(MENAFN - Muscat Daily) Occidental of Oman Inc. (Oxy Oman) represented by Hussam Ahmed al Nabhani “ VP Corporate & External Affairs has signed a Memorandum of Understanding (MoU) with the Fund for Development of Youth Projects in Oman (Sharakah) represented by Abdullah al Jufaili general manager.
The MoU is part of Oxy Oman's development programme for Omani Small and Medium Enterprises (SMEs) established in response to the Royal Directives of His Majesty Sultan Qaboos bin Said and in support of the sultanate's In-Country Value (ICV) initiative by the Ministry of Oil and Gas.
Oxy Oman and Sharakah are committed to supporting the 'Spirit of Entrepreneurship' and promoting Omani small and medium enterprises in specified fields thus generating employment and boosting the national economy.
Under the MoU Sharakah and Oxy Oman will jointly identify Omani SMEs for which Sharakah can provide financial support and Oxy Oman offers tailored non-financial support.
The programme is designed to contribute to the growth and development of the SME sector in Oman to enhance ICV and create jobs for Omanis. Oxy Oman has executed the SMEs Development Programme through a comprehensive selection process which included thorough evaluations and in-depth reviews of shortlisted companies.
Selected SMEs then participate in customised development programmes aimed at enhancing their growth potential and long-term competitiveness.