Al Raffd Fund has signed a cooperation agreement with Sandan Development Company to provide financial support to 20 small and medium enterprises that are setting up their businesses within the Sandan Light Industries Park.
The agreement was signed by said Tariq Bin Sulaiman Al Farsi, chief executive officer of Al Raffd Fund and Said Bin Nasser Bin Salim Al Rashdi, chief executive officer of Sandan Development Company.
All the 20 SMEs will get soft loans with special terms and prices, and the projects include automobile showrooms for used cars, workshops, building materials shops and so on. “The SME sector plays a key role in developing various sectors and creating jobs for Omani youth,” said Tariq. The Sandan project is a first-of-its-kind in the Sultanate and so we have decided to support development of 20 small and medium enterprises in the first phase. The Al Raffd Fund would extend financial support to more businesses in the Sandan premises in the second phase of development.
“Al Raffd Fund has financed around 1,842 small enterprises since it was established. We are confident that by the end of this year, it will reach 2,000 units,” added Tariq. The Al Raffd Fund is now focusing on industrial activities, tourism and logistics, which will add value to the national economy. Around 29 activities have been excluded for funding projects,” he said.
Al Rashdi said the agreement is a step in the process of extending support to the entrepreneurs. Al Raffd Fund will fund 20 projects in the Sandan Industrial Park. This cooperation agreement between Sandan and Al Raffd embodies a common goal of supporting and encouraging small enterprises in Oman. Small and medium enterprises play an important and strategic position in the national economy and also economic diversification.
Al Rashdi said the light industries park, which is being constructed at Mabela, will be ready by the third quarter of 2018. The RO100 mn project, which is being constructed on a 250,000 sq m area is located 5 kms away from Al Mabela exit on the Muscat Expressway. Sandan Light Industries Park opens a window of promising investments and development through the small and medium enterprise sector for dynamic young entrepreneurs to build a wide range of projects. The park has an area of 250,000 square meters and will accommodate 2,400 vehicle showrooms for used cars, workshops and building material showrooms. It will also provide 4,500 offices and 1,800 residential units. The industrial park will have the largest number of used car showrooms in a single location in Oman.