MUSCAT, 15 October 2012 – bank muscat, the flagship financial services provider in the Sultanate, on Monday (15 October 2012) launched a unique facility that addresses a long-felt need of entrepreneurs in Oman. Shaikh Khalid bin Mustahail Al Mashani, Chairman of bank muscat, inaugurated the first-of-its-kind Al Wathbah Business Zone at the bank’s head office in the presence of Sulaiman bin Mohamed bin Hamed Al Yahyai, Vice-Chairman, the board of directors and executive management. Aimed at extending a big support for the small and medium enterprise (SME) sector, the dedicated facility is for the use of entrepreneurs who lack office facilities.
Shaikh Khalid bin Mustahail Al Mashani said: “bank muscat is a strong supporter of the government policy to encourage self-employment and facilitate an entrepreneurial environment in Oman. We are proud to launch Al Wathbah Business Zone which will help entrepreneurs to address the challenges faced by SME business and provide an environment critical to SME success. bank muscat plays a vital role in supporting SME businesses that contribute to the diversification of the economy, encourage self-employment and maximise the business potentials and entrepreneurship amongst the country’s youth.”
A number of prospective entrepreneurs face challenges in taking forward their business plans for want of required support and facilities. Al Wathbah Business Zone tackles this challenge and helps entrepreneurs to promote and establish their business ventures. The facility located in bank muscat head office can be used free of cost by SME customers. All bank muscat SME customers are entitled to use the facility on the basis of advance reservations made by them.
AbdulRazak Ali Issa, Chief Executive, said: “Over the years bank muscat has taken several strategic steps to strengthen the SME sector in Oman. The business environment in Oman offers tremendous opportunities and challenges for the SME sector. The bank muscat support to SMEs stems from the strong belief that SMEs help boost the local economy, contribute to the GDP and create self-employment opportunities for youth who constitute more than 50 per cent of the country’s population. We are confident that Al Wathbah Business Zone will serve as a big boost for SMEs in Oman.”
Al Wathbah Business Zone can be utilised by SMEs for hosting their business meetings. The facilities include a meeting room with printer, copier, scanner, flip charts, PC and projector. The facility will be available to SMEs on a first come, first served basis. Requests are to be made by e-mail to email@example.com two working days in advance. Meetings are to be held during regular bank muscat operational hours, Sunday through Thursday (8.00 am to 3.00 pm) and the duration of meetings will be limited to 2 hours to ensure maximum utilisation of the zone by entrepreneurs.
Al Wathbah, bank muscat’s small and medium enterprise (SME) department, has been very dynamic in financing businesses and strengthening the SME foundation in Oman. Aimed at strengthening the SME sector, bank muscat offers a comprehensive suite of tailor-made finance solutions. Early this year, the bank partnered with the Ministry of Commerce & Industry to launch the government guaranteed loan programme in support of SMEs.