Collaboration key to securing success of Omani SMEs, says SMEF chief

The “complex challenges” faced by small and medium enterprises (SMEs) in the Sultanate require “complex solutions” that necessitate all of the stakeholders coming together in a collaborative effort to address their difficulties, a top official of the SME Development Fund (SMEF) has stressed.

Shaikh Salah Hilal al Maawali (pictured), Chief Executive Officer, noted that the recommendations emerging from the SME Development Symposium held at Seih al Shamikhat in Bahla in 2013 in accordance with His Majesty’s Royal Directives, have not been fully realised because of inherent challenges in their “implementation”.

“The SME sector in Oman is a complex sector that requires complex solutions, which will not come from the private sector, government, non-governmental organisations, educational institutions or the entrepreneurs themselves. Rather, it will require a concerted and collaborative effort involving all of the (aforementioned) stakeholders in achieving success,” Al Maawali said.

Speaking at a forum hosted recently by the Oman Society for Petroleum Services (OPAL), he said the SME Fund — an initiative of the Oman Authority for Partnership for Development (OAPFD) — has adopted a model and philosophy that seeks to address the challenges faced by SMEs.

“The SME Fund works closely with our entrepreneurs and partners via the deployment of a 4-point plan based on the provision of financial support, legitimisation of the SME, entrepreneurship development, and nurturing. I am delighted to announce that a study authorised by our Advisory Board has found that the SME Fund has performed exceptionally well on all four counts: The study registered a 95 per cent satisfaction on the part of small businesses that received funding support from SMEF, 78 per cent satisfaction in our legitimisation efforts, 95 per cent in entrepreneurship development, and 96 per cent in nurturing. We hope to increase on our performance going forward.”

The study, undertaken by local consultancy services firm Lighthouse, is also evaluating the SME Fund’s success in meeting its objectives benchmarked to the performance of local and international funding agencies, the CEO said.