In a significant push to cultivate early-stage entrepreneurial talent, Bank Muscat has partnered with Oman’s Ministry of Education to support the “Rikaz” award. The initiative, part of the “I Build My Country” project, culminated in a ceremony recognizing winning student ventures from across the Sultanate.
Quick Facts
- Over 800 student projects were submitted.
- More than 50,000 students participated.
- The initiative covered 7 Omani governorates.
Fostering an Entrepreneurial Mindset
The Rikaz award is designed to embed an entrepreneurial culture among 10th-grade students by integrating practical business skills into the curriculum. The program trains students to transform ideas into viable commercial projects, covering fundamentals like project selection, funding sources, feasibility studies, market analysis, and marketing strategies.
This hands-on approach directly supports the objectives of Oman Vision 2040, which aims to build a diversified, knowledge-based economy driven by skilled local talent. The competition drew participation from students across North Al Batinah, Al Buraimi, Al Dhahirah, South Al Batinah, Muscat, Al Dakhiliyah, and North Al Sharqiyah governorates.
Corporate Support for Economic Diversification
Bank Muscat’s involvement highlights a growing trend of corporate-public partnerships aimed at developing Oman’s startup ecosystem from the ground up. The bank frames its support not just as a competitive platform but as a crucial environment for turning ideas into sustainable projects that can contribute to economic diversification and job creation.
Talib bin Saif Al-Makhmari, Senior Manager of Community and Media Relations at Bank Muscat, stated that the bank’s backing of the Rikaz award is part of its core commitment to community service. He emphasized that the bank’s social responsibility strategy focuses on programs that support youth, promote financial literacy, and encourage innovation. Al-Makhmari added that the competition’s impact serves as a catalyst for continuing collaboration with partners to achieve sustainable benefits for Omani society.
A Broader Commitment to Youth Empowerment
This partnership is an extension of Bank Muscat’s long-term investment in human capital. The bank has a track record of supporting youth-focused initiatives, most notably its “Maliyat” financial literacy academy. Executed in collaboration with the Ministry of Education, the Maliyat program has already reached over 100,000 students in approximately 800 schools across Oman, demonstrating a sustained commitment to empowering the next generation.
About the Rikaz Award
The Rikaz Award for Entrepreneurship is an initiative by Oman’s Ministry of Education, represented by the Directorate General of Education in North Al Batinah. It aims to enrich the life skills curriculum for 10th-grade students by providing practical training in business creation, from ideation and feasibility studies to marketing and securing funding, aligning with the national goals of Oman Vision 2040.
Source: Al Sahwa
