Pearl Initiative, Zubair SEC and IFC collaborate for MSME resilience in Oman

BUSINESS REPORTER -

MUSCAT, APRIL 29 -

The Pearl Initiative, the business-led non-profit organisation promoting corporate transparency and accountability in the Gulf Region, held a workshop in collaboration with Zubair SEC, in Muscat, Oman on April 24-25. The workshop was the first in a series scheduled for 2019, and was led by a representative of the International Finance Corporation (IFC), a subsidiary of the World Bank Group.

The workshop focused on how micro, small, and medium-sized enterprises (MSMEs) in Oman can benefit by adopting corporate governance practices to ensure enhanced business outcomes.

In 2017, the Pearl Initiative published a report which highlighted that MSMEs were unaware of the benefits that corporate governance could bring to their business or did not prioritise corporate governance for their business outcomes.

The workshop worked to change this perception and bring Omani MSMEs to the table with practical methods and tools from industry experts.

The objective of this workshop was to reflect on the ways in which corporate governance can provide solutions for sustainable business growth in the Gulf Region, and how such practices help build internal structures and secure stakeholder confidence.

Comprising of four modules, workshop participants were introduced to the principles of corporate governance for MSMEs and addressed common MSME ‘pain points’. Moreover, the attendees were provided with strategic and management decision-making techniques related to their businesses. They were also given the necessary action planning techniques required to grow their businesses.

“This workshop series is a result of the growing recognition of the necessity for corporate governance training for local MSMEs. Governance is not just for established companies — businesses of all sizes can and should use good governance practices. We thank Zubair SEC and IFC for promoting the value of corporate governance for regional MSMEs and highlighting how it can help solve some of their most pressing issues,” said Yasmine Omari, Executive Director at the Pearl Initiative.