a national “Local Content Office” that will focus on achieving a national revenue capable of boosting the economy. This will involve the introduction of local-content-based national policies, conducting market studies, and creating a unified and comprehensive database to improve strategic decision-making based on mechanisms, standards, and indices to measure the efficiency of national local content in achieving developmental and financial goals. The database will also support small and medium enterprises and local companies, enhance their competitiveness, generate employment opportunities for Omanis, support the national product, localize industries, ensure integration among various sectors, and facilitate the transfer of knowledge and experiences.
This emphasis on local content is expected to have positive impacts on Omanization in various sectors, generating more employment opportunities for national cadres. The establishment of the Local Content Office will also lead to the maximization of local content through the implementation of strategies, plans, programs, and incentives. By conducting market studies and exploring opportunities, gaps can be bridged to enhance the value of direct investments resulting from the localization of industries. Through these efforts, Oman aims to boost the efficiency of economic sectors, improve the commercial balance, raise the value of direct investment, and create more employment opportunities for nationals.
The development of a national “Local Content Office” will play a vital role in enhancing the competitiveness of small and medium enterprises and local companies. By consolidating their role in supporting the national economy, these entities will be able to contribute significantly to the generation of employment opportunities for Omanis. Additionally, the localization of industries and the integration among various sectors will facilitate the transfer of knowledge and experiences, leading to a more robust and sustainable economy. This comprehensive approach to enhancing local content will have far-reaching impacts on the economy of Oman, supporting the growth and development of various sectors.
In conclusion, the Sultanate of Oman’s initiatives to enhance local content reflect a commitment to strengthening the national workforce, local products, fixed assets, small and medium enterprises, and other resources. By focusing on increasing the percentage of local content in government procurement contracts and projects, Oman aims to attract initiatives that will boost economic efficiency, improve the commercial balance, and create more employment opportunities for national cadres. The establishment of a national “Local Content Office” will further support these efforts by introducing policies, programs, and incentives to maximize local content and bridge gaps through market studies. Through these measures, Oman seeks to establish a more competitive and sustainable economy that benefits all sectors and contributes to the overall growth and development of the country.
