Oman Investment Authority (OIA) and the Small and Medium Enterprises Development Authority (SMEDA) signed a cooperation programme to maximise local content and support small and medium enterprises and provide facilities and incentives to entrepreneurs through ICV programmes.
The cooperation included the launch of a financing product managed by OIA and benefiting small and medium enterprises that obtained contracts such as tenders, purchases or business opportunities by the authority’s subsidiaries, as they are funded by 80 per cent of the value of the contract or tender, with a maximum of RO 250,000.
Halima bint Rashid al Zariyah, Chairperson of the SMEDA said, "This agreement represents an opportunity to strengthen our 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."
"Also, the programmes for developing local suppliers require specialised skills, which we will work to enhance among entrepreneurs during the coming period through various programmes to meet the standards and requirements set by the companies affiliated with the Oman Investment Authority in various economic sectors," she added.
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 regarding maximising local content, and contributes to efforts to localise industries, and enhance the role of small and medium enterprises in developing the national economy, in addition to encouraging services and national products."
In order to achieve the objectives of the financing product, SMEDA has put a set of conditions for submitting a funding 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.
Furthermore, to promoting 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.
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