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The Kuwait Oil Company aims to promote SMEs by establishing controls that enable their increased participation in tenders.
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Sources stated that the new system guarantees the purchase of no less than twenty percent of local products and ten percent of products and services from small and medium enterprises
As part of an initiative to bolster entrepreneurs and Kuwaiti youth, the Unified Partnership Council bridging the oil and private sectors has urged all oil companies to catalog businesses and projects valued at less than KD 75, 000 dinars. These projects can then be exclusively offered to small and medium enterprise owners, provided there’s a list of contractors available on the ‘Badir’ platform.
Informed sources informed Al-Rai newspaper that this measure encourages and supports small and medium enterprise owners to operate directly in the oil sector.
This move eliminates the need for them to work under major companies, thereby enhancing transparency and ensuring access to sectoral business opportunities.
Sources explained that, within the framework of Kuwait Oil Company’s commitment to supporting local products and recognizing the pivotal role of the private sector in fortifying the country’s economy, the company has developed internal regulatory procedures and effective performance indicators. These indicators ensure the implementation of the provisions outlined in Article 87 of Law 49 of 2016 regarding public tenders, as amended by Law 74 of 2019.
The sources stated that this system guarantees the purchase of no less than twenty percent of local products and ten percent of products and services from small and medium enterprises. Additionally, it ensures that no less than thirty percent of contracting work is allocated to local contractors, with ten percent of that specifically designated for small and medium enterprise owners.
Sources added that the Kuwait Oil Company aims to promote small and medium enterprises by establishing controls that enable their increased participation in tenders, as outlined in Article 19 of the same law. This initiative is part of the company’s ongoing commitment to bolstering the local economy through the enhancement of local companies and factories, thereby facilitating their involvement in future projects.
