Ahlibank launches Souq initiative to support SMEs

Consumer and commercial Ahlibank has launched its first Souq initiative with the aim of aiding the growth and development of local small- and medium-sized enterprises (SMEs).

The step comes as a part of the bank's commitment to supporting the overall socio-economic development in the region, and falls in line with Oman’s Vision 2040, according to a press release shared by Zawya.

Ahlibank Souq is a part of Ahlibank's Ramadan corporate social responsibility (CSR) programmes.

With this, the bank will provide a platform for 40 SMEs from varied sectors to exhibit their products and services. The aim is to support the local community's development, youth projects, as well as women entrepreneurs.

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Last year, in June, the Times of Oman reported that over 78,000 micro, small and medium enterprises were registered in Oman by the end of May 2022.

"The total number of micro, small and medium enterprises registered in the Sultanate of Oman increased by 46.9% by the end of May 2022 to reach 78,089 institutions," according to a statement by Oman News Agency (ONA).

Additionally, earlier this year, Oman’s Authority for Small and Medium Enterprises (ASMED) also launched its first edition of a guide for SMEs and startups with the aim of helping local SMEs and startups to expand globally.