New OCCI Initiative Aims to Enhance SME Capabilities and Stimulate Oman's Economy

New OCCI Initiative Aims to Enhance SME Capabilities and Stimulate Oman's Economy

By Staff Writer, 16 June 2024

In collaboration with Gulf House Investment Corporation, the Oman Chamber of Commerce and Industry (OCCI) has introduced a new initiative aimed at supporting the financing of purchase contracts for small and medium enterprises (SMEs). This program, announced on Tuesday (June 11), is designed to foster the growth and expansion of SMEs by offering interest-free contracts for 90 days, covering over 20 products.

Sheikh Ahmed Amer Al Maslahi, Head of the SMEs Committee at the OCCI, emphasized the initiative's importance in enhancing the capabilities of SMEs and increasing the purchasing power of both individuals and companies. He noted that this initiative allows businesses to acquire goods and services without the immediate burden of full payment, thereby stimulating economic activity and supporting the commercial sector.

Mohammed Hassan Al Bahrani, owner of Gulf House Investment Corporation, highlighted the initiative as a significant advancement for private economic activity. He stated that it simplifies access to goods and services for companies and entrepreneurs, bolstering market confidence and enabling business expansion.

This strategic move aims to invigorate the local market by providing financial support to SMEs, ultimately contributing to a more robust economic environment in Oman.

Source: Times of Oman

Related Report

Dubai's Venture Capital Ecosystem

There are 749 scale-ups that have raised over US $1 million in fundraising in the Middle East and North Africa region; collectively raising over US $19.5 billion, cumulatively, as of December 2022. Over 40% of these scale-ups call Dubai home.

Subscribe To Our Newsletter

Stay up to date with the latest news, special reports, videos, infobytes, and features on the region's most notable entrepreneurial ecosystems