Oman’s OQ establishes accelerator program for startups

By Shilpa Annie Joseph, Official Reporter
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OQ and partners invest in Al Wusta Governorate
Rep. Image | Courtesy : OQ

Oman’s global integrated energy group, OQ has announced the establishment of a startup company accelerator program in the energy sector as part of its efforts to enhance small and medium-sized enterprises (SMEs) and entrepreneurship.

This move intends to promote freelancing and self-employment initiatives and develop appropriate technological solutions for the next phase.

The program also aims to develop between 10 and 20 startup companies each year in the activities of oil, petrochemicals, and alternative energy industries for a period of 6 months.

According to the statement, “The program includes providing expertise from OQ to guide and support startup companies by specialists in the field, in addition to transferring knowledge, and supervising companies to guide their owners who are entrepreneurs.”

Furthermore, the program also provides funding for companies and OQ’s entry as a partner in successful companies by purchasing a stake in them to enable them. OQ works to support startup companies in the field of research and innovation aiming to encourage innovators to find solutions to some challenges in the sector and benefit from modern technologies.

The number of small and medium-sized enterprises registered in the OQ supply system has reached around 2200 companies and institutions, including 617 institutions holding a pioneering card.

“OQ has launched several programs aimed at promoting the growth and development of small and medium-sized enterprises and increasing their contribution to the OQ supply chain such as allocating 10 percent of total spending on purchases in full or in part to small and medium-sized enterprises,” as per the statement.

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