A HELPING HAND
For innovation in Oman to have an impact, there is a need for start-ups, experts, and innovation agencies to act as one ecosystem.
Can you give an overview of IIC's role in Oman and its areas of focus?
IIC was established in 2017 under the Tanfeedh program and mandated to focus on industrial innovation. The primary objective is for IIC to become an enabler for industry to contribute towards economic diversification. We run four specialized programs: the first with the goal of developing human capital in industrial innovation; the second to establish innovative industrial start-ups; the third to support innovation within existing companies; and the fourth to apply the power of innovation to transform one industrial sector every year. All these programs function within a powerful innovation ecosystem which is constantly evolving, so that Oman will witness new generation of innovative entrepreneurs, knowledge-driven SMEs, endorsement of innovation by existing industries, and more competitive and innovative sectors. Innovation is imperative for any nation to progress; therefore, understanding, concepts, and terminologies associated with innovation are important so that innovation can be developed and commercialized to have social, economic, and political impacts.
How do you support the commercialization of innovation, especially those from applied research?
One of our primary services is to support commercialization, which is an extremely important complementary process to bring innovation to the market. We see a great deal of innovations claimed nationally and globally, but they have never reached commercialization and thus will never reach the market. For this reason, we qualify industrial innovation specialists through intensive training so that they understand how to commercialize their innovative projects and capitalize on tools like market intelligence, big data, e-marketing, and market share on a global level. For example, to support sector innovation in F&B, we had to study market trends and perceptions around the world, then we gathered information from Asia, the Gulf, Europe, and Africa, and eventually finalized the potential hundreds of products that can be advantageous to Oman. We developed our own methodology and procedures to support commercialization starting from assessing the readiness of the product to be launched, the business model to follow, and the targeted market.
Can you highlight IIC partnerships and collaborations?
Partnership is a crucial factor when talking about technology transfer and innovation. For innovation to have an impact, there is a need to network with experts and innovation agencies as one ecosystem. We have already listed all potential opportunities that came from the different sectors, especially those that are product and technology oriented to be commercialized. In addition, we are in close collaboration with the Ministry of Commerce and Industry, the Ministry of Manpower, Chamber of Commerce and Industry, Al Raffd Fund, and Riyada to support entrepreneurs in commercializing these opportunities.
What is the difference between entrepreneurship and innovation, and how should that be reflected in Oman's economy?
There is a difference between entrepreneurship and innovation. When entrepreneurship is triggered and driven by innovation, it is by far more powerful and competitive. The flash of traditional entrepreneurship that took place in Oman over the last few years resulted in vastly similar SMEs, such as restaurants, transportation, crafts, and beauty salons, some of which ended up in negative competition and failed, which made other entrepreneurs reluctant to pursue in business; however, when it comes to innovation, entrepreneurs are inspired by the competitive advantages and thus, their spirits are high to jump on board, and for that we already seeing extremely promising innovative projects and SMEs.
A HELPING HAND
TABLE OF CONTENTS
Focus: Future foreign policy
Friends to all, enemy to none
In championing the late Sultan Qaboos' non-interference foreign policy, the new ruler of Oman, Sultan Haitham bin Tariq Al Said, is determined to work for friendship and peace, justice and harmony, and coexistence and positive constructive dialogue.
read articleInterview
David Kalife, CEO, Oman Oil Marketing Company (OOMCO)
Despite Oman's fuel market slowing down, OOMCO increased its sales volume of lubricants by 36% in 2019 and is constructing a greenfield bunker terminal at the Port of Duqm. The company has transformed while growing its expertise in Marketing and Digital.
read articleInterview
Azzan Al Busaidi, CEO, Ithraa
Azzan Al Busaidi is an expert in competitiveness and economic growth. He was appointed CEO of Ithraa in 2019 after 17 years spent covering managerial roles in the organization. Al Busaidi was previously Ithraa's director general of planning and studies and is a strong advocate of the potential of digitization. He holds an MBA from the University of Strathclyde and a BSc in Economics from Sultan Qaboos University.
read articleInterview
Qais bin Mohammed Al Yousef, Minister of Commerce, Industry & Investment Promotion & Former Chairman, Oman Chamber of Commerce and Industry
Private Omani companies will be able to benefit greatly from the Fourth Industrial Revolution by enhancing their local value-added strategies and upskilling the workforce.
read articleInterview
Tahir Bin Salim Bin Abdullah Al Amri, Executive President, Central Bank of Oman (CBO)
The Central Bank of Oman's job is to ensure there is adequate liquidity in the system and that banks remain robust and resilient to meet the credit requirements of all segments without undermining financial stability.
read articleB2B
Capital markets
CMA and MSM are supporting Vision 2040 by providing financing to government companies that intend to go public, financing expansion of existing and new IPOs, and widening the investors base in Oman by enhancing and developing the investment funds and insurance industries.
read articleInterview
Khalid Al Balushi, CEO, Khazaen Economic City
International investors and business owners can benefit from Khazaen Economic City's strategic location and its close proximity to the main gateways of the country to import, process, manufacture, distribute locally, and export their goods and services.
read articleFocus: Port 4.0
Destined for greatness
Investments in world-class infrastructure have generated huge rewards for Oman. The goal now is to leverage technology as a disruptive enabler, build human capacity across the public and private logistics sectors, and drive operational efficiencies to build an integrated logistics business environment that is benchmarked against the world's best.
read articleFocus: Gap in tourism services
All bases covered
An amalgamation of local companies and unique experiences in Oman has created an original flavor that is further differentiating Oman's tourism offering from other countries and in the process attracting scores of tourists from all across the world.
read articleB2B
Engineering design
Renardet Engineering Consultants and Design Unit Engineering are recognized experts in their fields. While the former is an international company strongly committed to excellent engineering consultancy services and environmental practices, the latter is an Oman-based team of architects and engineers that incorporates local culture and traditions.
read articleB2B
Construction materials
Oman's construction sector is facing a host of challenges, but Hempel Paints and Al Maha Ceramics are confident that a mix of forward-thinking business models, unique products, and strong government initiatives will help them through turbulent times and generate positive returns in the long run.
read articleInterview
Salim Razvi, CEO, Oman Academic Accreditation Authority (OAAA)
Focusing on higher education institutional accreditation, program accreditation, and the updating and maintaining of the Oman Qualifications Framework, OAAA is helping further advance higher education in the Sultanate.
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