50 pc of SMEs run by third par­ties

Oman Daily Observer - - FRONT PAGE - KABEER YOUSUF MUS­CAT, SEPT 16

More than 50 per cent of small and medium en­ter­prises (SMEs) in the Sul­tanate are not di­rectly man­aged by cit­i­zens, but ex­pa­tri­ates who work for them, said the Al Raffd Fund chief.

“While more than half the SMEs are man­aged by third par­ties, own­ers are just pro­vided with steady monthly in­comes,” said Tariq bin Su­laiman al Farsi, Chief Ex­ec­u­tive Of­fi­cer, Al Raffd Fund, told the Ob­server.

“Had the SME own­ers worked full-time in their or­gan­i­sa­tions, they would have seen bet­ter suc­cess,” he said.

He said there are cases where SMEs, more of­ten than not, are man­aged by part-timers and not full­timers.

“Ex­pa­tri­ates are work­ing for both salary and in some cases, for com­mis­sion, in many of these busi­nesses. Cit­i­zens get their in­come, which is a per­cent­age of the profit,” said Al Farsi.

More than 30,000 SMEs are reg­is­tered with Riyada and the num­ber is ever in­creas­ing. A ma­jor­ity of the own­ers work for other com­pa­nies or the pub­lic sec­tor, while their com­pa­nies are man­aged by third par­ties.

“Cit­i­zens need to change their mind­set and in­volve them­selves in their busi­nesses on a full-time ba­sis,” he said.

“I en­cour­age all Oma­nis to run their busi­nesses full-time be­cause only then can they see more suc­cess, de­velop their business fur­ther and qual­ify for govern­ment sup­port,” said Al Farsi.

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