MoUs signed to empower SMEs

BUSINESS REPORTER

MUSCAT, NOV 3

In a strategic move to support the growth and sustainability of small and medium enterprises (SMEs), the Oman Chamber of Commerce and Industry (OCCI) signed three key memoranda of understanding (MoUs) on November 3. The agreements, made with Sharakah (Youth Projects Development Fund), Ooredoo Oman, and Al Wadiah Business Company, aim to drive economic diversification and innovation within Oman’s private sector. The signing event was attended by Shaikh Faisal bin Abdullah al Rawas, OCCI Chairman, and several board members.

Zakaria al Saadi, CEO of the Chamber, highlighted that these partnerships are essential to fostering the long-term growth of SMEs, which align with the Chamber's goals to build a sustainable, knowledge-based economy.

"These MoUs play a pivotal role in supporting SMEs by offering them economic opportunities, expanding their reach, and boosting their competitiveness," Al Saadi said. He emphasised that these partnerships contribute to Oman Vision 2040, which prioritizes private sector growth and national economic development.

The MoU with Ooredoo aims to enhance digital capabilities and provide SMEs with essential tools to compete in the market. Ooredoo will offer specialised training programs, communications packages, and marketing solutions tailored to SMEs, especially those led by young Omani entrepreneurs.

Bassam al Ibrahim, CEO of Ooredoo, expressed enthusiasm about the partnership, noting, “Our collaboration with OCCI will open new sales channels, provide targeted support, and help SMEs increase access to digital solutions across various sectors.” Under the agreement, Ooredoo will also facilitate training for sales staff in partnership with local offices and institutions, enabling SMEs to tap into new market opportunities.

Sharakah's collaboration with the Chamber focuses on data-driven support, with plans to create a comprehensive SME database. This project will serve as a vital resource for identifying high-potential SMEs and connecting them with employment contracts, direct funding, or other resources based on business readiness. Ali Muqbil, CEO of Sharakah, described the database as a “strategic foundation” for Oman’s SME ecosystem, enabling targeted support to fuel economic growth. Sharakah and OCCI are committed to leveraging shared expertise to drive meaningful economic development and ensure that opportunities reach SMEs in line with Oman’s broader economic goals.

Al Wadiah Business Company, a financial technology provider, will work closely with OCCI to expand SMEs’ access to finance. Through workshops, training sessions, and direct support, Al Wadiah aims to streamline loan processes, connect SMEs with investors, and facilitate access to banking and government programs. Al Wadiah CEO Hamza al Lawati emphasised the importance of creating a supportive financial ecosystem for SMEs, saying, “Our joint efforts with the Chamber will enable us to direct financing toward promising SME projects and connect these businesses with essential funding channels.”