The development of local entrepreneurs and their ability to contribute to the development of Oman is one of our key social investment focuses. Therefore, as a gift to the nation during the Sultanates 40th anniversary celebrations, we built upon Intilaaqah (launched in 1995) to ensure its sustainability. We contributed $17m to the SME Fund (launched in 2005).
The size of the IEF is $17m and is managed by the international fund manager Grofin. This fund supports high risk projects and encourages the development and creation of Small & Medium Enterprises (SME’s). In 2012, five new investments, three of which are considered as supply chain related deals, were made. IEF also aided existing portfolio companies by setting up accounting and reporting systems.
Two top-up loans, totaling RO 1.4m, were also made to existing clients. The home improvement company M/s. Panorama Investment Co. that imports, designs and installs high quality Italian kitchens and bathrooms, was financially assisted.
This company is owned by Mr. Rashid Haroon Al Kindi and is expected to double its amount of staff with his new investment. Another investment example is the company M/s.
United Andaloos Rampart (UAR), which specializes in the distribution and retail of vending machines and the supply of snack foods, drinks and other FMCG items.
This 50% owned company is managed by the Omani entrepreneur Mrs. Ruqaya Abdullah Al Sharji and is also projected to double its work force. IEF has also reviewed potential oil and gas supply chain related investments which could materialize in 2013.