Oman Investment and Finance Company’s (OIFC) Khedmah outlets will provide free space, water and electricity connection to Oman-based Small and Medium-sized Enterprises (SMEs) at some of its branches to promote their products and generate awareness about their operations.
The launch of this scheme follows the signing of an agreement between Mr. Abdulaziz bin Saeed Al Raisi, the vice president of the SME Development Authority (SMEDA), and Mr. Saud bin Ahmed Al Siyabi, chief operating officer at OIFC Khedmah.
Khedmah will also open marketing outlets for SMEs by promoting their products on the company’s media platforms, as well as enhance their expertise by enrolling them in technical and specialized development programs in the financial and administrative fields.
SMEDA will conduct field visits to monitor the progress of those who have benefited from this initiative, as well as provide support and help to entrepreneurs in the form of marketing and technical skills.
Mr. Al Raisi, said that “This collaboration comes as the authority’s strategy to develop SMEs, and enhance integration and effective partnership with public and private sector institutions. It will enhance the authority’s approach to providing facilities and support to SMEs with various advantages and incentives. We will also assist in providing programs to develop the skills needed for them to expand the growth of their enterprises and ensure their sustainability.“
According to the National Centre for Statistics and Information, there were 62,335 SMEs in Oman as of November 2021. In the last 12 months, about 15,000 SMEs were newly formed, indicating a 30 percent rise in the number of SMEs in the country since November 2020, of which majority are micro-enterprises.
Commenting on the new scheme, Mr. Al Siyabi said that “The company seeks to enhance efforts to advance the SME sector and supports many entrepreneurs to develop their businesses and enhance their chances of success through Khedmah branches located in all governorates of the Sultanate of Oman.”
