MUSCAT, 1 March 2020
Bank Muscat, the flagship financial services provider in the Sultanate, in line with its commitment to strengthen support to Small and medium enterprises (SMEs), has commenced training of a new batch of 20 entrepreneurs through its Al Wathbah Academy sessions in Musandam. The training programme includes workshops aimed to develop the participants’ skills and knowledge in the field of businesses and entrepreneurship.
The Al Wathbah Academy targets young Omani entrepreneurs running SMEs and is conducted by the bank in collaboration with the Radiant Sail Foundation. All successful trainees will receive an internationally-recognised certificate from the US-based Project Management Institute (PMI) on the completion of their training. The programme comprises 8 workshops along with self-learning materials, which will enable the trainees get practical knowledge and expertise in topics that are crucial to the success of the SME sector.
Welcoming the participants to the training session, Abdul Aziz Al Alawi, Manager, Khasab Branch said that the training workshops would cover an entire range of topics including sources of capital in Oman and how to pitch for capital. Participants will learn how to engage with investors in a classroom setting before heading off to the real world with their products and services. He said that managing human resources and compliance with the Oman Labour Law as well as developing business plans and feasibility studies are a key part of the training programme that will greatly help start-ups. Budding entrepreneurs will also learn how to make the best use of social media in their efforts to market their products and services and build their brand.
Other important topics covered will include financial controls and effective cash-flow management, reviewing income statements and balance sheets, development of management and leadership skills. Importantly, they will also learn how to manage change as well learn how to deal with business setbacks and resolution of conflicts. Case studies will be used throughout the training period to analyse how successful companies have responded to different challenges through their history.
Al Wathbah Academy for SMEs was launched by Bank Muscat in 2014 as part of its Corporate Social Responsibility (CSR) initiative to equip youths with entrepreneurial and self-employment skills. A number of Omani entrepreneurs have graduated from Al Wathbah SME Academy till date and are now successfully following their business dreams, thereby also contributing to the country’s progress and development.
Notably, the training programme is being organised across different governorates to spread the benefits of economic development and progress to all parts of the Sultanate. One of the most important successes of Bank Muscat is the continuous partnership with government agencies in promoting the concept of self-employment and entrepreneurship among members of the community, particularly the youth of Oman.