MUSCAT, 28 September 2014 – A workshop on 'How to run and manage your business' organised by Bank Muscat for women entrepreneurs in Dhofar governorate evoked strong response from existing and prospective entrepreneurs. Aimed at expanding and strengthening avenues for SME development in Oman, the 3-day workshop held at Crowne Plaza, Salalah was addressed by experts from Integrated Management Consultancy. The workshop focused on developing successful business plans, using and analyzing financial statements and improving marketing and selling skills.
Bank Muscat, as part of efforts to complement the government efforts in strengthening the SME sector, has drawn up a comprehensive plan to support women entrepreneurs in Oman. Women entrepreneurs are changing the face of the global economy and Bank Muscat recognises this opportunity in Oman. The main objective of this strategy is to play an important role in filling the gaps and empowering Omani women to chart successful business ventures by providing necessary guidelines, tools etc.
Amira al Shanfari said the workshop was immensely beneficial to evaluate and analyse the business processes and procedures followed by them. “The workshop helped me to analyse my business strategy and adopt measures to overcome weak areas. We are grateful to Bank Muscat for the strong support extended to SMEs, especially women entrepreneurs in Oman."
Muna Bakhait said the workshop was very useful and would help make a big difference in her business. “We have broken the fear of numbers as we gained a proper understanding of the importance of systematic accounting procedures in business. We are thankful to Bank Muscat for all the support," she added.
Bank Muscat has launched a series of initiatives benefiting women entrepreneurs. al Wathbah Businesswomen's Forum has succeeded in fulfilling a long-felt need in bringing together businesswomen and helping them to benefit from each other's business expertise and experience. The forum serves as a source of inspiration and encouragement for women to embark on SME initiatives and thereby contribute to progress and development in Oman.
Aimed at strengthening the SME sector, al Wathbah, Bank Muscat's SME department, offers a comprehensive suite of tailor-made finance solutions. The bank also regularly conducts workshops and seminars to equip SMEs to 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.
The bank recently unveiled a major initiative for training entrepreneurs in Oman, leading to accredited international certification. The launch of al Wathbah Academy marked a milestone, building up on the series of initiatives by Bank Muscat to complement government efforts in strengthening the role of SMEs in the economic development of Oman.
The support to SMEs stems from the bank's commitment to create self-employment opportunities for youth who constitute more than 50 per cent of the country's population.