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Bank Muscat SME workshop on franchising evokes strong response

MUSCAT, 25 May 2015 – Bank Muscat, the flagship financial services provider in the Sultanate, hosted a workshop on franchising for entrepreneurs at the head office on Monday 25 May 2015. The workshop, which evoked strong response from existing and prospective entrepreneurs, was organised by al Wathbah, Bank Muscat's SME department, as part of activities aimed at expanding and strengthening avenues for SME development in Oman.

Expert trainers from Potential.com, a pioneer in educational technology and a leading provider for life-long learning across emerging markets, led the workshop to familiarise participants with key aspects of franchising. Topics covered at the session included benefits and advantages of franchising, profile of a successful franchisor, understanding the best time to franchise a brand, learning how to select a franchise etc. which are integral for preparing a franchising environment and landscape for SMEs in Oman.

Ilham Al Hamaid, AGM – SME Credit, Marketing and Regional Corporates, said: “Bank Muscat regularly organises workshops and seminars to facilitate unique learning opportunities to address the challenges faced by entrepreneurs and thereby create an environment favourable for SME success. 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. Aimed at strengthening the SME sector and creating a successful generation of entrepreneurs, al Wathbah is committed to facilitating such unique opportunities for entrepreneurs."

Speaking about the programme, Bassem Banna, Regional Sales & Partnerships Manager – MENA of Potential.com, said: “SMEs and entrepreneurs play a crucial role in creating sustainable growth and leading economic and social development. Entrepreneurs face significant challenges to building successful ventures and creating value for the wider community. Our partnership with Bank Muscat and al Wathbah Academy will stimulate the development, growth and innovation for start-ups and small and medium enterprises (SMEs) in Oman."

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. Aimed at strengthening the SME sector, Bank Muscat offers a comprehensive suite of tailor-made finance solutions, including al Wathbah non-collateral finance, which has broadened financial access for entrepreneurs.