MUSCAT: The Oman Chamber of Commerce and Industry (OCCI) conducted a workshop to address the funding challenges faced by small and medium enterprises (SMEs) in Oman.
The one-day seminar, organised in collaboration with the Arab Women for Media Services and Event Management Foundation, featured a series of speakers from various financing entities and Omani entrepreneurs.
Aziza al Habsi, CEO of the Arab Women for Media Services and Event Management Foundation, highlighted importance of SMEs in Oman’s local economy,
“In 2022, SMEs contributed around RO 2 billion to Oman's non-oil economy. Furthermore, their contribution to the national GDP is projected to reach 17 per cent in 2023. Studies suggest that small businesses in Oman face challenges in terms of expansion, growth, and subsequently, job creation, which the country desperately needs. Small and medium-sized companies can help resolve the issue of unemployment, aligning with Oman's Vision 2040.”
She further added: “Studies confirm that small projects in Oman face challenges in their ability to expand and grow, thereby limiting their capacity to create the job opportunities needed by the country. It is believed that small and medium-sized companies can help address the issue of unemployment by 74 per cent according to the Oman Vision 2040. The problem of financing small projects represents a significant challenge for emerging companies led by entrepreneurs of both genders in Oman.”
The forum featured presentations highlighting financing options for SME owners from the public and private sector, including the Oman Development Bank and the Oman Chamber of Commerce and Industry, and the Beehive crowdfunding platform.
The event also included two workshops focusing on entrepreneurial skills and commercial marketing.
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