|18 June, 2019

Funding opportunities for SMEs on spotlight at NBC event

Reyooq initiative is supported by Oman LNG and aims at highlighting a variety of topics of significance to the Omani entrepreneurs.

Muscat: The National Business Centre (NBC), an initiative of the Public Establishment for Industrial Estates (Madayn), organised on Tuesday an event entitled ‘Attraction of Investment and Funding’ at the Knowledge Oasis Muscat (KOM).


The event, which was held as part of Reyooq series of discussion sessions, highlighted the various funding mechanisms available in the entrepreneurship system, how to access them, and the related challenges. Speaking at the event, Yousuf Al Harthy, CEO of Oman Technology Fund, said that investment in emerging technology related companies enhances access to new markets and contributes to the launch of innovative services and creation of employment opportunities.

“It is important to develop a feasibility study for any project, which should also cover the financial aspects. The future cash flows expected from the project has to also be taken into consideration in order to avoid any stumbling incidents,” said Hamad Al Harthy, head of small, medium and micro financing and portfolio management at Oman Development Bank (ODB).

Al Harthy added that Oman Development Bank encourages small and medium enterprises sector to develop and flourish, given their importance and contribution to the Sultanate’s development in various fields.

 
On her part, Ibtihal Al Riyami, director of customer relations at SME Development Fund (Inma), elaborated on the fund, which was established in 2014 as part of an initiative of the Omani Authority for Partnership for Development, with the aim of developing entrepreneurship and financing small and medium enterprises in the county. “It is significant for the project owners to get acquainted with the entrepreneurship eco-system to ensure the success of the project,” Al Riyami added.

Lujaina Al Kharusi, Founder of Nine Wellness Centre said, “There is a positive influence of the entrepreneur’s commitment to the business. The business owner has to gain full knowledge on the financial part of the project in order to avoid any financing challenges.” Al Kharusi also has a business related to adventure tourism and is willing to expand her business in the coming period.

It should be noted that Reyooq initiative is supported by Oman LNG and aims at highlighting a variety of topics of significance to the Omani entrepreneurs. It is worth mentioning that the National Business Centre is an initiative launched by the Public Establishment for Industrial Estates – Madayn at the Knowledge Oasis Muscat (KOM) to offer promising Omani entrepreneurs a platform to develop their business ideas and advance them into growing ventures.

The centre provides a premier platform for Omani entrepreneurs by offering business development support and guidance, training and mentoring, access to markets and industry experts, and state-of-the-art and fully equipped office space, meeting rooms and presentation facilities.
 

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