50 per cent of SMEs run by third parties

“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).