OIA and Its Portfolio Companies Launch "Furas" Platform
The Oman Investment Authority (OIA), in collaboration with its portfolio companies, has launched "Furas" platform as part of its ongoing efforts to strengthen In-Country Value, empower small and medium enterprises, and enhance transparency and improve supply chain efficiency in the Sultanate of Oman. The platform aims to create a sustainable economic impact across local businesses and supply chains in the Sultanate of Oman.
The platform aims to improve the flow of market information, enhance supplier readiness, and expand opportunities for private sector participation in future projects across various sectors. It does so by giving suppliers early visibility of tenders planned by OIA and its portfolio companies before their official release, enabling them to plan ahead, develop capabilities, build partnerships, and prepare to compete more effectively once the tenders are officially launched.
The platform currently includes 290 tenders, reflecting the wide range of opportunities available to suppliers. It also gives them an early and comprehensive view of upcoming opportunities, helping improve market readiness and supporting participation in future projects.
Munir bin Ali Al Muniri, OIA Vice President for Operations, said that the launch of "Furas" is part of a series of initiatives continuously implemented by OIA in collaboration with its portfolio companies to strengthen In-Country Value, promote innovation, and increase the sector's contribution to GDP, in line with the objectives of Oman Vision 2040, contributing to the development of a more competitive and sustainable economy. He added that the platform provides early visibility of future opportunities and enhances transparency in the tendering process, enabling suppliers to improve their readiness and strengthen their ability to compete at the initial tender stage. The platform also "provides an integrated digital system for managing supply chain data and maximises the benefits of In-Country Value by providing visibility of upcoming supply chains." His Excellency encouraged all suppliers and entrepreneurs to make use of the platform and keep track of the latest updates on planned tenders to strengthen their competitiveness and create sustainable added value for the national economy.
"Furas" platform operates under an integrated governance model, whereby OIA provides strategic oversight, while its portfolio companies are responsible for entering and updating tender plans and engaging with suppliers. Suppliers, in turn, benefit from the available information to prepare early, submit enquiries, and build partnerships that strengthen their competitiveness.
The platform contributes to greater transparency in the procurement market by publishing planned tenders three to six months before their official launch. This helps reduce information gaps, build trust between the portfolio companies and suppliers, promote equal opportunities across the private sector, and improve market readiness.
During its pilot phase, the platform has demonstrated the expected scale of procurement activity across OIA's portfolio companies, having received 30 procurement plans from the portfolio companies, with additional plans currently under preparation. The platform also provides a public portal displaying information on planned tenders, including the issuing entity, project scope, and expected launch timeline, together with direct communication channels with the relevant entities, enhancing engagement and improving communication and responsiveness. The platform serves as an early information portal and is not a channel for publishing or submitting tenders. Suppliers should submit their bids through the official channels of the relevant entities, while the opportunities published on the platform are updated in line with indicative plans and the requirements of the relevant entities.
