JANUARY 01, 2013

Muscat: The Public Establishment for Industrial Estates (PEIE), represented by Sur Industrial Estate, in cooperation with the Directorate General of Small and Medium Enterprises at the Ministry of Commerce and Industry, on Sunday organised a seminar on the significance of preparing feasibility studies and financing small and medium enterprises. 

The function was held  under the auspices of Sheikh Ahmed bin Mohamed bin Nasser Al Nadabi, the Wali of Sur. Delivering the opening remarks, Abdullah bin Khamis Al Mukhaini, Director General of Sur Industrial Estate, said that the seminar was part of the efforts of PEIE to adopt initiatives for the youth, spread awareness on effective tools to achieve successful and efficient investment, and highlight the significance of feasibility studies in facilitating access to funding for small and medium-sized projects (SMEs).

Feasibility studies
Fawz Al Din Mohamed Abu Jamous, finance expert at the Ministry of Commerce and Industry, presented two working papers. The first paper highlighted economic feasibility studies that determine the technical, marketing, and administrative and financial requirements that would make a project feasible. 

Fawz Al Din said that the specifications of a good study lie in its comprehensiveness of administrative, technical, marketing and financial aspects, its reliance on documented data and information, its observance of space and time, and its suitability as a plan for the implementation of the project.

His second working paper underlined the features of SMEs loan guarantee programme, where he confirmed that this initiative aims at contributing effectively to the development of the private sector through diversifying the Omani economy, creating jobs, urging Omanis to start their own businesses, and encouraging the culture of self-employment.

He added that the scheme provides a guarantee for 50 per cent of each SME loan, up to RO250,000. He also touched upon the procedures of loan application, interest rate on a guaranteed loan, guaranteeing fees charged by the Ministry of Commerce and Industry and Oman Development Bank, among other topics. 

Financing projects
On his part, Said bin Nasser Al Shabibi, regional assistant marketing officer at Oman Development Bank, presented a paper on the mechanism of funding projects, noting that Oman Development Bank plays a fundamental role in supporting various economic development sectors.  "This support is offered through providing financial and technical support for small and medium-sized enterprises, contributing to the creation of job opportunities for Omani youth, and reducing failure rates in emerging projects," Al Shabibi said. 

Sharakah
Maher bin Salim Al Mahrouqi, Project Specialist at Sharakah (Fund for Development of Youth Projects), delivered a presentation highlighting the role played by Sharakah to contribute to the economy. "At Sharakah, we endeavour to contribute to the Oman 2020 vision through diversifying income sources, encouraging the establishment of small and medium enterprises, developing the capabilities of entrepreneurs in the Sultanate, creating an excellent environment for SMEs, and providing employment opportunities," Al Mahrouqi pointed out.

© Times of Oman 2013