OQ launches accelerator programme for start-ups

MUSCAT: The Sultanate of Oman's global integrated energy group OQ has announced the establishment of a start-up company accelerator programme in the energy sector as part of its efforts to enhance small and medium-sized enterprises (SMEs) and entrepreneurship, promote freelancing and self-employment initiatives, and develop appropriate technological solutions for the next phase.

The programme aims to develop between 10 and 20 start-up companies each year in the activities of oil, petrochemicals, and alternative energy industries for a period of 6 months.

The programme includes providing expertise from OQ to guide and support start-up companies by specialists in the field, in addition to transferring knowledge, and supervising companies to guide their owners who are entrepreneurs. The programme 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 start-up 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 programmes 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 per cent of total spending on purchases in full or in part to small and medium-sized enterprises. — ONA