50 per cent of SMEs run by third par­ties

Oman Daily Observer - - FRONT PAGE -

“We of­fer in­cu­ba­tion, fi­nance from govern­ment, train­ing and other sup­port for SMEs. If cit­i­zens change their mind­set, the dif­fer­ence will re­flect on the na­tional sce­nario.”

Al Rafd Fund was started on Jan­uary 1, 2014 af­ter the his­toric SME Fo­rum in Seeh Al Shamkhat in line with the Royal De­cree No 6/2013 to em­power Omani youth to es­tab­lish pri­vate busi­nesses. The fund re­ceived 1,008 ap­pli­ca­tions in the first year.

The fund plans to in­te­grate so­cial se­cu­rity and women into the eco­nomic cy­cle while cater­ing to those who want to es­tab­lish/sup­port pri­vate en­ter­prises, in­clud­ing job­seek­ers, grad­u­ates of ed­u­ca­tional and train­ing in­sti­tu­tions, and those who are un­der so­cial se­cu­rity law, ru­ral women, ar­ti­sans and pro­fes­sion­als. It launched the first pack­age of fi­nance pro­grammes through fa­cil­i­ta­tion of pro­ce­dures, in­clud­ing flex­i­ble pro­ce­dures and con­di­tions that have been care­fully stud­ied in ac­cor­dance with In­ter­na­tional Fi­nan­cial Re­port­ing Stan­dards (IFRS).

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