The Oman Investment Authority (OIA), the country’s sovereign wealth fund, has launched “Foras,” a new digital platform designed to connect local suppliers and small and medium-sized enterprises (SMEs) with procurement opportunities across its extensive portfolio of companies. The initiative aims to enhance Oman’s economic competitiveness and strengthen local supply chains in line with the Oman Vision 2040 national strategy.
Quick Facts
- OMR 1.3 billion spent on local supply chains (2023–2025).
- Over 20% of total OIA spending directed towards SMEs.
- 383 products and services mandated for local procurement.
Driving Oman Vision 2040 Through Digital Procurement
Launched under the patronage of H.E. Dr. Khamis bin Saif Al Jabri, the Minister of Economy, the “Foras” platform acts as a centralized digital channel for Omani businesses. It provides direct access to tenders and contracts, creating a transparent and efficient procurement process for OIA’s group companies.
The move is a direct response to Oman Vision 2040’s mandate to maximize the economic impact of national investments and increase the private sector’s role in the economy. By centralizing opportunities, the platform is set to streamline how local suppliers compete for and win significant contracts.
A Financial Push for In-Country Value
Recent data highlights the OIA’s significant financial commitment to the local economy. Between 2023 and 2025, spending within local supply chains connected to the authority is projected to reach OMR 1.3 billion, with an average of 32% of that qualifying as in-country value (ICV).
The SME sector is a major beneficiary, receiving over 20% of the OIA’s total expenditure. By the end of 2025, the authority has mandated 383 products and services for its local content procurement list, totaling OMR 210 million in spending. Additionally, 64 work packages worth OMR 118 million have been localized, and 58 SMEs have been qualified through supplier development programs valued at OMR 29 million.
Beyond Contracts: Fostering Innovation and R&D
The OIA’s strategy extends beyond simple procurement. The program includes initiatives focused on research and innovation, with 67 joint projects already underway with partner companies. This approach aims to support startups and entrepreneurs, foster long-term industrial integration, and connect the local market with new technologies.
About Oman Investment Authority
The Oman Investment Authority (OIA) is the sovereign wealth fund of the Sultanate of Oman. It is responsible for managing and investing the country’s financial reserves to achieve sustainable returns for future generations. The OIA’s portfolio includes a diverse range of assets both locally and internationally, with a strategic focus on developing Oman’s non-oil economy and supporting national development goals.
Source: Jawlah
