Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Oman- SMEDF plans to target colleges for entrepreneurship promotion  Join our daily free Newsletter

MENAFN - Muscat Daily - 10/05/2014
No. of Ratings : 0
Add to Mixx!


(MENAFN - Muscat Daily) SME Development Fund (SMEDF), which is being implemented by the National Company for Projects and Management (NCPM) to finance and support the SME sector in Oman, plans to partner with colleges across the sultanate to build a culture of entrepreneurship among young Omanis.

SMEDF signed a partnership with the Caledonian College of Engineering (CCE) to launch the 'Entrepreneurial Campus' initiative in the college. A memorandum of understanding to this effect was signed by Dr Ahmed Hassan al Bulushi, acting dean of CCE, and Raphael Parambi, CEO of NCPM, on Thursday at CCE's Al Hail campus.

Speaking to reporters at the event, Parambi said that this year the 'Entrepreneurial Campus' initiative will be launched in five colleges in Muscat as a pilot programme, and it will be rolled out across all colleges in Oman over the coming years.

He said, ''In the next semester we will have ten colleges and within three years the initiative would go national. This semester we will bring between 1,000-1,500 students under the initiative because we want to make sure we are doing well. The number will go up to 10,000 students in the next semester and we hope it will keep rising every year. For the long term we are talking about 500,000 students over a period of ten years. Within the next ten years we will try to reach every college, private and government, in the country.''

The 'Entrepreneurial Campus' initiative is a broad array of programmes and resources that help build a participating college's capacity to develop and run exciting, high-impact entrepreneurship programmes on campus for students and new entrepreneurs.

SMEDF was launched recently and the fund will have a total capital of RO100mn, to be raised over five tranches. The first tranche of RO20mn has already been raised through a private placement. ''For entrepreneurs, the fund capital will be RO100mn, plus ‚50mn of soft loans at a later stage. So a total of RO125mn-RO130mn has been earmarked for funding SMEs,'' said Parambi.

He said the funding for training programmes and other initiatives will be via grants that the fund has received. ''The first tranche of US30mn of grants has been budgeted for the first three years.''

Parambi said the SMEDF presently has 12 investors, of which four are from the private sector and eight from the government sector - including pensions funds and the SGRF. ''The target of RO100mn capital will depend on how the market grows. We would be happy if every two to three years we mobilise another tranche of RO20mn of capital.''

He added that the second tranche will also be raised through a private placement, but for the third tranche the fund will go public. ''The third tranche will be initiated in the forth or fifth year of the fund, depending on the market,'' Parambi said.

Speaking at the inauguration of CCE's entrepreneurship club, Dr Bulushi said, "CCE believes

in the importance of entrepreneurship and has prepared specialised courses and introduced them within its programmes


 


Muscat Daily




  MENA News Headlines
 Dec 9 2016 - UAE packaging paper industry to grow by 5pctMENAFN
(MENAFN) UAE paper and packaging industry is increasing fast in the MENA region, reaching a market valued at USD2.3bn and will remain an annual growth rate of 5 percent till 2019.Meanwhile, Paper ...

 Dec 9 2016 - Qatar aims USD13bn investment in infrastructure projectsMENAFN
(MENAFN) Qatar is ready to pump almost USD13bn on mega infrastructure projects in the country in the coming year with a main focus on projects related to the FIFA World Cup 2020.Moreover, the country ...

 Dec 9 2016 - GCC, UK confirm to make closer tiesMENAFN
(MENAFN) A mutual summit between GCC leaders and British Theresa May confirmed to launch the GCC-UK Strategic Partnership to enhance relations in all fields.Moreover, UK will spend more than 3bn euro ...

 Dec 9 2016 - Qatar expected to have 912,000 cars by 2020Gulf Times
(MENAFN - Gulf Times) The number of passenger cars in use in Qatar is expected to reach about 912,000 units by 2020, registering the highest annualised growth of 5.4% in the Gulf Co-operation Council ...

 Dec 9 2016 - Prime Minister condoles with Moroccan PMGulf Times
(MENAFN - Gulf Times) HE the Prime Minister and Interior Minister Sheikh Abdullah bin Nasser bin Khalifa al-Thani held a telephone conversation with the Prime Minister of Morocco Abdelilah Ben ...

 Dec 9 2016 - Qatar believes in protecting religious freedom: MinisterGulf Times
(MENAFN - Gulf Times) HE the Minister of State for Foreign Affairs, Sultan bin Saad al-Muraikhi chaired Qatar's delegation to the Ninth Bali Democracy Forum, which kicked off in Bali, Indonesia, ...

 Dec 9 2016 - Qatar- Commercial Bank participates in prestigious CSR conferenceGulf Times
(MENAFN - Gulf Times) Commercial Bank, Qatar's first private bank, has participated at the annual Corporate Social Responsibility (CSR) Conference for organisations in Qatar. The CSR Conference, ...

 Dec 9 2016 - Qatar- Prime Minister honours persons with disabilitiesGulf Times
(MENAFN - Gulf Times) HE the Prime Minister and Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa al-Thani attended a ceremony held by national institutions to support persons with ...

 Dec 9 2016 - MEC recalls KIA Optima 2016 modelGulf Times
(MENAFN - Gulf Times) The Ministry of Economy and Commerce (MEC) has announced a recall of Kia Optima, model year 2016, due to a noise in the right front axle drive shaft. The recall is being ...

 Dec 9 2016 - Qatar- Ooredoo urges public to download 'Inland Sea' applicationGulf Times
(MENAFN - Gulf Times) Ooredoo has urged those who travel or camp at the Inland Sea to download its recently-updated desert navigation app as the camping season comes to full swing. The ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help