Muscat: Affirming the importance of developing strategic partnerships to benefit the small and medium enterprises sector, and in pursuit of shared objectives that support the growth and sustainability of a future-ready SME landscape in the Sultanate of Oman, Bank Nizwa, the most trusted Islamic bank in the Sultanate, has signed a strategic Memorandum of Understanding (MoU) with the Small and Medium Enterprises Development Authority. The agreement was signed by Mr. Tariq Atiq, Acting Chief Executive Officer of Bank Nizwa, and Her Excellency Halima bint Rashid Al-Zari, Chairperson of the Small and Medium Enterprises Development Authority.

Commenting on the occasion, Mr. Tariq Atiq stated, “This program represents a significant step toward strengthening an effective strategic partnership between the two parties, contributing to the empowerment of SMEs and enhancing their role in the national economy. Our collaboration with the Small and Medium Enterprises Development Authority reflects Bank Nizwa’s commitment to supporting entrepreneurs and providing an integrated financing and training environment that aligns with their aspirations and enables sustainable growth. We believe this initiative will open new avenues for knowledge exchange and capacity building, creating tangible added value for this vital sector, in line with the national vision to promote economic diversification in the Sultanate of Oman.”

The agreement establishes a focused framework for knowledge exchange, professional development, and targeted training to enhance institutional effectiveness and SME outcomes. Central to this is a capacity-building program for SME Development Authority employees, including an exchange initiative offering exposure to credit disciplines such as risk evaluation, financing structuring, and portfolio oversight.

As Bank Nizwa continues to expand its role within Oman’s evolving economic landscape, its recent partnerships embody a steadfast commitment to aligning banking operations with national directives and Oman Vision 2040. By leveraging Sharia-compliant financing tools, the bank actively contributes to the objectives of the 11th Five-Year Plan, focusing on vital sectors such as education, healthcare, tourism, and food security.