Oman Chamber introduces Initiative to finance SMEs purchase contracts

By Arya M Nair, Official Reporter
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OCCI initiative for SMEs
Rep.Image | Courtesy: ONA

Oman Chamber of Commerce and Industry (OCCI), acting in cooperation with Gulf House Investment Corporation, has launched an initiative to support the financing of purchase contracts.

The initiative seeks to empower small and medium enterprises (SMEs) to grow and expand. It covers more than 20 products and offers 90-day, interest-free contracts for entrepreneurs running SMEs.

Sheikh Ahmed Amer Al Maslahi, Head of the SMEs Committee at the OCCI, underscored the significance of this initiative, noting that it enhances the capabilities of SMEs and boosts the purchasing power of individuals and companies.

Sheikh Al Maslahi added that individuals and companies can benefit from goods and services without having to pay the full sum in advance. This would boost economic activity and support the commercial sector.

Mohammed Hassan Al Bahrani, owner of Gulf House Investment Corporation, said that the initiative constitutes a vital step forward in enhancing private economic activity, as it enables companies and entrepreneurs to obtain goods and services more easily. Al Bahrani added that this move boosts confidence in the local market and enables companies to expand their businesses.

OCCI is keen to support the development of SME sector in the Sultanate. In April, OCCI, in a collaborative effort with Majid al Futtaim Group and supported by Petroleum Development Oman, unveiled an innovative program designed to bolster small and medium enterprises (SMEs) specializing in traditional crafts.

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