The National Bank of Oman (NBO) has entered into a partnership with the Fund for Development of Youth Projects (Sharakah) to launch the Afaq programme, an initiative aimed at supporting small and medium enterprises (SMEs), youth-led ventures, and capacity-building efforts throughout Oman. The memorandum of understanding was signed by Abdullah bin Zahran al Hinai, CEO of NBO, and Ali bin Ahmed Muqaibal, CEO of Sharakah, at NBO’s headquarters in Al Athaiba.

The Afaq programme seeks to foster entrepreneurship by helping innovators turn their ideas into viable business projects. It focuses on providing practical assistance, enhancing the skills of entrepreneurs, and creating connections to promote growth and expansion opportunities. This initiative is part of a broader effort to bolster Oman’s SME sector, which plays a crucial role in the country’s economic diversification, job creation, and sustainable development.

Mohamed bin Abdullah al Dhahab, Assistant General Manager of Large Corporate and SME at NBO, emphasized that the collaboration reflects the bank’s commitment to Oman’s national development priorities. He explained that through the partnership with Sharakah, NBO intends to empower emerging businesses and entrepreneurs, enabling them to build stronger and more resilient enterprises. The bank’s involvement with Sharakah supports wider national goals of encouraging entrepreneurship, enhancing private-sector participation, and fostering a diversified and competitive economy in Oman.

The agreement underscores NBO’s continuing role as an active participant in supporting SMEs and youth ventures across the Sultanate. By combining resources and expertise with Sharakah, the partners aim to boost the entrepreneurial ecosystem and contribute to the overall economic growth and diversification strategy of the country.