Friday 27 / December / 2024
Muscat: Official and citizens in Oman have appreciated the Royal orders of His Majesty Sultan Haitham bin Tarik settling the outstanding claims against owners of some small and medium enterprises (SMEs) and other individuals, who had earlier been awarded prison sentences for default in repayment, in accordance with standard procedures.
Following the Royal orders, the Supreme Judiciary Council, in coordination with the Ministry of Finance, has repaid a total loan amount of OMR2,445,563 of 1,169 SME owners and individuals, and cancelled the prison sentences handed down to them, besides the seizure of property processes against them.
Hailing the Royal orders of His Majesty, the Oman Chamber of Commerce and Industry (OCCI) affirmed that this generous gesture is a reflection of His majesty’s interest in small and medium enterprises because of the significant role they play in the national economy.
His Excellency Eng. Ridha bin Juma Al Saleh, Chairman of the Board of Directors of the OCCI, said His Majesty Sultan Haitham bin Tarik’s interest in this segment of the private sector confirms his keenness to address the problems faced by small and medium enterprises in order to encourage them to perform their desired role in the national economy.
He pointed out that the private sector, represented by OCCI, is looking forward to business owners, especially owners of small and medium enterprises, to benefit from this generous gesture.
Saif Al Badi, Head of OCCI Al Dhahirah governorate’s branch said: “In his first speech, His Majesty Sultan Haitham bin Tarik focused on entrepreneurship, support for SMEs and innovation, in his belief in the importance of this sector which is one of the pillars of the economy across the globe.
Saif Al Badi, Head of OCCI Al Dhahirah governorate’s branch further said: “He also encouraged Omani youth to continue to engage in entrepreneurship and stressed the importance of providing an appropriate environment for small enterprises.
“The wise government has provided many exemptions and facilities during the period of the COVID-19 pandemic, and these incentives are still continuing, like the one paying off the debts of more than 1,169 units. It is one of the most important initiatives that may serve as a driver of continuity and sustainability of these institutions.”
Al Badi added: “Undoubtedly, the pandemic had an impact on various sectors and in different countries, and it was an example of the unexpected challenges that the private sector may find itself faces with. Here, business owners in the future must develop plans that will protect institutions from stumbling and make financial strategies and plan properly to keep pace with market fluctuations, and the changes that may occur at the local or external level, as also the introduction and use of modern technologies.”
“In return, we hope for more support through incentive packages that provide an impetus to this sector and encourage entrepreneurs,” he said
Societal circles in the Sultanate of Oman also expressed satisfaction with the orders of His Majesty Sultan Haitham bin Tarik.
Entrepreneur Abdullah Hamad said: “We thank the generous initiative from His Majesty the Sultan. The initiative will restore comfort and tranquility among many families who have been affected by this crisis and the accumulated debts. It also gives incentives and confidence among the entrepreneurs that the government cares for them. We aspire for more incentives and facilities for business owners to revive the local market.”
