Madayn signs agreement to finance business incubator at Sur Industrial City

Business Wednesday 13/January/2021 16:19 PM
By: Times News Service
Madayn signs agreement to finance business incubator at Sur Industrial City

Muscat: The Public Establishment for Industrial Estates – Madayn, signed an agreement with Oman LNG Development Foundation to finance business incubator project at Sur Industrial City.

The signing of the agreement stems from a joint objective to strengthen strategic partnership and consequently enhance effective community partnership through supporting emerging startups and financing social investment projects.

The agreement was signed by Hilal bin Hamad Al Hasani, Chief Executive Officer of Madayn, and Dr Amor bin Nasser Al Matani, Chief Executive Officer of Oman LNG Development Foundation.

Through the establishment of the business incubator in Sur Industrial City, Madayn aims at expanding the services and facilities offered by the National Business Centre (NBC) which was launched in 2013 to present an ideal platform for the Small and Medium Enterprises (SMEs) in the Sultanate.

Madayn’s journey with similar initiatives began in 2004 when it introduced a business incubator programme which was known as The Knowledge Mine (TKM) in the Knowledge Oasis Muscat (KOM).

TKM aimed at fostering start-ups and encouraging Omani entrepreneurs and emerging companies to invest in the ICT sector.

Following the success of this incubation programme, Madayn decided to turn TKM into an advanced and specialised centre for incubating and developing SMEs in various fields, which is known as the National Business Centre.

Today, NBC offers the SMEs with a platform to develop their business ideas and turn them into growing ventures. NBC provides technical, administrative, logistical and awareness support for emerging and innovative projects to have projects with economic benefit and inspire the Omani youths to explore their potentials and abilities to establish and lead businesses.

The incubated businesses at NBC benefits from a variety of services including business development support and guidance, training and mentoring, access to markets and industry experts, and state-of-the-art and fully equipped office space, meeting rooms and presentation facilities.