OAB and “Badir” Fund collaborate to develop SMEs

Muscat: Oman Arab Bank (OAB) has signed a cooperation agreement with the “Badir” Fund for development of small and medium enterprises (SMEs), which is managed by the Arab Fund for Economic and Social Development in Kuwait (AFESD).

The partnership between the bank and the Badir Fund, both of which have extensive experience in developing small and medium enterprises, aims to support entrepreneurs in the Sultanate of Oman by enhancing their projects and expanding their business scope.

The agreement was signed by Sulaiman Al-Harthy, Chief Executive Officer of OAB, and Bader Mohammed Al-Saad, Director General and Chairman of the Board of the Badir Fund.

Al-Harthy, CEO of OAB, said: “The entrepreneurship sector in Oman continues to thrive amidst the ongoing momentum of economic growth and the significant support this sector receives at all levels. OAB takes pride in its contributions towards creating an encouraging environment for the growth of the private sector and entrepreneurship projects, in line with the objectives of Oman Vision 2040, which relies on the private sector to lead growth and expand economic diversification sectors. The bank’s initiatives have provided substantial support for the growth of SMEs, particularly the ‘Tumouhi’ program, which offers innovative and broad services and products for these enterprises”.

Mr. Al-Harthy expressed his delight in collaborating with the “Badir” Fund, noting that this partnership will undoubtedly enhance the support provided by the bank to SMEs. He also highlighted that the agreement represents a new impetus for maintaining the momentum of growth and development in the entrepreneurship sector, contributing to expanding the horizons of economic diversification in the Sultanate of Oman.

Mr. Al-Saad stated: “We are pleased to sign a cooperation agreement with OAB, which is a prestigious financial institution that occupies a leading position in the Omani banking sector. The bank offers numerous efforts and initiatives to support SMEs in the Sultanate of Oman, contributing to the growth of this promising sector, which is a vital route for achieving sustainable development”.

He added that the “Badir” Fund aims to assist in the development and enhancement of the capabilities of the private sector and SMEs in Arab countries by providing appropriate technical and advisory assistance, as well as contributing to financing private sector projects on commercial and developmental bases, to achieve effective contributions to economic development in Arab countries.

OAB is dedicated to fostering entrepreneurial projects by continually enhancing its initiatives and financial and technical support programs. This commitment paves the way for the success of these ventures, reflecting the bank’s belief in their crucial role in driving economic growth and creating job opportunities for Omani citizens.

The “Badir” Fund plays a significant role in providing financial resources and attracting the necessary capital to finance and support private sector projects and SMEs in Arab countries. The fund was established as part of the decisions made at the Arab Economic Summit held in Kuwait in 2009, and it is managed by the Arab Fund for Economic and Social Development.