MUSCAT, 11 May 2014 – A series of workshop on ‘understanding and utilising financial analysis to make business decisions’ organised by Bank Muscat for the small and medium enterprise (SME) sector evoked strong response from existing and prospective entrepreneurs. Women entrepreneurs in the capital region attended the workshop on the first day at the bank’s head office, followed by another session at Al Nahdah Resort, which was open for all entrepreneurs in Batinah region. Aimed at expanding and strengthening avenues for SME development in Oman, the workshop organised by al Wathbah, Bank Muscat’s SME department, concludes on 13 May at Crowne Plaza Hotel, Salalah, to be attended by entrepreneurs in Dhofar governorate.
Ilham Al Hamaid, AGM – SME Credit, Marketing and Regional Corporates, said: “Bank Muscat regularly organises workshops and seminars across the Sultanate to facilitate unique learning opportunities to address the challenges faced by entrepreneurs and thereby create an environment favourable for SME success. The issue of understanding and utilising financial analysis to make business decisions is a key factor for the success of SMEs. We are happy that the workshop participants have benefited from the learning experience. In an environment where competition is becoming tougher, understanding successful business strategies is vital for SMEs to survive and grow.”
Rami Camel-Toueg, a Certified Management Consultant from the Institute of Management Consultancy in the United Kingdom, conducted the workshop, highlighting different types of cost; steps to control cost and avoid cash shortage etc., essential to run successful SMEs.
Over the years, Bank Muscat has taken several strategic steps to strengthen the SME sector in Oman. The bank regularly conducts workshops and seminars to help SMEs identify business opportunities and tackle challenges. Serving as building blocks for existing and prospective entrepreneurs, these initiatives assume importance in the backdrop of the priority accorded by the government to develop the SME sector in Oman.
al Wathbah, Bank Muscat’s SME department, offers a comprehensive suite of tailor-made finance solutions for SMEs. The first-of-its-kind initiatives launched by al Wathbah include an innovative SME financing programme not requiring collateral guarantee. The al Wathbah SME Non-Collateral Programme is a bold step affirming the bank’s commitment to encouraging an entrepreneurial culture in Oman.
In line with the national objective to promote development of women in business, the bank has also launched several initiatives benefiting women entrepreneurs, including a
dedicated web portal, al Wathbah Businesswomen’s Forum, which brings together businesswomen to benefit from each other’s expertise and experience.
Al Wathbah Business Zone at the bank head office is a unique facility that can be used free of cost by Bank Muscat SME customers who do not have their own office space. The SME Credit and Marketing Department is available to help aspiring entrepreneurs tap the bank’s expertise developed over the past 32 years to deal with all aspects ranging from conceptualisation to setting up of successful SME units.