The Oman Chamber of Commerce and Industry shows great interest in the issue of qualifying, training and educating the owners of small and medium-sized institutions through organising administrative, financial and technical programmes. Such training helps them to develop the work of these institutions and increase their annual income and production. These programs are not limited to a specific economic sector, but rather they include all important sectors, and presented in both languages Arabic and English.
Recently, the Chamber launched the 'Financial Directors' programme through its branches. Dr Abdullah bin Masoud al Harithi, Board Member Chairman of the Programme’s Supervisory Committee, believes that the programme, which was crafted in cooperation with the Institute of Certified Public Accountants in India, aims to develop owners of small and medium enterprises and workers in the private sector to improve human resources and contribute to achieving the goals of Oman Vision 2040.
The programme aims to introduce participants to the backgrounds of companies, their financial policies in the short and long term, and how to diversify their sources of income. It also deals with the necessity of knowing financial statements and important procedures for financial markets, and how to distribute profits and rewards through understanding procedures for revenues, expenses and capital expenditures, besides improving operations management and cost control for projects.
As is well-known, many small and medium-sized companies rely on internal funds or cash from friends and family members to launch and manage their projects from the beginning.
They try as much as possible to avoid bank loans that often burden them. The International Finance Corporation (IFC) estimates that 65 million companies, or 40% of formal micro, small and medium enterprises in developing countries, have financing needs estimated at more than $5.2 trillion in various countries of the world. Half of these enterprises cannot access formal credit, while their financing gap is widening, which requires owners to know more about the principles that benefit them in how to manage their financial matters.
Many financial responsibilities fall on the financial director of institutions and companies, who is considered the first person to manage the company's funds effectively and honestly. They play an essential role in decision-making and are responsible for studying and analyzing financial data that helps companies understand the financial and operational reality of the company.
The latest programme of the OCCI is part of the initiatives and services provided by the Chamber to private sector institutions, entrepreneurs and members with the aim of raising the level of capabilities of workers in these enterprises, improving leadership matters and the business environment for them. It is enhancing the standards that qualify them to support their projects with competencies working in the accounting profession, the financial and legal system and management.
Participants in the CFO program believe that such initiatives represent an important step by the OCCI to enable workers in institutions and companies to learn the necessary tools and knowledge in the field of accounting, examine and analyse companies’ businesses and their financial and accounting matters. It aims of building a sustainable financial future for them, developing and strengthening leadership and financial support in addition to its contribution to advancing the country’s economic development process.
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