Muscat, February 16: BankMuscat, the leading financial institution in the Sultanate, has reiterated its commitment to promote the small and medium enterprise (SME) sector, signing up as Platinum sponsor of the first SME Exhibition and Conference beginning today (Monday).

“The support to the 3-day event by Al Wathbah (a big leap for small business), BankMuscat’s comprehensive suite of finance solutions for SMEs, complements government efforts to strengthen the SME sector, which plays a key role in the economic development of Oman. The conference is aimed at providing solutions to key challenges faced by the SME sector, besides access to funding and techniques for entrepreneurial businesses. The participation of experts from around the world is expected to significantly contribute to the development of an entrepreneurial culture in the Sultanate,” Abdul Nasir Al Raisi, Head - SME Credit & Marketing, BankMuscat, said.

The conference being held at Oman International Exhibition Centre will explore a variety of topics related to the SME sector and offer excellent networking opportunities with exhibitors, delegates and speakers. Over 2000 participants are expected to attend the event, including representatives from business communities, policy makers and entrepreneurs.

“The conference will focus on the importance of SMEs in the business landscape of Oman, the GCC region and worldwide, thereby offering a wealth of expertise to the participants. The sustainability of SME business in the new and competitive global era will be a major focus,” Al Raisi said.

The business environment in Oman offers tremendous opportunities and challenges for the SME sector. The GCC’s rapidly growing economy coupled with policies for investment and a common market gives the SME sector the drive to expand and take on new challenges. Along with the contributions in terms of output of goods and services, SMEs also create employment and stimulate competition.

“The SME conference coincides challenging times when innovative business practices can contribute to tackling the financial crisis faced by countries around the world. The presence of leading business representatives, policy makers and entrepreneurs from around the world mark an opportune moment to share best practices and examine the growth and future opportunities for the SME sector,” Al Raisi noted.

Fully realising the important role played by SMEs in the economic development of Oman, BankMuscat provides the required support to them. The BankMuscat support stems from the strong belief that SMEs help boost the local economy, contribute to the GDP and create employment opportunities. BankMuscat not only provides funding but also training, counseling and sponsorship to SMEs.

The SME Credit and Marketing Department of BankMuscat has been very dynamic in financing businesses and strengthening the SME foundation in Oman. Notably, the SME Department initiated a consultancy project with International Finance Corporation (IFC), the financial arm of World Bank, and has implemented recommendations to improve its SME services.