In-country value an integral part for Renaissance

23/03/2015 07:14 AST

Spending by Renaissance Services within Oman for local goods and services touched OMR28.7 million in 2014, representing 51.4 per cent of the company's total expenditure.

The in-country value (ICV) programme is an integral part of Renaissance's value system and it continuously aims at maximising the total in-country value spend to develop human capital, encourage entrepreneurship and boost productivity in the economy, said company officials while addressing a road show to mark its 30 years of creating sustainable value.

Over the years, the company, which employs 7,000 employees, has continuously contributed to the economic growth of the Sultanate through its ICV initiatives.

Training and employment

These include developing local talent by training and employment, procuring locally by adding local products and services to the company's supply chain and supporting small and medium enterprises (SMEs). The company's Omanisation ratio is 31 per cent.

"Over the past 30 years, Renaissance Group has worked to add value to the economy through prudent business strategies and effective local investment. ICV is a national priority in Oman to drive its economic diversification and for the business community to stoke the flame of entrepreneurship within the Sultanate. We had significant learnings to reach where we are today and our aim is to pass on these learnings to today's SMEs to help them achieve similar success," said Ananda Fernando, managing director of Renaissance Services.

The event also saw trainees, suppliers, SMEs and local companies sharing their experience on how the Renaissance ICV programmes have helped them grow. These initiatives include Musand, which provides assistance to aspiring Omani entrepreneurs in the fields of architectural consultancy, construction project management and renewable energy.

Times of Oman