BankDhofar has signed a cooperation agreement with the SME Development Authority (Riyada) aimed at supporting the entrepreneurship ecosystem in the Sultanate of Oman, strengthening the role of small and medium enterprises (SMEs), and enabling them to achieve growth and sustainability.
The agreement was signed during a ceremony held under the patronage of His Excellency Ahmed bin Jaafar Al Musalmi, Governor of the Central Bank of Oman, reaffirming the importance of partnership between the banking sector and government entities concerned with SME development, and highlighting the vital role this sector plays in supporting the national economy and advancing development objectives.
The agreement seeks to enhance cooperation between the two parties in areas such as financing, facilitating SMEsโ access to banking services, and developing joint programmes and initiatives that empower entrepreneurs, foster innovation, and stimulate economic growth. This aligns with Omanโs vision to diversify income sources and increase the sectorโs contribution to Gross Domestic Product (GDP).
The agreement was signed on behalf of BankDhofar by Ahmed bin Said Al Ibrahim, Chief Retail and Government Banking Officer, who affirmed that the pact reflects the bankโs commitment to supporting entrepreneurs and enhancing the contribution of SMEs to the national economy. He noted the bankโs focus on providing innovative financing solutions and integrated banking services tailored to the needs of this vital sector.
Al Ibrahim said: โAt BankDhofar, we believe that small and medium enterprises represent a fundamental pillar of economic growth and play an important role in creating job opportunities and driving innovation. Through this partnership with the SME Development Authority, we aim to enable entrepreneurs to access flexible financial solutions that support the expansion of their businesses and ensure long-term sustainability.โ
Both parties emphasised that the partnership represents an important milestone in strengthening the SME financing ecosystem, given its role in enhancing economic and social impact, creating employment opportunities, and building a more competitive and sustainable private sector.
Through this agreement, BankDhofar continues to reinforce its position as a strategic partner in supporting the national economy by introducing quality initiatives, banking products, and financial solutions that meet the aspirations of entrepreneurs and support business expansion, contributing to a more dynamic and prosperous business environment in the Sultanate of Oman.
