Sohar International announced a strategic cooperation agreement with ‘Riyada’, SME Development Authority, under the “Ta’awn” program launched by the Authority. The initiative aims to empower this vital sector through an advanced ecosystem of financial and non-financial solutions, designed to accelerate the growth, expansion, and sustainability of enterprises. Sohar International’s partnership with the public sector reinforces its commitment to supporting the core pillars of the national economy, in alignment with Oman Vision 2040 objectives. It also reflects the bank’s targeted initiatives and services dedicated to empowering Omani entrepreneurs and amplifying their impact across the economic landscape.
The agreement was signed by H.E Halima bint Rashid Al-Zari. Chairperson of the Small and Medium Enterprises Development Authority ‘Riyada’ and Abdulwahid Mohamed Al Murshidi, Chief Executive Officer of Sohar International. The signing ceremony took place at the Mandarin Oriental Hotel in Muscat Governorate, under the patronage of H.E Ahmed bin Jaafar Al Musalmi, Governor of the Central Bank of Oman. The event was attended by a distinguished group of leaders from the Omani banking sector, along with senior officials.
Commenting on the partnership, Abdulwahid Mohammed Al Murshidi, Chief Executive Officer of Sohar International, stated: “As one of the partners in economic empowerment, we closely follow the developmental journey of SMEs, which now exceed 270,000 enterprises. This has firmly embedded their importance within Sohar International’s approach, where their impact extends beyond expanding the economic base to broader social dimensions as well. Our partnership with ‘Riyada’, a key governmental enabling framework, represents an integrated approach that provides growth enablers within a supportive legislative environment.
It is, in essence, a structured extension of Oman’s development Vision, which focuses on building an empowered private sector capable of driving a competitive economy integrated with the global system, while also contributing to job creation, industrial localisation, and knowledge transfer, thereby enhancing overall local value creation. At Sohar International, we continue to support SMEs through a comprehensive ecosystem of partnerships, initiatives, and enabling financial solutions.”
The outcomes of this collaboration are reflected in an integrated framework for knowledge transfer and capacity building, anchored in specialised programmes that promote best practices in credit, risk management, and financing portfolio management. The partnership also extends to joint training initiatives for entrepreneurs, designed to strengthen capabilities and enhance the readiness of SMEs for expansion and sustainable growth. In addition, it includes a package of banking incentives and facilitations, featuring reduced fees and structured financial services for ‘Riyada’ cardholders, aimed at improving operational efficiency while supporting long-term stability and sustainability.
Sohar International places strong emphasis on empowering SMEs through practical pathways that combine financing with the development of growth-enabling platforms. It has strengthened the presence of these enterprises through targeted initiatives such as seasonal markets, including the Ramadan Market, enabling direct access to wider customer segments and enhancing their marketing capabilities.
The bank also continues to build effective partnerships with government entities and private sector institutions to expand the scope of support provided to this sector, including improved access to resources, knowledge exchange, and the creation of new business channels. These efforts were recognised with the “Leadership in Empowering National Initiatives and Progress” award last year, affirming its proactive role in supporting the national development journey.
Through this approach, the bank continues to inject growth and sustainability enablers into the national economy, channelling the impact of this sector towards new pathways that support the Sultanate of Oman’s comprehensive development priorities.
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