OQ, the globally integrated energy group, reported an expenditure of approximately $974.07 million in the third quarter of 2023, with $753.11 million allocated to goods and services from local suppliers. This resulted in $314.17 million retained as In-Country Value (ICV). The group's spending on small and medium-sized enterprises (SMEs) reached $172.53 million by the same period, including $56.99 million designated for SMEs holding the Riyada Card.

This commitment aligns with OQ's focus on enhancing its ICV contribution, supporting Oman Vision 2040 goals, and demonstrating dedication to investing in local markets, goods, and SMEs. OQ places special emphasis on supporting Omani goods in its procurement policies, offering up to a 10 percent price preference and targeting Omani goods in contracts, resulting in spending of approximately $122.41 million on locally manufactured goods.

In line with its dedication to local industry, OQ initiated projects in the Ladayn Polymer Park, expected to contribute an annual ICV of around $46 million. OQ's General Manager of In-Country Value, Eng. Mabrook bin Hamed Al Siyabi, emphasized the company's focus on maximizing ICV across all projects and activities, recognizing the pivotal role of local businesses in national economic growth.

OQ has established a robust ICV framework, including a dedicated unit, group-wide performance metrics, and integration of ICV requirements into procurement policies. The company ensures transparency in tenders through the e-procurement platform (Tawreed), with ICV being a primary criterion in bid evaluations. The effectiveness of these strategies is continuously assessed through a specialized monitoring and reporting platform.

Al Siyabi highlighted OQ's commitment to employment, training, and scholarships, revealing an Omanisation rate of about 84 percent by the end of 2022. OQ has invested in leadership development through the 'Masar' program, with approximately 800 leaders trained.

OQ's commitment to ICV is evident in its spending trends over the past three years, with $1,016.86 million spent in 2022, $931 million in 2021, and $712 million in 2020, supporting local businesses. Around 2,200 SMEs are registered on Tawreed, including 617 holding the Riyada Card. OQ's initiatives, such as earmarking 10 percent of total procurement spending for SMEs, reflect its alignment with government economic incentive programs and efforts to enhance procurement and contracting policies.

OQ has implemented measures to support Riyada Card holders, including prioritizing them for purchase orders and contracts below OMR10,000, offering preferential pricing advantages for contracts up to OMR50,000, and settling invoices within 15 days. The company also supports SMEs through waived tender fees and initial guarantee requirements.

As part of its ICV initiatives, OQ has launched a Supplier Development Programme focusing on local SMEs and Riyada Card holders, offering growth opportunities. OQ has also restricted specific tenders exclusively to SMEs and Riyada Card holders, allocated a percentage of business to these groups, and designated scopes of work for them. Additionally, OQ supports start-ups through research and innovation, promoting a dynamic, inclusive business landscape in the energy sector.