'National Equal Opportunities' initiative showcases innovative business endeavours

Business Monday 24/June/2024 17:24 PM
By: Times News Service
'National Equal Opportunities' initiative showcases innovative business endeavours

Muscat: The Public Authority for Special Economic Zones and Free Zones (Opaz), in cooperation with the Ministry of Agricultural, Fisheries and Water Resources, and the economic, free and industrial zones supervised by the Authority, organised the second edition of the 'National Equal Opportunities' initiative.

The event, held at Opaz's headquarters in Muscat, showcased 11 innovative business endeavours from Omani entrepreneurs and small and medium enterprises (SMEs).

A number of prosperous business endeavours from entrepreneurs and supporting SMEs were brought in by the initiative, which is indicative of the expansion of Oman's business environment in general and of special economic zones, free zones, and industrial cities in particular. A public exhibition was held in conjunction with the endeavor to allow participating SMEs to display their innovative goods and services. Through networking, knowledge-sharing, and experience-sharing with officials and personnel, this show aided SMEs in selling their goods and services.

"The primary objectives of Opaz are to plan and develop, organise and supervise, facilitate and provide post-service care, market and attract investment, operate and accelerate and achieve institutional excellence," stated Saleh bin Hamoud Al-Hassani, an advisor to the chairman of Opaz, during his visual presentation.

He continued, "This initiative aims to create a fair and equal business environment that expands the role of the private sector in sustainable development, encourages innovation and entrepreneurship, boosts investment and economic growth in special economic zones and free zones, and helps build a supportive and encouraging business environment for SMEs."

Hussam bin Salam Al-Kharusi, a senior official at the Oman Future Fund, said that 10% of the fund’s capital has been allocated to investments that fall within the umbrella of small and medium enterprises and venture capital. He added that the fund targets various investment sectors with the exception of the oil and gas sectors and the real estate sector.

It is noteworthy to mention that, this year, the second phase of the initiative was successfully co-organised by the Ministry of Agriculture, Fisheries and Water Resources, the Small and Medium Enterprises Development Authority (SMEDA), the Public Establishment for Industrial Estates (Madayn), the Salalah Free Zone, the Sohar Free Zone, Khazaen Economic City, Al Mazunah Free Zone, Oman Development Bank, Future Fund Oman, and the General Directorate of Agricultural and Animal Research.