OCCI launches new initiative to finance purchase contracts

BUSINESS REPORTER

MUSCAT, JUNE11

The Oman Chamber of Commerce and Industry (OCCI), through its Small and Medium Enterprises Committee and in collaboration with the Gulf Investment House, has launched a groundbreaking support initiative aimed at financing purchase contracts.

This initiative seeks to provide a range of facilities designed to bolster the growth and expansion of small and medium enterprises (SMEs). It features numerous offers and products tailored to meet the needs of various sectors, offering more than 20 products that span across all industries. Notably, the initiative includes signing direct contracts with payment facilities extending up to 90 days, without imposing interest rates or requiring collateral.

Shaikh Ahmed bin Amer a Musalhi, Chairman of the Chamber’s Small and Medium Enterprises Committee, emphasised the significance of this initiative. He highlighted it as a crucial step for SMEs, enhancing their competitive capabilities and purchasing power by facilitating financing for purchase contracts. This allows individuals and companies to access goods and services without needing to pay the full amount upfront, thereby stimulating economic activity and supporting the commercial sector.

Al Musalhi added that this initiative aligns with the Oman Chamber of Commerce and Industry's ongoing efforts to support the SME sector. He expressed optimism that both male and female business owners would leverage this initiative to achieve further growth and development.

Mohammed bin Hassan al Bahrani, owner of the Gulf House Investment Corporation, echoed these sentiments. He described the initiative as a vital step towards boosting economic activity by enabling companies to acquire goods and services more easily. This, in turn, bolsters market confidence and supports businesses in increasing sales and expanding operations.

Al Bahrani further noted that by financing purchase contracts, the initiative opens new avenues for growth and expansion for both individuals and companies. This economic strategy not only fosters sustainability but also strengthens economic interactions among participating entities.