Muscat - A memorandum of understanding (MoU) between Bank of Beirut, Oman and Zubair SEC - signed on April 7 - will see the two establishments undertaking a synergetic effort towards supporting Omani small enterprises.
This advocacy of small enterprises will include financial facilitations, retirement planning, insurance services and business advisory support services.
The MoU was signed by the chief executive officer of The Zubair Corporation, C S Badrinath, and the managing director of Bank of Beirut, Ramy Zambarakji, in the presence of management executives from both the organisations.
According to a press release, the agreement facilitates comprehensive business advisory support for small enterprises in all facets of their business operations while equipping them with various credit facilities from the bank. It forms a strategic window to reach out to young Omani entrepreneurs to harness their contribution to the national economy.
Bank of Beirut and Zubair SEC have developed filtering criteria to give preference to the most credible entrepreneurs. Based on the agreement, Zubair SEC will receive entrepreneurs referred by Bank of Beirut who seek financial assistance but lack sound business knowledge. Zubair SEC will provide them with business consultation, to help them complete their business value proposition to the bank. Bank of Beirut, in its part, will prioritise funding approvals to entrepreneurs who meet the bank's approved policy guidelines and have been referred by Zubair SEC.
"We believe that entrepreneurship is important in boosting the national economy," said Ramy Zambarakji, managing director of Bank of Beirut, Oman. "Developing partnerships like this has become increasingly important, as it helps harness people's skills and entrepreneurial instincts. As a multinational organisation, we recognise that a vibrant private sector is a key condition for economic growth. By fostering entrepreneurship, this partnership opens up new opportunities that can have a dramatic impact on the local economy."
© Muscat Daily 2014
