Oman's Public Authority for Small and Medium Enterprises Development (Riyada) and Khimji Ramdas’ Eshraqa have recently signed a memorandum of agreement (MoA) to enhance the productivity and impact of SMEs.

The MoA will also enhance the partnership between the public sector and the private sector, a statement said.

Under the agreement, Eshraqa Entrepreneurship Academy (EEA), hosted by Khimji Training Institute (KTI), will offer a range of services in the field of entrepreneurship to develop the skills of Riyada’s staff through its Management Development Programs.

EEA will also play a role in empowering existing SMEs through training and support to better market their products, while offering strategic and management support for emerging companies for the initial start-up phase, said the statement.

The agreement will also explore the opportunities for clustering of various new and existing SMEs in Oman based on related and complementing industries to gain competitive advantage, it said.

Industry specific training targeting functional and skill based programmes like understanding financial records, cash flow management, sales and marketing management, etc. are to be provided for SMEs, it added.

Dr Ahmed Al Ghassani, chief executive officer, Riyada, said: “We are on a constant lookout for innovative ways to support SMEs by promoting cooperation and partnership between them and other institutions, investors, and funding authorities.”

“Our collaboration with Eshraqa, in particular the EEA, is expected. To bring many to stimulate steady progress of the SME segment and promote the culture of entrepreneurship and self-employment among the youth of today,” he added.

Nailesh Khimji, director of Khimji Ramdas, said: “Our collaboration with Riyada is in tandem with our philosophy to create employment opportunities, adapt to the global digital transformation and most importantly, to spur economic growth. It is essential to ensure a thriving innovative environment to support and sustain SMEs as they play a major role in most economies, particularly in developing nations.”

“We also plan on provision for turnaround of loss making SMEs and micro businesses covering various aspects of reviving a business and helping individuals to run a successful business. This memorandum marks another milestone of our journey with Riyada as we continue to explore the possibility of future synergies within new arenas to encourage and enhance positive change within the community,” Khimji added. – TradeArabia News Service