Muscat: Oman Investment Authority (OIA), in collaboration with its subsidiary companies, has launched the "Furas" (Opportunities) platform. This pioneering initiative aims to generate a sustainable economic impact on the local business community, extending across various supply chains in the Sultanate of Oman. The platform embodies the Authority's efforts to enhance local content, empower small and medium enterprises (SMEs), and reinforce its role in promoting transparency. The launch ceremony was held under the patronage of Dr. Khamis Saif Al Jabri, Minister of Economy.
According to Oman News Agency, the platform seeks to improve information flow within the market, enhance supplier readiness, and open broader avenues for private sector participation in future projects across various sectors. It enables suppliers to gain early access to tenders from Oman Investment Authority and its companies prior to their official release. This supports effective supplier planning, facilitates capacity development, fosters partnerships, and allows for efficient competition preparation once tenders are formally announced.
Currently, the platform features 290 active tenders, reflecting the wide range of opportunities available to suppliers and underscoring the platform's importance in providing an early, comprehensive vision that enhances market readiness and supports efficient participation in upcoming projects.
Muneer bin Ali Al Muneeri, Deputy Chairman for Operations at Oman Investment Authority, stated that the launch of the platform is part of a series of ongoing initiatives implemented by the Authority in collaboration with its subsidiary companies to maximize local content and innovation, and to enhance the sector's contribution to GDP. This aligns with the objectives of Oman Vision 2040 and contributes to building a more competitive and sustainable economic system. The platform provides a clear, proactive view of future opportunities and raises the level of transparency in tender issuance, enabling suppliers to improve their readiness and strengthen their ability to compete in preliminary bidding.
He added that the platform offers an integrated digital ecosystem for supply chain data management and maximizes the value of local content by providing visibility into upcoming supply chains. He called upon all suppliers and entrepreneurs to benefit from the platform and stay updated on the information it provides regarding planned tenders, in order to enhance their competitiveness and achieve sustainable added value for the national economy.
For his part, Al Mu'tasim Said Al Sariri, Director General of Local Content and Innovation at Oman Investment Authority, explained that the Authority has diligently aligned its local content efforts with the targets of Oman Vision 2040, firmly believing that local content is one of the main drivers of economic diversification and citizen empowerment.
He noted that the Authority is currently working on formulating an updated local content strategy by linking it to the Authority's national development portfolio strategy and other relevant national strategies, particularly the local content strategy of the Projects, Tenders and Local Content Authority. This ensures the integration and coordination of national efforts.
The operation of the platform is based on an integrated governance model that ensures clear and complementary roles. Oman Investment Authority provides strategic oversight, while its subsidiary companies input and update tender plans and engage with suppliers. Suppliers, in turn, benefit from the available data for early preparation, raising inquiries, and building partnerships that enhance their competitive capacity.
The platform contributes to transparency in the procurement market by making planned tenders available 3 to 6 months before their issuance. This reduces information asymmetry, strengthens trust between subsidiary companies and suppliers, and supports equal opportunities across various categories of the private sector. This early access also improves market readiness, with expectations of higher bid quality as a result of enabling suppliers to prepare in advance and develop their technical and financial capabilities.
Data from the platform's pilot phase reveals the anticipated momentum in procurement activity across Oman Investment Authority companies. The platform has received 30 procurement plans from subsidiary companies, with additional plans currently being finalized. The platform provides a public portal displaying data on planned tenders, including the issuing entity, project nature, expected timeline for issuance, as well as direct communication channels with relevant parties, thereby enhancing interaction and improving communication and response efficiency.
The platform serves as a proactive information gateway for those managing it and does not constitute a channel for tender issuance or submission. Submissions can be made through each entity's official channels, while the opportunities displayed are subject to updates based on estimated plans and the requirements of the relevant entities.
The launching ceremony was attended by Abdul Salam Mohammed Al Murshidi, Chairman of Oman Investment Authority, Halima Rashid Al Zara'i, Chairperson of the Small and Medium Enterprises Development Authority (Riyada), Ahmed Said Al Sharqi, Chairman of the Economic and Financial Committee at the Shura Council and a number of chief executives from the Authority's subsidiary companies.