Al-Azm empowers SMEs: 244 projects funded with combined value of over RO 24 million

MUSCAT : As of February 2024, the lending portfolio of Al-Azm stands tall, having financed 244 projects with a combined value surpassing RO 24 million. The breadth of supported initiatives spans industrial, commercial, and service-oriented ventures, with 161 projects leading the charge. Notably, contract projects specializing in tender and purchase financing trail closely with 44 ventures receiving backing. Additionally, 29 projects securing working capital financing underscore Al-Azm’s commitment to sustaining operational needs crucial for business continuity.

Geographically, the Muscat Governorate emerges prominently, with 108 funded projects exceeding RO 10 million in value. Following suit, the North Al Batinah Governorate boasts 31 projects valued at over RO 3 million, signalling widespread support for SMEs across regions.

Further dispersing its impact, Al-Azm extends its financial reach to various governorates, with 19 projects in Dhofar, 15 in South Al Sharqiyah, 18 in Al Dhahirah, and 13 in Al Dakhiliyah. Even in the more sparsely populated regions, such as North Al Sharqiyah, Al Wusta, Al Buraimi, and Musandam, Al-Azm’s support bolsters local entrepreneurship.

Critical to Al-Azm’s success is its diverse array of financing programs catering to different business needs. From the In-Country Value Program to the Incubated Institutions and Business Accelerators Financing Program, Al-Azm ensures inclusivity across sectors and business scales. Moreover, initiatives like the Program for Financing Craft Products and Street Vendor Works underscore Al-Azm’s commitment to nurturing grassroots entrepreneurship and fostering a vibrant economic ecosystem nationwide.

For all the latest news from Oman and GCC, follow us on Twitter, Instagram and LinkedIn, like us on Facebook and subscribe to our YouTube page, which is updated daily.

The post Al-Azm empowers SMEs: 244 projects funded with combined value of over RO 24 million appeared first on The Arabian Stories News.

Leave a Reply

Your email address will not be published. Required fields are marked *

× Contact us for news, article submissions, and SEO services.