Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

SMEDF plans to target colleges for entrepreneurship promotion  Join our daily free Newsletter

MENAFN - Muscat Daily - 10/05/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Muscat Daily) SME Development Fund (SMEDF), which is being implemented by the National Company for Projects and Management (NCPM) to finance and support the SME sector in Oman, plans to partner with colleges across the sultanate to build a culture of entrepreneurship among young Omanis.

SMEDF signed a partnership with the Caledonian College of Engineering (CCE) to launch the 'Entrepreneurial Campus' initiative in the college. A memorandum of understanding to this effect was signed by Dr Ahmed Hassan al Bulushi, acting dean of CCE, and Raphael Parambi, CEO of NCPM, on Thursday at CCE's Al Hail campus.

Speaking to reporters at the event, Parambi said that this year the 'Entrepreneurial Campus' initiative will be launched in five colleges in Muscat as a pilot programme, and it will be rolled out across all colleges in Oman over the coming years.

He said, ''In the next semester we will have ten colleges and within three years the initiative would go national. This semester we will bring between 1,000-1,500 students under the initiative because we want to make sure we are doing well. The number will go up to 10,000 students in the next semester and we hope it will keep rising every year. For the long term we are talking about 500,000 students over a period of ten years. Within the next ten years we will try to reach every college, private and government, in the country.''

The 'Entrepreneurial Campus' initiative is a broad array of programmes and resources that help build a participating college's capacity to develop and run exciting, high-impact entrepreneurship programmes on campus for students and new entrepreneurs.

SMEDF was launched recently and the fund will have a total capital of RO100mn, to be raised over five tranches. The first tranche of RO20mn has already been raised through a private placement. ''For entrepreneurs, the fund capital will be RO100mn, plus ‚50mn of soft loans at a later stage. So a total of RO125mn-RO130mn has been earmarked for funding SMEs,'' said Parambi.

He said the funding for training programmes and other initiatives will be via grants that the fund has received. ''The first tranche of US30mn of grants has been budgeted for the first three years.''

Parambi said the SMEDF presently has 12 investors, of which four are from the private sector and eight from the government sector - including pensions funds and the SGRF. ''The target of RO100mn capital will depend on how the market grows. We would be happy if every two to three years we mobilise another tranche of RO20mn of capital.''

He added that the second tranche will also be raised through a private placement, but for the third tranche the fund will go public. ''The third tranche will be initiated in the forth or fifth year of the fund, depending on the market,'' Parambi said.

Speaking at the inauguration of CCE's entrepreneurship club, Dr Bulushi said, "CCE believes

in the importance of entrepreneurship and has prepared specialised courses and introduced them within its programmes


 


Muscat Daily




  MENA News Headlines
 Jan 27 2015 - More Emirati students join Qasr Al Hosn Festival AmbassadorsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) More than 250 university students from across the Emirate of Abu Dhabi will be selected to act as the Qasr Al Hosn Festival Ambassadors during this year's ...

 Jan 27 2015 - DXB takes over top spot for international passenger trafficEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Dubai Airports today released its year-end traffic report which confirm that Dubai International Airport, DXB, has secured its position as the number one airport ...

 Jan 27 2015 - New Abra services in Abu DhabiEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) A new water taxi service using a traditional wooden abra has been launched to connect two of Abu Dhabi's prime waterfront tourist destinations. Passengers can ...

 Jan 27 2015 - EGA Golfers to rub shoulders with world's best at omega Dubai Desert Classic Pro-AmEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) A select group of golfing guests of Emirates Global Aluminium, EGA, will enjoy one of the most memorable playing experiences of their lives when they compete in ...

 Jan 27 2015 - OPEC daily basket price for Monday announcedEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The price of OPEC basket of twelve crudes stood at US $42.90 a barrel on Monday, compared with US $43.69 the previous Friday, according to OPEC Secretariat ...

 Jan 27 2015 - Over one million Umrah performers cross King Abdulaziz International Airport within 45 daysEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) JEDDAH, 27th January, 2015 (WAM) - The number of Umrah performers arriving and departing from King Abdulaziz International Airport in Jeddah since the start of ...

 Jan 27 2015 - UNDP issues new development report spotlighting string of successes in Asia-Pacific regionEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The United Nations main development programme has spotlighted its string of successes in 36 countries and territories in the Asia and Pacific region in the areas ...

 Jan 27 2015 - ADES 2015 to run from 18th to 21st March at ADNECEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DOME Exhibitions today announced the third edition of Abu Dhabi Electronics Shopper, ADES 2015, the largest consumer electronics exhibition in Abu Dhabi, will ...

 Jan 27 2015 - GCC Secretary-General meets with UN officialEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Dr. Abdullatif bin Rashid Al-Zayani, GCC Secretary-General has met with Ashok Nigam, UN Resident Coordinator and Resident Representative of the United Nations ...

 Jan 27 2015 - Saudi- Dawn of a new era under King SalmanArab News
(MENAFN - Arab News) A new era dawned in Saudi Arabia on Monday under the leadership of Custodian of the Two Holy Mosques King Salman as citizens across the country expressed their confidence in the ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help