Oman ruler sets up $182m fund for entrepreneurs

Omani ruler Sultan Qaboos bin Said has launched a US$182m fund to help set up small businesses.
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On top of financial backing, new small and medium business (SME) owners would be given land for free, helping them save on start-up costs.
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Discussing economic policy with a group of about 300 Omani citizens during a visit to the northern town of Bahla, the Sultan said: “This fund will help young men and women with their projects. The initial capital of the fund has been set at OMR70m ($182m), which will be increased by OMR7m each year.”
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The fund has been created in a bid to create a strong non-oil sector based on private companies which will also employ Omani job-seekers. The country’s economy is booming on the back of high oil prices, but has struggled to create new jobs for a young and growing population. Furthermore, oil production is expected to start declining later this year as Oman’s reserves are used up.
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Read more: http://www.arabianbusiness.com/oman-ruler-sets-up-182m-fund-for-entrepreneurs-488689.html