VALE PARTICIPATES IN RIYADA’S SME SYMPOSIUM TO ASSESS THE IMPLEMENTATION OF SEIH AL SHAMIKHAT’S DECISIONS

Press release

Published January 29th, 2015 - 05:25 GMT

Committed to the development of local entrepreneurs and Small and Medium Enterprises (SMEs), Vale in Oman participated in the Symposium to Assess the Implementation of Seih Al Shamikhat’s Decisions, organized by the Public Authority for SME Development (Riyada).

Vale’s senior management shared their years of experience and global expertise to contribute in SME growth across key sectors, as well as exhibited potential long-term partnership opportunities to entrepreneurs within its US$ 2 billion Industrial Complex in Liwa.

Sergio Espeschit, Chief Executive Officer of Vale in Oman said, “We have the ability to impact people’s lives positively and therefore have the responsibility to be the change we want to see happen.

Our aim, since establishing our business in Oman, has always been to empower the communities where we operate by forging sustainable partnerships with local suppliers, and contribute to the supply chain development in an effort to support future industry requirements. We have therefore put in place a threefold growth strategy that revolves around encouraging entrepreneurship and building the capacity of local talent thereby stimulating SME development.”

He added, “With studies indicating that SMEs account for 90% of all firms in Oman and up to 20% of the Gross Domestic Product, we firmly believe in the sector’s ability to be a key driver for the nation’s prosperity and have therefore allocated more than 22% of the value of annual services in 2014 to SMEs. Not only have our contracts with SMEs created new revenue streams and supported the nation’s economic and human capital goals in line with His Majesty’s Royal Directives, but also enabled aspiring young Omanis to gain valuable insight and experience in the industry.”

The company’s commitment to the development of SMEs is evident across its operations as it prioritizes local employment for services including business and IT consultancy as well as photography, catering, landscape, logistics and storage services. Vale’s vessel-related operations at Sohar Port create additional avenues for partnerships by helping secondary and tertiary industries in Oman enter international markets. The amount of money generated during a single shipment at the Port - where iron ore is unloaded and the ship is prepared for its return to Brazil - is US$ 3.3 million; most of which is awarded to local businesses for services including port services, shipping agency and handling services, bunker fuel, engine cylinder oil and consumable store supply replenishment.

Aligned with the nation’s long term goals and in preparation for the future, the company works together with local communities and authorities to identify investment opportunities that develop both people and businesses

Background Information

Vale

One of the world’s largest mining companies in iron ore, nickel and pellets production operating in around 30 countries across 5 continents. Attracted by the Sultanate’s strategical location outside the Strait of Hurmuz, Vale invested around $ 2 billion in its pelletizing plant with a nominal capacity of 9 million ton of pellets per annum connected with a distribution center with 40 million ton of handling capacity.

Vale came to Oman in 2007 with a mission to transform natural resources into prosperity and sustainable development. Since then, we have been working to contribute to the future of the Sultanate and its people. With our industrial complex based in Sohar, we value our employees and the local communities surrounding our operations.