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Oman Business News

SME Fund and OBB sign agreement to support SMEs

INMA (Oman Academy for SMEs and SME Development Fund) and Oman Broadband (OBB) entered into an agreement to extend support to the various SME’s by creating Business Ecosystem in the telecom sector in order to accelerate and support sustainable development of the sector centric SMEs. Held under the auspices of Said bin Hamdoon al Harthy, Under-Secretary, Ministry of Transport and Communications at Oman Convention and Exhibition Center, the “Business Ecosystem Initiative — Telecom Sector” implies a network of organisations which includes all stake holders such as client, contractors, sub-contractors, supplier’s distributors, competitors, government agencies and the like which are involved in the delivery of a specific product or service through both competition and cooperation.
“This Business Ecosystem initiative will attract the young Omanis and we encourage the Omani youth to get the subsidy and other benefits to have their startups”, Salah Hilal al Mawali, CEO of SME Fund told the Observer.

“What happens in most cases is that in the absence of a structured accounting, administration, and the like, these SME’s eat up their capital thinking that that is their profit whereas in reality, it is not. This will put them in deep issues and we are extending our support to the SME’s engaged in telecom sector, at the moment”, adds Salah.

Oman Broadband, which works to empower the nation by rolling out high-speed broadband infrastructure, benefitting citizens and businesses alike, takes pride in associating with the SME Fund. To be in line with the directive from His Majesty Sultan Qaboos during the Saih Shamikhat symposium on January 27, 2013, OBB has engaged more than 100 SME’s in different activities building FTTH network in the Sultanate of Oman “OBB has observed some major challenges faced by the SMEs working in this sector during this journey of building reliable FTTH network in the Sultanate. This ecosystem initiative is a step towards the efforts in addressing the challenges faced by SMEs and to offer conducive solutions to help and promote sustainable environment for SMEs, ensuring smooth delivery of reliable FTTH network”, Eng Bader Al Zidi Vice-President Of Technology and Commercial Affairs in Oman Broadband said.

Source Link:
  • SMEs
  • SME Development Fund
  • Oman Broadband
  • telecom sector
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