Major agreement signed to empower local SMEs

Business Sunday 23/January/2022 16:26 PM
By: Times News Service
Major agreement signed to empower local SMEs

Muscat: Oman Oil Marketing Company (OOMCO) has signed a Memorandum of Understanding with the Public Authority for Small and Medium Enterprises Development (Riyada) to provide 20 retail stores to support Omani startups.

The agreement, which was signed by Hussain Bin Jama Bait Ishaq, Acting Chief Executive Officer at OOMCO and Abdulaziz Al-Raisi, Vice President of the Authority for Small and Medium Enterprises Development, allows Riyada cardholders to apply to rent out specially equipped retail spaces at OOMCO Ahlain stations in various locations throughout the country. Entrepreneurs who meet the criteria for registration will be offered several benefits, including having their products displayed and marketed in Ahlain stores, as well as being promoted on OOMCO and its partners’ social media pages. Business owners will also be provided with basic utilities and exempted from registration fees for the first four months of the contract.

"Our priority is to support up-and-coming SMEs to grow and make a success of their businesses. This agreement with the Authority for Small and Medium Enterprises Development is a clear testament of our commitment to such endeavours, and, as we align ourselves with Oman’s 2040 vision, it’s one of many ‘In-Country Value’ initiatives that we are conducting to encourage entrepreneurship and support the socio-economic development of the nation,” said Hussain Bin Jama Bait Ishaq.

Abdulaziz Al Raisi also commented, “In line with our strategy to develop SMEs and aid their integration into the public, this memorandum provides a unique opportunity for budding business-owners, giving them an affordable facility from which to grow. We appreciate the incentives provided by Oman Oil Marketing Company and its wider efforts in serving as a catalyst for the success of the SMEs.”

SME development is one of the main pillars of OOMCO’s rigorous CSR strategy, which also includes projects such as scholarships, vehicle safety awareness, and education on renewable energy. The partnership underscores the company’s long-term strategy to provide services “beyond the pump” while enhancing the quality of life of the communities it serves.