Bank Muscat, the flagship financial services provider in the Sultanate, as part of its ‘Let’s Do More’ vision and commitment to partnership in supporting youth to embark on entrepreneurial ventures, is set to enroll a new batch of entrepreneurs for a comprehensive training programme at al Wathbah Academy in Muscat.
The unique al Wathbah Academy was launched by the bank in August 2014 as part of its commitment to sustainable social development, complementing government efforts in strengthening the role of SMEs in the economic development of Oman. Presently, al Wathbah Academy programmes are under way in Muscat, Sohar and Salalah benefiting 45 aspiring entrepreneurs. The Corporate Social Responsibility (CSR) initiative is aimed at equipping youth with self-employment skills boosting the country’s progress and development.
The objective of al Wathbah Academy is to impart the required skills and guidance for entrepreneurs drawn from diverse fields to embark on successful SME business ventures. The 8-months training programme is offered in association with AMIDEAST, leading to accredited international certification by Project Management Institute (PMI).
The unique SME initiative plays an important role in filling the gaps and empowering entrepreneurs to chart successful business ventures. The academy marks a clear progression of the well-defined strategy pursued by the bank in line with the directive of His Majesty Sultan Qaboos bin Said to support the SME sector and strengthen its role in the economic development of Oman. In light of the business environment in Oman which offers tremendous opportunities and challenges for the SME sector, Bank Muscat remains committed to creating self-employment opportunities for citizens across the Sultanate.
Aimed at strengthening the SME sector, the bank offers a comprehensive suite of tailor-made finance solutions. A unique SME financing launched by the bank has helped entrepreneurs overcome a major challenge. al Wathbah SME non-collateral finance not requiring collateral guarantee is a bold step affirming the bank’s commitment to encouraging an entrepreneurial culture in Oman.
The bank has also launched a series of initiatives as part of a comprehensive plan to support women entrepreneurs in Oman. The bank regularly conducts workshops and seminars to equip SMEs to identify business opportunities and tackle challenges. Serving as building blocks for existing and prospective entrepreneurs, these initiatives assume importance in the backdrop of the priority accorded by the government to develop the SME sector in Oman.
The support to SMEs stems from the bank’s commitment to create self-employment opportunities for Omani youth who constitute more than 50 per cent of the country’s population.