Oman: SME Development Fund with Capital of RO 100 Million Launched

Oman has launched a new national fund for the development of small and medium enterprises (SMEs), adding new impetus to the government's efforts to nurture a strong entrepreneurial culture among youngsters in the Sultanate. The SME Development Fund (also known as Al Namaa Fund) has been set up with a capital of RO 100 million, a key executive representing the fund manager recently announced. The fund is designed to help Omani entrepreneurs obtain debt finance ranging from RO 50,000 to RO 300,000 for their small and medium-scale enterprises.