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Oman launches digital platform to attract investments

1 Jun 2024 Oman launches digital platform to attract investments By OUR CORRESPONDENT

Muscat – The Ministry of Energy and Minerals (MEM) has launched a digital platform named ‘Taqah’ (Energy), to attract investors in the energy and minerals sector.

Badriya Khalfan al Hadrami, Director of the Department of Planning and Economic Studies at the Ministry of Energy and Minerals, told Muscat Daily that the launch of ‘Taqah’ marks a crucial step towards achieving the ministry’s strategic goals.

“This initiative aligns with the tenth Five-Year Plan and supports the national priority of governance within the state’s administrative apparatus by providing a digital and advanced infrastructure.”

She added that the platform’s services will enable both local and foreign investors to explore investment opportunities in the oil and gas, renewable energy, and mineral services sectors access a range of digital services.

‘Taqah’ will initially have four basic packages: Archiving and Bidding, Licensing Management and Revenue Collection, Contract Management, and Inspections and Site Visits. She explained that the next phase will involve integration of all digital services of the oil, gas, and renewable energy sectors into the ‘Taqah’ platform, creating a comprehensive hub for all energy and mineral services.

“This year, the ministry aims to increase the proportion of digital services to 70% of the total beneficiary services,” she said.

MEM had conducted several meetings and workshops to discuss the challenges of digitisation with partners, investors, and other relevant parties. Consequently, ‘Taqah’ was launched to address these challenges, simplifying the procedures, while aligning the service pathways with the future of the energy and mineral sectors.

“The platform will grant companies wishing to invest the right to compete for public sites and concession areas offered by the ministry in an easy and clear manner,” Badriya stated.

“This will enable investors and companies to bid within a transparent and fair competitive environment, based on technical expertise, financial solvency, and value-added priorities.”

She added that investors can take advantage of the available opportunities and complete all procedures from any location. The platform is also programmed to evaluate bids automatically using a grading system that selects the most suitable investor based on technical competence and financial solvency.

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