MUSCAT, 21 September 2015 – Bank Muscat, the flagship financial services provider in the Sultanate, as part of its 'Let's Do More' vision and partnership in sustainable development hosted a workshop on the fundamentals of finance and cost control for small and medium enterprises (SMEs) at Hilton Salalah Hotel. al Wathbah, Bank Muscat's SME department, organised the workshop as part of activities aimed at expanding and strengthening avenues for SME development in Oman.
Expert trainers led the workshop, which evoked strong response from existing and prospective entrepreneurs, who were familiarised with key aspects of finance and cost management integral for charting successful business ventures.
Ilham Al Hamaid, AGM – SME Credit, Marketing and Regional Corporates, said: “Bank Muscat is delighted to facilitate yet another unique learning opportunity to address the challenges faced by entrepreneurs and thereby create an environment favourable for SME success. In step with the directives of His Majesty Sultan Qaboos bin Said to support the SME sector and strengthen its role in the economic development of Oman, Bank Muscat has taken the lead to develop the SME sector in Oman. In light of the business environment in Oman which offers tremendous opportunities and challenges for the SME sector, Bank Muscat remains committed to creating self-employment opportunities for citizens across the Sultanate."
Over the years, Bank Muscat has launched several initiatives as part of its commitment to SME development in Oman. Serving as building blocks for entrepreneurs, these initiatives assume importance in the backdrop of the priority accorded by the government to develop the SME sector in Oman.
Bank Muscat offers a comprehensive suite of tailor-made SME finance solutions. Notably, al Wathbah SME non-collateral finance not requiring collateral guarantee is a bold step affirming the bank's commitment to encouraging an entrepreneurial culture in Oman.
al Wathbah SME TV from Bank Muscat is the first educational video channel in the banking sector in Oman launched with the sole objective of helping SMEs gain 24/7 access to vital information that help drive their business further. The primary objective of al Wathbah SME TV, accessible on Bank Muscat website, is to provide a common platform to educate and update SMEs on the latest rules, regulations, challenges and opportunities for SME business ventures.
Marking Oman's 45th Renaissance anniversary under the leadership of His Majesty Sultan Qaboos bin Said, Bank Muscat widened the scope of al Wathbah Academy training programme to benefit 45 beneficiaries. The bank has also launched a series of initiatives to support women entrepreneurs. The support to SMEs and women empowerment initiatives stem from the bank's commitment to create self-employment opportunities complementing the country's progress and development.