The Fund for the Development of Youth Projects (Sharakah) and Bank Muscat, the leading financial services provider in the Sultanate of Oman, have signed a strategic agreement for implementing Al Wathba Academy, a specialized training programme designed to develop the activities of small and medium-sized enterprises (SMEs) and empower entrepreneurs. The agreement was signed at the Bank’s Head Office by Ibrahim Khamis Al Balushi, Senior Assistant General Manager, SMEs at Bank Muscat, and Ali Ahmed Muqaibal, Chief Executive Officer, at Sharakah. The training programme will target 30 participants comprising entrepreneurs and SMEs from various governorates, and they will be trained by a select group of seasoned experts and professionals in the field of entrepreneurship. The programme will be conducted over a full year in the Governorate of Muscat and run into two phases, each lasting for six months. The first phase will cater to 15 established SMEs, while the second phase will target 15 startups (early stage businesses). The Bank started accepting applications for phase-one training programme on 28th of September and application will continue until 2nd of October, 2025 through https://www.bankmuscat.com/en/Pages/LeadDetails.aspx?LeadID=95&source=bankmuscat-EN. This initiative comes as part of the commitment of both institutions to advancing entrepreneurship and bolstering the national economy.
The programme will cover a wide array of fundamental topics across both phases, aiming to equip participants with essential knowledge and practical skills to grow their businesses and leverage opportunities in local and regional markets. Key focus areas include enterprise development planning, marketing principles, communication skills, and digital transformation. In addition, the programme will incorporate advisory and mentoring sessions to help participants adopt sound strategic directions, identify opportunities, and mitigate potential risks.
The launch of the initiative comes as part of Bank Muscat’s broader efforts to support its annual “Al Wathba Academy” Programme that was first launched in 2014 to train and empower Omani entrepreneurs. The Academy offers high-quality training programmes and specialized workshops that aim to equip entrepreneurs with essential business and financial management skills, enabling them to address the challenges they face and foster sustainable business growth. To date, 239 entrepreneurs have benefitted from the programme. The Al Wathba Academy Programme plays a pivotal role in supporting SMEs by providing a comprehensive suite of banking solutions tailored to the unique needs of this sector. It also includes various initiatives such as training opportunities, workshops, and networking platforms for entrepreneurs. Bank Muscat remains steadfast in its commitment to partnering with both public and private institutions to support the growth of the business sector, particularly SMEs. The Bank places special emphasis on empowering youth and creating a vibrant entrepreneurial environment that fosters innovation and sustainability, both of which are key pillars in achieving Oman Vision 2040.
On this occasion, Ibrahim Khamis Al Balushi, Senior Assistant General Manager, SMEs at Bank Muscat, said: “We are proud and pleased to have partnered with Sharakah to implement this training initiative for entrepreneurs and SMEs. This collaboration reflects the shared vision of both institutions to support the entrepreneurial ecosystem in Oman and to enable project owners to turn their ideas into successful and sustainable ventures. Bank Muscat is making concerted efforts to develop the business sector by offering a range of financial products tailored to the needs of industries such as manufacturing, services, retail, hospitality, and more. The Bank also places a great deal of attention to micro-enterprises, recognizing their vital role in driving economic development.”
From his side, Ali Ahmed Muqaibal, Chief Executive Officer, at Sharakah, commented “We are delighted to have partnered with Bank Muscat to implement the training programme. Bank Muscat is a proactive and leading institution in launching initiatives that support diverse sectors. The launch of this training programme aims to enhance the skills of entrepreneurs and SMEs and provide them with the tools necessary to thrive in the world of entrepreneurship, ultimately contributing to the country’s economic development. I would like to deliver my best wishes to all those involved in the implementation of this programme and hope that this initiative achieves its intended objectives.”
Bank Muscat continues to focus on launching initiatives and services that contribute to the growth of Omani entrepreneurial ventures. Among these is the annual “Al Wathba Souq” initiative in the Holy month of Ramadan, which serves as a marketing platform for home-based businesses and small enterprises. The exhibition allows entrepreneurs to showcase a wide variety of locally made products, explore new marketing avenues, and network with peers from other businesses. The consistent organization of this event reflects the Bank’s unwavering commitment to the development of this crucial sector, which plays a key role in supporting the national economy. In recognition to its contributions to the sector, the Bank has recently won the Best Bank for SMEs in Oman from MEED.
