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Oman Investment Authority recognises corporate excellence in inaugural awards 

22 May 2024 OIA recognises corporate excellence in inaugural awards

Muscat – Oman Investment Authority (OIA) announced the winners of the inaugural edition of ‘award for excellence’ on Wednesday. 

The Oman Investment Authority Award for Excellence ceremony, held on the sidelines of the eighth Rawabet Forum, was graced by the patronage of Sheikh al Fadl bin Mohammed al Harthy, Secretary-General of the Council of Ministers.

OQ Group clinched the award in the ‘Growth and Job Creation’ category, having demonstrated a high compound annual growth rate from 2021 to 2023. The group also led in export revenue growth and made notable contributions to the employment and training of Omani nationals.

The ‘Partnerships for a Sustainable Future’ category was awarded to the Asyad Group, recognised for its substantial private sector involvement in capital expenditures. Additionally, Asyad has been instrumental in attracting foreign investments worth over RO600mn during the same period.

Fisheries Development Oman was honoured in the ‘Internal Added Value and Development of Small and Medium Enterprises’ category. 

The company has been chosen for its distinguished high percentage of expenditure on SMEs and extensive involvement in research, development, and innovation projects.

ITHCA Group received the award in the ‘Compliance with the Governance System’ category, achieving the highest compliance with the governance framework set forth by OIA for its subsidiaries. However, the award for ‘Excellence in Financial Sustainability’ was withheld as none met the necessary criteria.

Abdulsalam bin Mohammed al Murshidi, President of OIA, commented on the significance of the awards. “These awards are a continuation of the cooperation among the companies under the Authority’s umbrella and a culmination of joint efforts over the past four years, leading to commendable financial and administrative outcomes,” he stated.

Murshidi elaborated that the award categories were strategically designed to spur economic prosperity, foster competitive excellence and encourage sustainable economic development that benefit various segments of Omani society. 

“The categories also reflect the agency’s commitment to national goals and priorities.”

The evaluation process was rigorous, involving a committee constituted with members drawn from several directorates within OIA, including economic diversification, investment information management systems, local added value, institutional performance and planning, governance, and compliance. 

The selection was based on comprehensive shareholder reports, statements from the companies, and data verified by external auditors.

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