Muscat, Oman, 6 April 2014

Bank of Beirut signed with Zubair Small Enterprises Centre (Zubair SEC) a memorandum of understanding (MoU) that creates a synergetic effort by both parties towards supporting Omani small enterprises through financial facilitations, retirement planning, insurance services and business advisory support services.

The MoU was signed by the Chief Executive Officer of The Zubair Corporation and the Managing Director of Bank of Beirut with the attendance of management executives from both sides.

"We believe that entrepreneurship is important in boosting the national economy", observed Mr. Ramy Zambarakji, Managing Director, Bank of Beirut, Oman. "Developing partnerships like this has become increasingly important in harnessing 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 exciting partnership opens up new opportunities that can have a dramatic impact on the local economy". In conclusion, he added, "it has the potential to be a real catalyst for advancing His Majesty's thrust towards the development of the private sector".

While many business entrepreneurs are eager to receive needed financing for their projects, many still fall short on providing the needed documents and strategic planning that would score high on banks' evaluation sheets. At the same time, although banks have it in their mandate to extend credit facilities to small businesses, and while banks are ready to finance entrepreneurs as part of their business objectives, they are challenged with the high risk of extending financing services to entrepreneurs operating on somewhat weak business grounds.

As such, the agreement between Bank of Beirut and Zubair SEC facilitates comprehensive business advisory support for small enterprises in all facets of their business operations while equipping them with various credit facilities that they may receive from the bank.  

"The social responsibility approach of The Zubair Corporation has always revolved around initiatives that have both social and economic tangible impact, capitalizing on the various areas of strength and expertise of the group. As such, our support to the Small Enterprises sector in the Sultanate, through Zubair SEC, forms a strategic window to reach out to young Omani entrepreneurs, and collaborating with different organisations and entities that are keen on leveraging this important pillar of the national economy ", commented Mr C S Badrinath, CEO of The Zubair Corporation.

Based on the agreement, Zubair SEC will be receiving entrepreneurs sent through by Bank of Beirut who request financial assistance but lack sound business knowledge. Zubair SEC on its part will provide them with business advisory and consultation to complete their business value proposition to the Bank. Bank of Beirut will also prioritize funding approvals to entrepreneurs referred to it by Zubair SEC and that meet the Bank's approved policy and guidelines. Filtering criteria were jointly developed by Bank of Beirut and Zubair SEC to give preference to the most credible entrepreneurs for funding. Those entrepreneurs will be better equipped to apply for capital funding and sustain such growth.

"Seeking international financial institutions whose passion is to give back to the countries they operate from is a trait that should always be valued and applauded and Bank of Beirut has done just that with its continued commitment to the Sultanate visa-e-vie the various opportunities and services it provides small and medium enterprises. We at Zubair SEC have found great synergies in shaking hands with such a respected regional institution and will explore further the various services available to our members", commented Mr. Hani Obeid - Acting CEO of Zubair SEC.

Since its inception in June 2013, Bank of Beirut has become one of Lebanon's most prominent banks. Boasting 58 branches throughout Lebanon, its parallel growth in the global arena has resulted in a strong international presence, with the bank providing commercial banking services in the United Kingdom, Germany and Cyprus as well as in the UAE, Australia, Nigeria and Iraq and its wholly owned subsidiaries in London, Frankfurt and Limassol. Firmly established in Oman, it has branches in Muscat, Sohar, and Ghubrah. For further details on Bank of Beirut, please visit www.bankofbeirut.com/Oman. 

Zubair SEC is one of the initiatives which emanated from The Zubair Corporation's Social Responsibility strategic vision towards the Omani society. The vision reflects the corporation's belief in the importance of small enterprises (SEs) in enhancing the national economy and contributing to sustainable socio-economic development. The centre comprises a team of socially engaged and business savvy advisors who put all effort to contribute to leveraging the Omani community through equipping and enabling entrepreneurs and start-ups to grow with their businesses in a sustainable and responsible manner. Since its launch in 2013, Zubair SEC has joined to its membership 70 small businesses and around 100 entrepreneurs from all sectors of the economy to benefit from its services and support.

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About Zubair Small Enterprises Centre (Zubair SEC)
Established in June 2013, the Zubair Small Enterprises Centre (Zubair SEC) is one of the initiatives which emanated from The Zubair Corporation's Social Responsibility strategic vision towards the Omani society. The vision reflects the corporation's belief in the importance of small enterprises (SEs) in enhancing the national economy and contributing to sustainable socio-economic development. The centre extends business mentorship and guidance to Oman's promising member entrepreneurs as well as financial support to selected best entrepreneurs every year, to help them succeed and grow in a sustainable manner.

For more information on Zubair Small Enterprises Centre, please contact the Communications Office at info@zubairsec.org

© Press Release 2014