MUSCAT, 6th July 2015 – al Wathbah Ramadhan Souq, organized by the Public Authority of SME (Riyada) in collaboration with Bank Muscat, was concluded on 4th July 2015. Abdul Razak Ali Issa, Chief Executive, Bank Muscat, inaugurated the souq organised at Bank Muscat head office as part of cultural and social events lined up during the holy month of Ramadhan.
The Souq showcased products and services of Omani women entrepreneurs. More than 100 exhibitors participated in the Souq showcasing home-made products, including clothes, accessories, food items, home decorations and much more, offering a unique shopping experience to visitors. The souq was a big success, as it offered a public platform for Omani entrepreneurs to exhibit their work.
Abdul Razak Ali Issa said: “Bank Muscat is proud to be associated with al Wathbah Ramadhan Souq to enhance support to the SME sector, especially women entrepreneurs, in Oman. I take the opportunity to thank the Public Authority of SME (Riyada) for organising this function, which aims at creating a unique marketing and networking opportunity, empowering women entrepreneurs to chart successful business ventures. Bank Muscat acknowledges that the development of Oman significantly hinges on the role played by women and that they need to be provided the required support to realise their full potential. The bank remains committed to pursuing a well-defined strategy in line with the directives of His Majesty Sultan Qaboos bin Said to support the SME sector in Oman."
Ilham Al Hamaid, AGM – SME Credit, Marketing and Regional Corporates, said: “Bank Muscat has launched a series of initiatives as part of a comprehensive strategy to support SMEs in Oman. The bank supports and encourages women entrepreneurs to earn a living through home-based business activities. From time to time, the bank organises and supports such events with the aim of encouraging women entrepreneurs, creating unique opportunities to market their products and become financially independent."
Over the years, Bank Muscat has taken several strategic steps to strengthen the small and medium enterprises (SME) sector in Oman. al Wathbah, Bank Muscat's SME department, has been very dynamic in financing businesses and strengthening the SME foundation in Oman. 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.
Aimed at strengthening the SME sector, Bank Muscat 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. The support to SMEs and women empowerment initiatives stem from the bank's commitment to create self-employment opportunities for youth who constitute more than 50 per cent of the country's population.