Muscat: The Oman Future Fund, which is associated with the Oman Investment Authority (OIA), has announced the initiation of its lending portfolio aimed at small and medium enterprises (SMEs). This initiative signifies the Fund's strategic alignment within the entrepreneurship support framework and its integration with the national system for financing SMEs and startups.
The newly introduced financing option offers rapid financial solutions, accessible within two weeks of application submission, along with a flexible repayment plan designed to assist small and medium-sized business owners and those in need of financing solutions through straightforward lending processes to meet their operational requirements and achieve steady growth. It complements national initiatives aimed at improving financing tools and broadening access to financial resources for entrepreneurs.
Additionally, it aligns with the national goals outlined in Oman Vision 2040, which seeks to establish a competitive knowledge-based economy and foster a supportive environment for innovation and entrepreneurship. This will enhance the role of small and medium-sized enterprises in driving economic growth and creating quality job opportunities for Omani youth.
This portfolio is managed by Beehive, the region's pioneering platform specializing in financing solutions for small and medium-sized enterprises (SMEs) since 2014. Beehive is the first entity entrusted with executing this type of financing within the framework of the fund. The company utilizes an artificial intelligence tool to assess the status of companies applying for financing.
Entrepreneurs, as well as owners of small and medium enterprises and startups, can conveniently apply for funding via the Fund's website. Applications will be directed to specialized managers according to the type of financing requested. Beehive will assess the applications and facilitate the financing in collaboration with Bank Sohar, adhering to the Fund's criteria and objectives aimed at promoting local economic growth.
Rashid bin Sultan Al Hashimi, Senior Director of the Oman Future Fund, stated that the introduction of the new lending portfolio within the Fund represents a realization of the plans established at the Fund's inception. This initiative is also a response to the feedback gathered during the Fund's promotional tours across various governorates and the numerous inquiries received through its online platform since its launch in early 2024. These interactions have highlighted a significant interest among entrepreneurs and project owners in obtaining financing through loans, which will aid in bolstering working capital to manage operational costs such as salaries, rents, and other recurring expenses.
He further noted that this strategic move emphasizes the Fund's commitment to offering adaptable financing solutions that cater to the needs of entrepreneurs, enabling their organizations to navigate operational hurdles and expedite their growth. This initiative will bolster efforts towards economic diversification, support local content, and generate local added value.
Peter Tavener, the co-founder and chief financial officer of Beehive, stated: “The collaboration with the Oman Future Fund marks a crucial strategic achievement for the company, which has been active in the region for ten years. This alliance affirms the company’s business model and enhances its reputation as a reliable provider of non-banking financial services. With the backing of the Oman Future Fund, the company is now well-prepared to address the increasing demand for financing small and medium enterprises and further contribute to fostering sustainable economic growth in the Sultanate of Oman.”
It is important to note that the Oman Future Fund has finalized 45 investment projects in targeted economic sectors by the end of December 2024, amounting to a total of OMR1.249 billion. This includes OMR885 million in foreign direct investment and OMR333 million in fund investments. These initiatives are spread across ten targeted local sectors, leading to the creation of over 1,600 job opportunities, attracting additional foreign investment, stimulating and diversifying the national economy, and offering business opportunities and growth for small and medium enterprises and startups.
