Agreement to support Omani entrepreneurs

17/09/2014 01:01 AST

Petroleum Development Oman (PDO) has signed a Memorandum of Understanding with the Public Authority for Small and Medium Enterprises Development (PASMED) to further assist Omani entrepreneurs.

The agreement is aimed at strengthening co-operation and collaboration between the two sides on training, business advice and knowledge exchange to help small and medium-sized enterprises (SMEs) operate more successfully.

The MoU was signed by PDO External Affairs Director Abdul-Amir bin Abdul-Hussein al Ajmi and PASMED Acting Chief Executive Officer Khalifa bin Said al Abri at the organisation’s headquarters in Muscat.

Al Ajmi said: “Successful SMEs are vital to the nation’s prosperity and we have a huge business interest in helping entrepreneurs, both in and out of our sector, so they can develop, innovate and diversify.

“PDO is a committed supporter of Omani businesses and we have been actively helping and encouraging them through our In-Country Value (ICV) and National Objectives strategies. These are dedicated to ensuring that more of the wealth of the oil and gas industry is retained in Oman, that more Omani companies reach the level where they can supply us with goods and services and that more jobs and training opportunities are developed in the Sultanate as a result.

“We will focus our efforts to embed ICV more across our business as well as work with the government and other stakeholders to roll it out across other sectors of the economy. The partnership with PASMED means we will be able to offer more of our expertise and support to a wide spectrum of entrepreneurs and work together in a mutually beneficial way.”

Under the terms of the agreement, PDO business specialists will advise entrepreneurs and SME owners who are members of PASMED and who might be in need of guidance on management and strategic planning, so they are better trained to run their businesses successfully.

Commenting on the MoU, Al Abri said: “PDO has played a leading role in embedding ICV in Oman and ensuring that Omani SMEs develop the capability and capacity to thrive commercially.

“This MoU will mean the Company will now offer its expertise, advice and support to help our members flourish, in whichever sector they operate, so they can contribute fully to generating more prosperity for the Sultanate. “PASMED is grateful to PDO for being so supportive and sharing its knowledge, energy and resources so our members can compete more effectively in both domestic and foreign markets.”

Last year, PDO awarded contracts worth more than $ 3.1 billion to locally registered firms, and broadened its support of domestic businesses through a variety of measures, including technical assistance, ring-fencing the supply of locally manufactured goods and the establishment of Omani repair facilities and in-country engineering services.

The Company has also launched and incubated four Super Local Community Contractors to better distribute the rewards from the oil and gas industry, such as career opportunities, training and the development of entrepreneurial skills, to locals living within its concession area.

Oman Daily Observer