Oman Academy for SMEs and SME Development Fund (Inma) and Oman Broadband (OBB) have entered into an agreement to extend support to the various small and medium enterprises (SMEs) by creating Business Ecosystem in the telecom sector, said a report.

The initiative was set up in order to accelerate and support sustainable development of the sector centric SMEs, added the Oman Daily Observer report.

Held under the auspices of Said bin Hamdoon al Harthy, under-secretary, Ministry of Transport and Communications at Oman Convention and Exhibition Center, the “Business Ecosystem Initiative — Telecom Sector” implies a network of organisations which includes all stake holders such as client, contractors, sub-contractors, supplier’s distributors, competitors, government agencies and the like which are involved in the delivery of a specific product or service through both competition and cooperation.

Salah Hilal al Mawali, chief executive officer of SME Fund, said that the business ecosystem initiative will attract the young Omanis and we encourage the Omani youth to get the subsidy and other benefits to have their startups.