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Guiding SMEs through the changing business environment in Oman to identify opportunities and deliver growth strategies
Abu Dhabi, UAE, Muscat, Oman: The National Bank of Abu Dhabi (NBAD) is hosting on April 30th a high-level conference to help Small and Medium Enterprises (SME) identify and capitalise on government initiatives, public/private sector partnerships and business incubation. The conference will take place at the Al Bustan Palace - Ritz Carlton, Muscat, Oman, in cooperation with CPI Media Group.
According to the Central Bank of Oman, SME firms employ 40 percent of the Sultanate's total workforce and account for up to 20 percent of the GDP. But they still face significant challenges including lengthy procedures, lack of data and scarce financing. In 2013, for instance, only 2.5 percent of commercial banks' lending activity went to SMEs, according to the central bank's latest white paper on the sector.
Titled 'The Dynamics of Entrepreneurship' the conference will address these issues and show businesses how to build a strong regional brand and expand across borders. It will offer a rare opportunity for hundreds of internationally recognised thought leaders in the SME space and government officials to meet and think together.
Abdulla Al Otaiba, Senior Managing Director and Group Head of Global Retail and Commercial Banking at NBAD, said: "We believe that SMEs play a critical role in shaping the region's economic growth and diversification. Medium-sized businesses form the heart of our Commercial customer base, and we are committed to supporting them in innovative ways. This year for instance, in the UAE, we are working to set up dedicated SME skills training programmes to raise the level of their skills that can set them up to run their businesses successfully."
Mohammed Ba'Omar, NBAD's Chief Executive Officer in Oman, said: "SMEs are increasingly becoming part of global focus and strategy; the concept of SMEs as corner shop businesses serving purely local customers is changing and now evolving into a clearly defined business line. We recognise them and are fully committed to the SME space, which we see as an indispensable pillar of economic change and rich with growth potential."
The conference is part of the 'SME Beyond Borders Summit', and builds on the findings of the two earlier round tables that involved public and a private sector representatives.
Glamorous awards evening
Following the conference, the NBAD Stars of Business Awards - 2015, an awards gala , will honour the best SMEs in 11 categories: Transport and Distribution, Public/Private partnership, Infrastructure, Manufacturing, Healthcare, Tourism, New Business, Trade, Woman Entrepreneurship, Omani Entrepreneurship. Stars of Business Awards will be a platform which will present successful Omani SMEs during a glamorous evening of recognition and networking. The UAE edition that was held in November 2014 attracted more than 3,000 entries.
About NBAD
The National Bank of Abu Dhabi (NBAD) has one of the largest networks in the UAE, with an expanding network of 125 branches and cash offices and more than 585 ATMs across the country. NBAD's growing international network consists of about 60 branches and offices in 18 countries stretching across five continents from the Far East to the Americas, giving it the largest global network among all UAE banks.
Since 2009, NBAD has been ranked consecutively as one of the World's 50 Safest Banks by the prestigious Global Finance magazine, which also named NBAD the Safest Bank in the Emerging Markets and the Middle East.
NBAD is rated senior long term/short term AA-/A-1+ by Standard & Poor's (S&P), Aa3/P1 by Moody's, AA-/F1+ by Fitch, A+ by Rating and Investment Information Inc (R&I) Japan, and AAA by RAM (Malaysia) , giving it one of the strongest combined rating of any Global financial institution.
A comprehensive financial institution, NBAD offers a range of banking services including retail, investment and Islamic banking. NBAD grows strategically toward its vision to be recognised as the World's Best Arab Bank.
For more information please visit our corporate webpage at: www.nbad.com.
© Press Release 2015
