The first OER Corporate Excellence Awards 2023, a flagship event by the Sultanate’s premium business magazine, was held at Sheraton Oman on November 8, 2023.

Hosted by His Excellency Shaikh Salim bin Mustahail Al Mashani, the gala event turned the spotlight on the paragons of corporate achievement, both listed and non-listed companies, who showcased remarkable performance and innovations. His Excellency Sayyid Saud bin Hilal Al Busaidi, Governor of Muscat was the chief guest and His Highness Sayyid Firas bin Fatek Al Said, the guest of honour.

The event, which was a convergence of industry stalwarts and decision-makers, included an enlightening keynote session unveiling industry insights and futuristic trends, besides award presentations to commemorate corporate magnificence.

Alkesh Joshi, Partner, Oman Tax Leader- MENA Energy and Sustainability Tax Leader, EY Oman delivered the keynote address on ‘Oman’s economy and prospects for 2024.’ Oman’s economy has been very resilient given the current challenges prevailing around the world and it will continue its march towards growth and transformation under the wise leadership of His Majesty Sultan Haitham bin Tarik.

He highlighted the growth prospects of Oman’s economy in 2024 which includes the expected FTAs and economic cooperation agreements, privatisation and IPOs, inflation management and reduction in government debt to GDP ratio. Oman has progressively been expanding existing taxes and introducing new taxes to reduce reliance on oil. Though there has been progress in terms of reducing reliance on oil, further reforms are required. A number of exciting projects such as the Oman-Etihad Rail project and POSCO’s major green hydrogen project in Oman’s Special Economic Zone (SEZ) in Duqm will fast-track growth, he added.

Organised by UMS Events, over 200 high-profile attendees encompassing business stalwarts and C-suite executives representing leading companies, with a cumulative market valuation exceeding $20bn attended the event.

Techno Plastic Industry SAOC, Atyab Food Industries and Al Baraka Oilfield Services were the Associate Partners. Insight Information Security was the Cybersecurity Partner and Changan Auto, was the Official Automotive Partner.

Moore Oman was the Knowledge Partner and UMS Digital, the Digital Partner. Alam Al-Iktisaad was the Arabic Media Partner.

OER, in partnership with Moore, conducted a comprehensive survey of companies listed on the Muscat Stock Exchange, evaluating them against selected criteria including profitability, liquidity, shareholder returns, Corporate Social Responsibility (CSR), innovation, brand equity and Environmental, Social and Governance (ESG) factors.

The assessment segregated the companies into three segments – large cap, mid cap, and small-cap, allowing us to recognise and award the top-performing entities in each segment. Furthermore, OER’s editorial board meticulously selected the companies—whether listed, privately held, or government-owned—alongside industry leaders and innovative corporate initiatives that have made significant contributions to the economic and social progress of the Sultanate, aligning with the objectives of Vision 2040.

The entities and individuals identified for their exceptional accomplishments were honoured with awards at the event.