MUSCAT -- SMEs in the country are reporting solid growth trajectory thanks to the unswerving efforts of the government in supporting the startups and other small and medium industries.
"SMEs in the country are reporting a strong growth track compared to the previous years and we are extending all our support to the ambitious local business plans", Khalid bin Saeed al Abri, Acting CEO, Public Authority of SMEs said.
Speaking to the Observer on the sidelines of the MoU signing ceremony of the Authority with the Muscat Grand Mall (MGM) for the establishment of a Major Retail Centre for the SMEs, Al Abri said that more than 500 SMEs will be benefited from the Rafd Fund and a better growth rate is expected in the coming years.
"It is the onus of the Public Authority to enhance the role of SMEs in the community while ensuring that they have all the support they need to contribute to the Omani economy. This new SME retail centre is a step towards exactly this vision. The entrepreneurs will spend up to three years in the new centre developing their administrative, accounting and leadership skills under the guidance of industry experts and will emerge independent and more confident to run their own businesses in the future." Khalifa Said Salim Al Abri, Acting CEO of the Public Authority for SME Development noted.
According to the agreement with the MGM, 50 dedicated retail outlets spread over an area up to 2,500 square metres are dedicated for SME's in MGM, the fastest growing retail and lifestyle hub in the Sultanate. This will also provide opportunity to provide practical experience for entrepreneurs creating a solid foundation for future business success.
The stores will be rented at nominal prices to entrepreneurs who are registered with the Public Authority of SME's and the Al Rafd Fund for period ranging between one and three years. By taking space in the middle of Muscat's favourite retail destination, SME's will be able to rapidly grow their business and build awareness for their brand and products.
"At Muscat Grand Mall, we are cognizant of the significant role that the small and medium sector businesses play in developing economies worldwide, and especially in the Sultanate", Hassan Jaboub, General Manager of Muscat Grand Mall said, adding, "Since the inception of the Tilal Complex, and our premium project MGM, we have hosted and supported small entrepreneurs, giving them a platform to demonstrate their products. We are proud to mention that over 25 per cent of the brands housed with our mall belong to the SME sector. This initiative in association with the Public Authority for SME Development is indeed a milestone.
© Oman Daily Observer 2014
