Al-Azm empowers SMEs: 244 projects funded with combined value of over RO 24 million

Al-Azm empowers SMEs: 244 projects funded with combined value of over RO 24 million

The Small and Medium Enterprises Development Authority (Al-Azm) reports a significant milestone in empowering local businesses.

The post Al-Azm empowers SMEs: 244 projects funded with combined value of over RO 24 million appeared first on The Arabian Stories News.MUSCAT : As of February 2024, the lending portfolio of Al-Azm stands tall, having financed 244 projects with a combined value surpassing RO 24 million. The breadth of supported initiatives spans industrial, commercial, and service-oriented ventures, with 161 projects leading the charge. Notably, contract projects specializing in tender and purchase financing trail closely with 44 ventures receiving backing. Additionally, 29 projects securing working capital financing underscore Al-Azm’s commitment to sustaining operational needs crucial for business continuity.

Geographically, the Muscat Governorate emerges prominently, with 108 funded projects exceeding RO 10 million in value. Following suit, the North Al Batinah Governorate boasts 31 projects valued at over RO 3 million, signalling widespread support for SMEs across regions.

Further dispersing its impact, Al-Azm extends its financial reach to various governorates, with 19 projects in Dhofar, 15 in South Al Sharqiyah, 18 in Al Dhahirah, and 13 in Al Dakhiliyah. Even in the more sparsely populated regions, such as North Al Sharqiyah, Al Wusta, Al Buraimi, and Musandam, Al-Azm’s