MUSCAT: The Oman Investment Authority (OIA) and the Small and Medium Enterprises Development Authority (SMEDA) signed yesterday a cooperation agreement with the aim of supporting the entrepreneurship sector, and providing facilities and incentives through ICV programmes in the Authority and its subsidiaries.
The cooperation agreement includes launching a financing product managed by the Authority, benefiting small and medium enterprises that have contracts (tenders, purchases or business opportunities) by the agency’s subsidiaries, as they are financed by 80 per cent of the contract value and a maximum of RO 250,000.
In order to achieve the objectives of the financing product, the Authority has set a set of conditions for submitting a financing application, including passing the Entrepreneur Readiness Programme, which is an intensive training programme that aims to develop knowledge and entrepreneurial skills to match the rapid changes in the field of entrepreneurship. This is also to enhance technical and technical practices that contribute to the sustainability of projects, whether in the stage of incorporation, project development,or crisis management that may have a direct or indirect impact on the continuity of project efficiency.
Halima bint Rashid al Zaria, Chairperson of SMEDA, said the programme is an opportunity to strengthen the Authority's strategic partnership with the Oman Investment Authority and to continue providing incentives and facilities to owners of small and medium enterprises through local value programmes through contracts, tenders and business opportunities for companies affiliated with the Oman Investment Authority. This reflects the agency's commitment to its active role in sustaining the activity of small and medium enterprises, and enhancing their sustainability and contributions to the national economy.
For his part, Shaikh Nasser bin Sulaiman al Harthy, Vice President of the Oman Investment Authority for Operations, said: “The programme comes in line with the royal directives maximising local commerce, contributing to efforts to localise local industries, and strengthening the role of small and medium enterprises in developing the national economy, as well as encouraging services.” This is also for the benefits of national products by enhancing its presence in the markets instead of importing from abroad, and this in turn will contribute to the efforts of the agency and its companies in empowering the private sector and supporting the national economy.”
The cooperation agreement also included the allocation of business opportunities for SMEs through the In-Country Value programmes for its subsidiaries, and the provision of information and data in the field of the future needs of industries, supplies and related services that can be localised or developed locally. This will provide greater opportunities for SMEs to compete and obtain wide business opportunities, and create direct and indirect job opportunities for the national workforce. — ONA
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