OAB Showcases Its Initiatives to Support Entrepreneurs at Chamber Meeting - Middle East Business News and Information
Muscat: As part of its ongoing support for the small and medium enterprises (SMEs) sector, Oman Arab Bank (OAB) participated in a meeting of the SMEs Committee at the Oman Chamber of Commerce and Industry. The discussion focused on enhancing collaboration and developing banking solutions to support entrepreneurs and business owners.
OAB's team presented its innovative initiatives for SME growth, including the 'Tumouhi' program, which provides comprehensive financial services and credit facilities. The program is supported by an integrated digital platform accessible via online and mobile banking—the first of its kind in Oman—designed to meet the evolving needs of entrepreneurs. Additionally, the bank offers electronic payment solutions, including point-of-sale systems and mobile payments. OAB also runs a nationwide training program, featuring workshops on financial literacy and financial planning skills.
Commenting on the meeting, Sulaiman Al Harthi, CEO of OAB, stated: 'We are pleased to have been invited to this meeting by the SMEs Committee of the Oman Chamber of Commerce and Industry. Our participation reaffirms our commitment to supporting this vital sector and contributing to sustainable development in Oman. We are confident that OAB's programs and initiatives will continue to foster a thriving business environment, supporting the private sector and entrepreneurs while paving the way for their growth, expansion, and success.'
He added: 'OAB's financial services and financing products are in high demand among SME owners, reflecting notable growth in our SME financing portfolio. The bank places great emphasis on understanding business needs, continuously innovating to provide tailored financial solutions for all customer segments. SMEs now represent a significant part of our client base—an achievement we take pride in. Through this, OAB remains committed to excellence in Oman's banking sector and plays a pivotal role in supporting the private sector while advancing Oman's Vision 2040 to empower SMEs as engines of economic growth, development partners, and sustainable sources of employment.'
OAB continues to develop innovative initiatives for SMEs, including the recent launch of a dedicated digital financial solutions platform for entrepreneurs. Additionally, 'Tumouhi' program has evolved into one of Oman's leading SME support initiatives, offering a comprehensive platform for financial services, training, and exclusive benefits. The program's workshops focus on corporate governance, compliance, and strategies to navigate business challenges, ensuring the long-term sustainability of SMEs.
'At OAB, we recognize the vast potential and ambitions of entrepreneurs and their invaluable contributions to Oman's economy. We are committed to providing all necessary support to strengthen this role and expand our partnerships in line with Oman Vision 2040's objectives of diversification and sustainability,' Al Harthi added.
Sheikh Rashid Al Maslahi, First Deputy Chairman of the Oman Chamber of Commerce and Industry, emphasized the importance of this sector, which the Oman Chamber of Commerce and Industry pays special attention to due to its vital role in sustainable development. He also commended the tangible role played by OAB in developing the SME sector through its financial programs and initiatives that facilitate business growth. He emphasized that the banking sector remains the primary source of funding for development projects.
Al Maslahi stated: 'OAB's innovative and high-impact initiatives have played a crucial role in supporting entrepreneurship in Oman, empowering SMEs to launch and expand their businesses. The bank's 'Tumouhi' program, in particular, has become a benchmark for SME growth, offering financial solutions, an integrated digital platform, and training programs for entrepreneurs across all governorates.'
Hosting OAB aligns with the Chamber's initiative to expand partnerships with the banking sector and showcase successful financing models for SMEs, a key driver of economic growth that represents the majority of private-sector businesses in Oman.
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