What’s Driving SME Growth in Oman?
Ever wonder how the gears of an economy turn, especially when a country is looking to branch out beyond its traditional strengths? In Oman, the financial services industry is playing a crucial role in exactly that – helping the nation achieve its long-term development goals. And guess what? A big part of this story involves you, the SMEs.
Recently, Oxford Business Group (OBG), in partnership with National Finance Company, put together a video titled "Sultanate of Oman Finance and Leasing Sector Fuelling Economic Diversification." It's all about how the finance and leasing world is stepping up to fill funding gaps and encourage investment across various key sectors.
Fuelling the Engine of Diversification
Think about it: how do businesses grow, create jobs, and contribute to national prosperity? Often, it's through having access to the right financial solutions. The video highlights how customised financing is especially beneficial for SMEs. Why? Because you are recognized as absolutely vital for private sector development. It makes sense, doesn't it? When SMEs thrive, the whole economy benefits.
Under Oman Vision 2040, the country is making a big push for economic diversification and increased private sector participation. This is where the finance and leasing sector truly shines. It provides the necessary capital for areas like logistics, construction, manufacturing, and other growing industries.
The video points out various solutions that are helping businesses of all sizes overcome financing hurdles. We're talking about things like leasing arrangements for industrial equipment, working capital loans, and even sale-and-leaseback options. These are practical tools that can help bridge the financial gap many businesses face.
National Finance's Approach to Inclusivity
Tariq Sulaiman Al Farsi, the CEO of National Finance Company, shared some insights in the video. He spoke about his company's commitment to making finance more accessible through inclusive and innovation-driven products and services. It's clear they're focused on aligning their strategy with Oman Vision 2040, even looking to support emerging sectors like renewable energy and digital technology.
As Al Farsi put it, "Financial inclusion is fundamental to achieving economic diversification. At National Finance, we are committed to supporting Sultanate of Oman growth by empowering entrepreneurs, enhancing access to credit and ensuring that our solutions are designed to meet the needs of a rapidly evolving economy.” This really underscores the idea that getting the right financial support into the hands of businesses is key for growth.
Dana Carmen Agarbicean, OBG’s Country Director in Oman, also emphasised this point. She noted that Oman's finance and leasing sector has become a crucial enabler of long-term development. In her words, "Sultanate of Oman progress towards a more diversified economy is underpinned by robust and adaptive financial mechanisms. The sector’s contribution to national priorities—particularly the growth of SMEs and strategic industries—reflects its key role in shaping a resilient and competitive business environment.”
