OAB participates in MSME Forum

MUSCAT: In recognition of the importance of SMEs to the growth of the economy, Jamal Al Wahaibi, the Head of the SME Department at Oman Arab Bank, recently participated in a panel at an MSME forum titled ‘Governance for Sustainable Growth: Enhancing MSME Outcomes’.

The event was organised by The Pearl Initiative and Zubair SEC on February 6, 2019 at the Zafran Cafe, Bait Al Zubair Museum.

The event, which was attended by over 100 budding entrepreneurs and aspiring business owners from across the country, was focused on finding out why corporate governance matters to small businesses seeking funding, and what MSMEs can do to incorporate best practices in corporate governance for sustainable growth.

Commenting on his participation in the event, Jamal Al Wahaibi said, “The key to achieving efficient economic diversification in any economy is to grow and develop the Small and Medium Enterprise landscape. They play a vital role in private sector development, breeding healthy competition within the local market while also providing vital employment opportunities and encouraging self-employment. This is why OAB places great importance in offering them as much support as possible; be it by offering them innovative tailor-made financial products tailored specifically for their businesses or by offering them consultancy and guidance either in person or by participating in events such as these.”

The event included a comprehensive introduction to Corporate Governance and a panel discussion with the participation of Jamal Al Wahaibi representing OAB as a speaker. The panel was focused on how corporate governance capabilities will benefit the MSME community, and what steps MSMEs can take to incorporate tailored governance structures to ensure their business potential and longevity is achieved. It covered three primary topics – How to raise funding successfully, How to manage time and effort to be efficient, nimble, and innovative, and How to attract and retain talent.

“In addition to helping us offer them advice and assistance, forums such as these offer the perfect opportunity to interact in person with budding entrepreneurs and get a better understanding of the products and services they are looking for. This in turn helps us tailor our products to better cater to their financial needs,” concluded Jamal.