In a significant boost to Oman’s entrepreneurial ecosystem, Bank Muscat, the nation’s leading financial institution, has signed a cooperation agreement with the Youth Project Development Fund (Sharakah) to implement the “Al Wathbah Academy” program. This specialized training initiative is designed to empower entrepreneurs and accelerate the growth of Small and Medium-sized Enterprises (SMEs) across the Sultanate.
A Structured Program For Growth
The year-long program will be conducted in Muscat and will train 30 selected entrepreneurs and SME owners through two distinct six-month phases. The first phase will cater to 15 existing SME owners, while the second will focus on 15 emerging entrepreneurs. The curriculum, delivered by industry experts, will cover essential topics including project development planning, marketing principles, communication skills, and digital transformation. The academy will also provide crucial advisory and guidance sessions to help participants define their strategic direction and capitalize on market opportunities.
Building On A Legacy Of Support
This collaboration builds on the success of the Al Wathbah Academy, an initiative first launched by Bank Muscat in 2014. To date, the program has successfully trained 237 entrepreneurs, equipping them with the practical skills needed for business management and professional growth. Bank Muscat’s commitment to the SME sector also includes a comprehensive suite of banking solutions and other initiatives like the annual “Souq Al Wathbah” Ramadan market, which provides a platform for home-based businesses and small enterprises to showcase their products.
Strengthening The National Economy
This partnership directly aligns with the strategic goals of Oman Vision 2040, which emphasizes the critical role of youth and innovation in economic diversification. Ibrahim bin Khamis Al Balushi of Bank Muscat highlighted that the collaboration embodies a shared vision to foster a sustainable entrepreneurial environment. Ali bin Ahmed Muqaibil, CEO of Sharakah, added that the training program will equip entrepreneurs with the necessary tools to enter the business world and drive national economic development.
About Bank Muscat
Bank Muscat is the leading financial services provider in the Sultanate of Oman, offering a comprehensive suite of corporate, retail, investment, and Islamic banking services. Through its Al Wathbah suite of services and initiatives, the bank is deeply committed to supporting the growth and development of the SME sector in Oman.
About Sharakah
The Youth Project Development Fund, known as Sharakah, is an Omani closed joint-stock company established by a Royal Decree. It is dedicated to supporting the development of entrepreneurs and SMEs in the Sultanate by providing financial aid, project evaluation, and advisory services to ensure their sustainability and growth.
Source: Wejhatt
