(MENAFN- Muscat Daily) Muscat- The Pearl Initiative, a leading Gulf-based non-profit organisation promoting a corporate culture of accountability and transparency as a key driver of competitiveness across the region, co-hosted a roundtable with Zubair Small Enterprises Centre (Zubair SEC), a social impact initiative by The Zubair Corporation, one of Oman's most prominent business groups, on the impact of good governance on the competitiveness of small and medium-sized enterprises (SMEs) in the country.

Held at Bait al Zubair in Muscat, the roundtable drew the participation of leaders and experts from top public and private sector organisations, family firms and Omani entrepreneurs and SME owners. Attendees examined the challenges and opportunities shaping the SME landscape and the level of implementation required to adopt corporate governance and accountability practices across the GCC region.

Sayyid Hamid bin Sultan al Busaidy, executive director of Oman Centre for Corporate Governance and Sustainability (OCCGS), said, 'Corporate governance might be a new or less applied practice for many businesses, especially small and medium sized ones; as such, it is of significant importance to promote and raise awareness on such strategically essential practices. Many of the global successes we see today have reached that stage due to good governance and sustainability adaptations. I congratulate the Pearl Initiative and Zubair SEC for conducting this engaging roundtable and running an insightful and fruitful dialogue with Omani SMEs.'

Salah bin Hilal al Maawali, CEO, SME Fund Oman, said, 'Corporate governance principles and practices are vital to the sustainability of any business; it is as important to plant proper understanding of governance at the early stages of any business to help in its healthier and more stable growth in the future. I was delighted to take part in the Pearl Initiative Round Table on Governance for SMEs, hosted by Zubair SEC.'

Abdullah al Jufaili, general manger, Sharakah, said, 'While working with many SMEs, we come to realise more and more the need for equipping them with strategic tools and practices that can enable them to achieve sustainability on the long run. The concept and practices of corporate governance may not have been discussed much in the SMEs arena in the sultanate and there will always be room for investing more effort to raise awareness in this regard. As such, I praise the efforts put by the Pearl Initiative and Zubair SEC to bring together SMEs, business owners and specialists into this roundtable to debate and discuss the practices and application of governance in small and medium-sized businesses.'

Carla Koffel, executive director of the Pearl Initiative, said, 'At the Pearl Initiative, we seek to raise awareness of the benefits that good corporate governance can bring to SMEs, whether in facilitating access to finance, reducing risk or achieving faster business growth.'

Mohammed al Hasani, chief communication officer at The Zubair Corporation, said, 'The roundtable stimulated a discussion on the most pressing challenges dominating the SME space.'