MUSCAT: In line with its vision ‘To serve you better, everyday’, and commitment to supporting and developing the Micro, Small and Medium-sized Enterprises (MSME) sector, Bank Muscat’s Retail Enterprises Unit (Najahi) recently hosted the well-known entrepreneurial advisor and CEO of Eghnaa Center, Ishaq Hilal Al Shariyani. He has been a member of the National Youth Committee as well as a member of the Committee for SMEs at the Oman Chamber of Commerce and Industry. The Eghnaa Center specialises in training and qualifying entrepreneurs so that they can build their skills and business capabilities. 

Ishaq Hilal Al Shariyani discussed a number of factors affecting entrepreneurs at present, including exceptional circumstances that have affected businesses globally. He spoke at length about how entrepreneurs need to focus on their business plans and budgets before the beginning of every year, while also analyzing their past performance. He discussed the importance of identifying factors that could affect a project and stressed on the importance of having alternate plans to face possible headwinds. Ishaq Al Shariyani answered a number of questions that came up during the session. He spoke about the likely challenges that entrepreneurs could face in the coming year as well how they could prepare for it. He stressed on the necessity of modifying risk-taking behaviour and enhancing the chances of one’s success.

Speaking on the occasion, Abdullah Al Jufaili, Head, Retail Enterprises Unit (Najahi), Bank Muscat, said: “We are very pleased with the great success of Najahi Talk sessions in reaching out to the entrepreneurial community in Oman. It is very encouraging to know that Bank Muscat is making a huge difference to MSMEs in Oman through our numerous financial and non-financial initiatives. I would like to remind all our valued customers and entrepreneurs that they can view the recorded sessions of Najahi Talks at our Instagram account in case they were unable to participate in the live event. We encourage all our customers and the general public to make the best use of these free, knowledge-sharing sessions and earnestly hope that it will help build the MSME sector in Oman.”

Najahi Talks sessions are usually held in the first week of every month and details are updated on the bank’s social media accounts for the benefit of those who are interested in participating in these knowledge-sharing sessions. The sessions are an important part of Bank Muscat’s strategy to support local MSMEs and strengthen the National Economy. A vibrant SME sector can play an important role in tackling economic challenges and is an excellent facilitator of higher and more inclusive growth as well as the creation of a well-diversified economy. According to a 2019 IMF report, while small and medium-sized enterprises (SMEs) are a cornerstone of Arab economies, accounting for over 90 percent of businesses and creating jobs, a more enabling environment is needed to allow this sector to reach its full potential. Addressing gaps in access to finance, the creation of an enabling business environment, and upgradation of human capital and infrastructure can foster a climate of vibrant and competitive SMEs that boost employment opportunities and create high value-added output. It is a matter of pride that the Public-Private partnership in Oman has been making steady progress in attaining these goals.