Complex Made Simple

Financial management and SMEs Clinic highlighted at GEW Oman

NBC provides business development support and guidance, training and mentoring

As part of the ongoing Global Entrepreneurship Week (GEW) events organised by the National Business Centre (NBC), a variety of workshops were delivered to a lineup of aspiring and leading entrepreneurs.

A workshop on financial management was delivered by Abdullah Al Jufaili, Sharakah’s General Manager. Al Jufaili shared his experience in financial management and illustrated the efficiency management of cash flow, budget and income statement.

Participants were able to thoroughly learn about the various terms related to entrepreneurship and SMEs, identify the basic of setting up a business, get acquainted with cash flow mechanism, identify possible factors that would hinder the project’s development, and learn how to calculate costs, income and profit as well as loan and installments.

Growing a multi-million dollar business
To inspire and motivate the participants in pursuing their entrepreneurial dreams, Hilal Al Busaidi, Chief Executive Officer of Gulf Energy LLC, shared a success story about scaling up abroad a multi-million dollar business in a thriving competitive environment. A petroleum engineer by qualification, Al Busaidi is an experienced oil and gas professional, having more than 20 years of experience in the oil and gas industry. Having started his career in Schlumberger, he has been instrumental with his progressive engagement of all stakeholders in the development process of Gulf Energy. Under his leadership, the company has expanded its core services in the oil and gas segment.

On the other hand, the SMEs Clinic, represented by Rasha Al Mahrouqi, Business and Risk Consultant in SME Advisory Services at Protiviti, offered diagnosis and analysis of problems and constraints of any emerging company. It should be noted that the Global Entrepreneurship Week is the world’s largest celebration of innovators and job creators who work together to help bring ideas to life, drive economic growth and expand human welfare. The purpose of this initiative is to connect experts and entrepreneurs across Oman and sectors to unleash their ideas and transform innovative ideas into reality. It also comes to encourage entrepreneurs in Oman to be more visible and help them in their efforts to launch and scale. A session entitled “The Lounge Pre-Speed Networking Event” (elevator pitches) was also delivered by Oman American Business Council.

Various local institutions are supporting the event comprising Public Authority for SMEs Development (Riyada), National Bank of Oman, Oman Oil Refineries and Petroleum Industries Company (Orpic), Mint Marketing, Youth Vision, ITA’s SAS, Sharakah, Protiviti, Al Tumooh Al Shamikh and Al Balad Digital Solutions.

Focusing on the concept of ‘SMEs beyond borders’ and held during the period from 15th to 19th November, GEW Oman is designed with the following actors and fields in mind: directors and managers; consultants and researchers; engineers and technicians; bankers; ICT and telecoms; venture capitalists; environmentalists; training and HRD; academics; civil servants; business entrepreneurs; senior management, marketing managers, product managers, import and export, health and safety; PR specialists, it, sales and advertising managers; and students.

The National Business Centre is an initiative of the Public Establishment for Industrial Estates that aims at offering promising Omani entrepreneurs a platform to develop their business ideas and advance them into growing ventures. The centre provides business development support and guidance, training and mentoring, access to markets and industry experts, and state-of-the-art and fully equipped office space, meeting rooms and presentation facilities.