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Bank Muscat hosts SME workshop on financial analysis

MUSCAT, 6 May 2014 - Offering yet another opportunity for aspiring entrepreneurs to equip themselves for establishing successful SMEs, Bank Muscat SME department is organising a series of workshop across the Sultanate on 'understanding and utilising financial analysis to make business decisions'.

The first workshop targeted at women entrepreneurs will be held at the bank's head office on 10 May. The second workshop, open for all entrepreneurs in south Batinah region, will be held on 11 May at Al Nahdah Resort. The third workshop organised for entrepreneurs in Dhofar governorate will be held on 13 May at Crowne Plaza Hotel, Salalah. Rami Camel-Toueg, a Certified Management Consultant from the Institute of Management Consultancy in the United Kingdom, will conduct the workshop, highlighting different types of cost; steps to control cost and avoid cash shortage etc., essential to run successful SMEs.

Ilham Al Hamaid, AGM – SME Credit, Marketing and Regional Corporates, said: “Complementing the government efforts to promote the SME sector, the bank's initiatives focus on creating a favourable environment for existing and aspiring entrepreneurs. The workshops and seminars organised by the bank impart the best practices worldwide, aimed at equipping entrepreneurs to successfully establish their business operations."

Ilham Al Hamaid added: “The issue of understanding and utilising financial analysis to make business decisions is a key factor for the success of SMEs. The workshop participants will be given training in analysing and identifying financial data to successfully promote their SMEs. In an environment where competition is becoming tougher, understanding successful business strategies is vital for SMEs to survive and grow."

Over the years, Bank Muscat has taken several strategic steps to strengthen the SME sector in Oman. The bank regularly conducts workshops and seminars to help SMEs identify business opportunities and tackle challenges. Serving as building blocks for existing and prospective entrepreneurs, these initiatives assume importance in the backdrop of the priority accorded by the government to develop the SME sector in Oman.

al Wathbah, Bank Muscat's SME department, offers a comprehensive suite of tailor-made finance solutions for SMEs. The first-of-its-kind initiatives launched by al Wathbah include an innovative SME financing programme not requiring collateral guarantee. The al Wathbah SME Non-Collateral Programme is a bold step affirming the bank's commitment to encouraging an entrepreneurial culture in Oman.

In line with the national objective to promote development of women in business, the bank has also launched several initiatives benefiting women entrepreneurs, including a dedicated web portal, al Wathbah Businesswomen's Forum, which brings together businesswomen to benefit from each other's expertise and experience.

Al Wathbah Business Zone at the bank head office is a unique facility that can be used free of cost by Bank Muscat SME customers who do not have their own office space. The SME Credit and Marketing Department is available to help aspiring entrepreneurs tap the bank's expertise developed over the past 32 years to deal with all aspects ranging from conceptualisation to setting up of successful SME units.