MUSCAT, FEB 20
The Oman Chamber of Commerce and Industry (OCCI), in cooperation with the Ministry of Commerce, Industry and Investment Promotion, launched a franchise programme aimed at encouraging young Omani entrepreneurs and jobseekers to set up businesses under the franchise model.
The initiative, which runs until February 23, 2023, opened under the auspices of Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, in the presence of Eng Ridha bin Juma al Saleh, Chairman of OCCI and a number of business leaders.
Speaking at the opening of the event, Eng Hamoud bin Salem al Saadi, Chairman of the Chamber’s South Al Batinah branch, said: “Franchising is one of the basic tools that serve both the franchisor and the franchisee in developing their businesses and achieving the required geographical footprint.
Through the programme, the Chamber seeks to prepare Omani companies to become franchisors, thereby strengthening their own corporate profile and contributing to their business growth.”
He further added: “Through this initiative, young Omanis will benefit as franchisees and support the expansion of franchises to new markets, potentially here and overseas, without the need for the franchisor to invest in investment or operating costs.
In turn, the franchisors will also earn financial benefits through this model.” Over the course of the four-day programme, a number of seminars and workshops will be held in the branches of OCCI in various governorates of the Sultanate of Oman.
OCCI, as the official representative of the private sector and responsible for regulating the commercial and industrial interests of its employees, is keen to spearhead new initiatives that contribute to the growth of the local economy and open up livelihoods for young Omanis, said Al Saadi. The official called on Omani companies to support this initiative by registering in the franchise programme.
The inauguration ceremony included the presentation of two working papers that touched on the importance of trademark registration, the usufruct system, and initiatives to support commercial franchise projects.
A work on the theme, “Excellence: From the Local to the Global”, was also held.
Separately, Oman Development Bank in cooperation and coordination with the Small and Medium Enterprises Authority has pledged to support the initiative by financing industrial projects, manufacturing industries, service projects, trade concession projects, mining, logistics industries, tourism projects, and agriculture and fisheries, according to Shaikha al Mahrouqi, Financing Programme Specialist at the SME Authority.
Entrepreneurs and job seekers will receive financing support up to a ceiling of RO 250,000. The repayment period is 10 years or according to the nature of the project.
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