Future Generations to help Omanis develop own SMEs [Times of Oman]
(Times of Oman Via Acquire Media NewsEdge) Muscat: WJ Towell is planning to support around 10 projects annually through its new corporate responsibility initiative called Future Generations (Ajyal Al Mustaqbal), which aims to help Omani youth develop their own small and medium enterprises (SMEs).
The announcement was made by Taqi Ali Sultan, general manager of Future Generations International, at a ceremony held here yesterday to announce the launch of the initiative, which will focus on providing real job opportunities away from traditional fields of employment.
The event was attended by Hussein bin Jawad Abdul Rasul, group chairman of WJ Towell, Khalifa al Abri, acting director at General Authority for the Development of SMEs; Tariq Al Farsi, chief executive officer of the Rafd Fund; Sheikh Shabib al Maamari, executive director of Injaz Oman and other officials representing institutions that support SMEs.Start-ups
The group chairman of WJ Towell said, "Towell Group has a deep belief that supporting social projects that serve the Omani citizen and his environment is a national and humanitarian responsibility."
Legally, Future Generations operates under the umbrella of Future Generations International, which was incorporated by WJ Towell Group to act as the commercial partner and technical and managerial qualification supporter of small and medium enterprises to be covered by the Future Generations initiative.
As part of its operations, Future Generations will invest with enterprise owner instead of only providing funds and support individuals to develop their own start-ups or develop existing enterprises.
It will also provide a comprehensive training programme for a minimum period of three months at the expense of Future Generations to the benefit of eligible entrepreneurs in need of such training and will give the project owner the right of preemption to acquire its share as agreed at the time of concluding the partnership contract three years after the inception and success of the project.
In addition to financial support, Future Generations provides technical and management support throughout the partnership.
Its vision is to be the first initiative to support Omani youth in developing their own SMEs and in securing success for them through financial partnership and strategic assistance. Comprehensive training
Future Generations will invest with the enterprise owner instead of only providing funds, support individuals to develop their own start-ups or develop existing enterprises and provide a specific investment with the project owner ranging from minimum 30 per cent to maximum 70 per cent.
It will also provide a comprehensive training programme for a minimum period of three months at Future Generations' expense to the benefit of eligible entrepreneurs in need of such training.
Applications can be sent to firstname.lastname@example.org and should include the project's concept and commercial activity, percentage of partnership and support desired, and applicant's personal details, educational and work qualifications.
Those interested can visit www.ajyal-almustaqbal.com for further information.
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