Muscat, October 13, 2019: As part of its ongoing efforts to support the SME sector, Oman Arab Bank announced that it has signed a partnership agreement with Zubair Small Enterprises Center (Zubair SEC). Under the agreement, the Bank will take one of the ten Direct Support Programme (DSP) members under its wing for the duration of 2020.
The agreement was signed by Rashad Al Musafir, the CEO, on behalf of Oman Arab Bank and Hani Mohammed Al Zubair, Board Member of The Zubair Corporation, on behalf of Zubair SEC. The signing ceremony took place during the launch of the sixth edition of the Zubair SEC DSP programme, held at the Bait Al Zubair last week. The event was attended by a several members of the executive management from both parties.
Commenting on the signing ceremony, Rashad Al Musafir stated, “We have a strong interest in the small enterprise sector. We believe that it can significantly support the growth of the national economy by diversifying the country’s sources of income and providing employment opportunities for the youth. Zubair SEC has a proven track record of supporting small enterprises, providing them with advisory, administrative and financial support and guiding them on a path towards growth and success. As such, we are honoured to be in a position to support their DSP initiative. Under our agreement, the Bank will support and finance one of the members of the Programme in any way we can. Our team has extensive experience in finance and strategic management, and we aim to put this expertise to good use offering them guidance on how to enhance the performance of their company, achieve sustainable growth, and take their business to the next level.”
Mohammed Mubarak Al Hasani, Chief Communications Officer of The Zubair Corporation, on behalf of Zubair SEC said, “We are confident that our partnership with such a prestigious financial institution as Oman Arab Bank will have a positive effect on the performance of the small enterprise they will be taking under their wing over the next couple of months. Its success will mark yet another milestone in our journey towards establishing a strong base of small enterprises in the country. We would like to thank the Bank’s management for the confidence they have placed in our Centre as well as for its continued support of our initiatives. I would also like to thank them for their adoption of one of our DSP members, which in turn helps take us yet another step closer toward achieving our own goals. This partnership is also a testament to the successes that can be achieved through collaborations between leading private sector institutions and small enterprises in the local market.”
The Zubair SEC is one of the pioneers in the support and development of small enterprises, assisting them in enhancing their businesses as well as their contribution to the national economy. Since its inception in 2013, the Centre has provided advisory, administrative and financial support to hundreds of entrepreneurs, each of whom are members of the Centre. This is in addition to launching DSP, a programme that each year provides specialised advisory services, business development opportunities, facilitation of commercial contracts and financial support for ten chosen members of the Centre. The number of beneficiaries of the program has so far reached 51 members, and will be joined by a further ten under the recently launched sixth edition of the Programme.
Oman Arab Bank has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, the Bank operates a nationwide network of 65 branches and representative offices with 152 ATMs spread across Oman. OAB provides a complete range of financial products and services for personal banking, corporate banking and investment clients.