Zubair SEC actively participates at the 6th SMES exhibition and conference
18 Feb 2014Small business owners at the Center, and the memorandum was signed on 3 February 2014 at Bank Sohar’s head office in Muscat.
The agreement was signed in the presence of senior management representatives from both parties. Representing Bank Sohar were Dr. Mohammed bin Abdulaziz Kalmoor, Chief Executive Officer of the bank, and Mr. R. Narasimhan, Deputy General Manager and Head of Retail Banking. Representing The Zubair Corporation were Mr. C.S. Badrinath, Chief Executive Officer of the Corporation; Mr. Mohammed Al Hassani, Head of Communications and External Relations; Mr. K. Balanevelu, Chief Financial Officer; and Mr. Hani Obaid, Acting Chief Executive Officer of Zubair Small Enterprises Centre. The agreement was officially signed by Dr. Mohammed bin Abdulaziz Kalmoor and Mr. C.S. Badrinath.
Commenting on the new partnership, Dr. Mohammed bin Abdulaziz Kalmoor stated:
“In line with the government initiatives aimed at supporting the SME sector in the Sultanate, and as part of our firm belief in the shared responsibility between the public and private sectors, Bank Sohar is proud to cooperate with Zubair Small Enterprises Centre through this agreement. Bank Sohar has always been a key supporter of the SME sector, and this collaboration with the Centre will significantly contribute to the development of small businesses in the Sultanate as an added value to cross-sector cooperation. Each party will contribute its resources and expertise, which in turn will help develop entrepreneurs in Oman.”
Recent studies have shown that the success of small enterprises largely depends on supporting entrepreneurs and helping them gain a better understanding of the key elements required for business sustainability. This support comes through providing comprehensive advisory services to business owners across all aspects of commercial operations. Under this agreement between Bank Sohar and Zubair Small Enterprises Centre, the bank’s SME clients will receive valuable business guidance in addition to access to various available credit facilities.
Mr. Badrinath stated:
“One of our key objectives as a private sector organization is to support and empower small enterprises in order to contribute to the growth and sustainability of the Omani economy, thereby complementing the government’s efforts in this area. For more than four decades, The Zubair Corporation has supported local talent and adopted the latest global business management concepts. Zubair Small Enterprises Centre represents our latest contribution towards developing and supporting the next generation of Omani entrepreneurs. The Centre currently has seventy SME members and supports more than one hundred entrepreneurs.”
According to the agreement, Bank Sohar will refer entrepreneurs seeking assistance from the bank, but who lack sufficient business knowledge and require advisory support, to Zubair Small Enterprises Centre for further evaluation of their project proposals. Bank Sohar will also facilitate financing for projects referred by the Centre, subject to meeting the bank’s financing criteria and approved policies. Both parties — Bank Sohar and Zubair Small Enterprises Centre — have established screening standards to prioritize the most credible entrepreneurs for financing. This process will also help entrepreneurs better understand how to apply for capital and sustain the growth of their businesses.
In line with the directives of the Central Bank of Oman, Bank Sohar restructured its relevant departments in 2013 to better meet the needs of a wide range of clients, with increased focus on local SMEs. Through this restructuring, the bank now offers a comprehensive range of services to support customers. The bank also has a team of highly qualified and well-trained advisors experienced in guiding startup business owners toward suitable financial services to meet their needs. This initiative adds to the many programs currently undertaken by Bank Sohar to support SMEs.
Mr. R. Narasimhan, Deputy General Manager and Head of Retail Banking at Bank Sohar, said:
“The development witnessed today in the SME sector plays an important role in diversifying the national economy and enhancing employment opportunities for Omanis. This collaboration with a non-profit organization such as Zubair Small Enterprises Centre represents a strategic step in this regard. As a commercial banking institution, this partnership enables us to provide financial support to projects selected by the Centre’s experts, in addition to offering guidance and advisory support to applicants. Through its SME division, Bank Sohar’s Retail Banking Department provides the necessary support to SMEs and small projects through the bank’s 25 branches across the Sultanate.”
Through this collaboration, Bank Sohar and Zubair Small Enterprises Centre aim to provide solutions for promising entrepreneurs who lack the necessary capabilities to launch their businesses due to insufficient business experience or difficulty obtaining financial support because of incomplete documentation or unsuitable application methods. While banks are willing to support entrepreneurs as part of their commitments, they still face the challenge of risk exposure when extending banking services to projects that may not yet be built on solid foundations.
Mr. Hani Obaid, Acting Chief Executive Officer of Zubair Small Enterprises Centre, added:
“This is where the value of the role played by Zubair Small Enterprises Centre becomes evident. The Centre works to support promising entrepreneurs selected as members by providing them with the necessary guidance and best business practices. This includes introducing them to carefully designed business strategies based on solid foundations, in addition to feasibility studies, marketing development plans, risk management plans, and other necessary consultancy services. Such support helps small business owners when applying for credit facilities from financial institutions.”
About Bank Sohar
Bank Sohar officially opened its doors to customers in May 2007 and, within a short period, became one of the key drivers of the banking sector in the Sultanate. Based on its belief that customers deserve the very best, the bank remains committed to developing innovative banking solutions and continuously enhancing its services and products to meet customer needs.
As a testament to its success, the bank has received numerous international, regional, and local awards, including the “Best Omani Banking Institution in Corporate Social Responsibility 2013” award from Global Banking & Finance Review (GBFR) in the United Kingdom. The bank also received the Gold Award for Quality and Business Excellence from “Otherways” International Research & Consultants in Rome, as well as the Golden Merit Award in Management from the “Taqdeer Academy” awards. For the second consecutive year, Bank Sohar won the “Fastest Growing Bank in Oman 2013” award from CPI Financial, based in the UAE. The bank also received the prestigious Five Continents Award for Innovation, Quality, and Commitment to Excellence from Otherways International Research & Consultants, in addition to the “Best Enterprise” award from the European Business Assembly. Furthermore, Dr. Mohammed bin Abdulaziz Kalmoor, CEO of Bank Sohar, was recognized as the “Best CEO in Oman 2013,” while the bank earned a distinguished place among the top five performing companies in Oman through the Economy & Business Awards.
For more information about Bank Sohar’s products and services, please visit the bank’s website and social media platforms.
About Zubair Small Enterprises Centre
Zubair Small Enterprises Centre was established in June 2013 as one of the initiatives stemming from The Zubair Corporation’s strategic vision for corporate social responsibility within Omani society. This vision reflects the Corporation’s belief in the importance of SMEs in strengthening the national economy and contributing to sustainable socio-economic development. The Centre provides guidance and support to promising young Omani entrepreneurs, in addition to financial support for a number of selected outstanding projects each year, helping entrepreneurs achieve sustainable growth and success.
For more information about Zubair Small Enterprises Centre, please contact the Communications Office via email at info@zubairsec.org.