Renaissance Services invests heavily into ICV

24/03/2015 08:17 AST

Renaissance Services has said that as per its In-Country Value initiatives, RO 28.7 million has been spent on Omani goods and services, while 51.4 per cent of the total spend has been on ICV. The company said RO 95,000 has been invested in training with RO 245,000 invested on advanced career development courses overseas for Omanis. The company said it employs 7,000 people in Oman and employs around 2.5 times more than those leaving the company.

The company said it has continuously contributed to the economic growth of the Sultanate through its “In Country Value” (ICV) initiatives. 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).

Since its inception, Renaissance Services has been working on ICV programmes and during the event this journey was showcased to a highly receptive audience including young Omani entrepreneurs. Speaking at the event, Ananda Fernando, Managing Director, Renaissance Services, said, ‘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. Having begun ourselves as an SME we understand the challenges which small businesses and start-ups face.

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.’

The ICV programme is an integral part of Renaissance’s value system and it continuously aims to maximise the total in-country spend to develop human capital, encourage entrepreneurship and stimulate productivity in the economy. It also endeavours to develop locally owned and operated SME’s.

The event also saw trainees, suppliers, SMEs and local companies sharing their experience on how the Renaissance ICV programmes have helped them grow.

Some of the ICV programmes undertaken by Renaissance Services include: ‘Musnad’ which provides assistance to aspiring Omani entrepreneurs in the fields of Architectural Consultancy, Construction Project Management and Renewable Energy (Solar Power Generation); providing training abroad including three years programme in Applied Accounting for accounting professionals and two year Advanced Diploma in Hospitality Management for hospitality enthusiasts; identifying, guiding and nurturing SMEs to join the supply chain of Renaissance Services.

Oman Daily Observer