Jamal Hassan was close to tears when he walked out of the bank with approval papers for a 25,000 rial (Dh249,200) state loan, knowing he could now start his own business and would no longer have to stand in the unemployment line.
The 26-year-old is among 735 young Omanis who since March have been approved for loans under a government self-employment financing plan aimed at reducing the number of growing jobseekers in the country.
Mr Hassan plans to invest his loan in a tour guide company in his hometown of Jaalan Abu Ali in eastern Oman.
"I was close to tears when the Oman Development Bank (ODB) approved my loan. I did not believe my luck," he told The National.
"Finally, I am going to control my own financial destiny. I will not let ODB down and I am determined to make it a success."
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Read more:
25,000 jobs to be created for Omanis from the end of the year
Oman students face bleak future with crippling academic loans
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According to the ministry of manpower, nearly 60,000 Omanis are currently looking for jobs, mostly graduates.
More than 1,500 projects worth 14 million rials were financed by the state-run ODB as part of the government's self-employment financing plan. Under the scheme, the ODB offers so-called "soft loans" with either very low or zero interest rates depending on the amount borrowed. Loans above 5,000 rials have a 2 per cent annual interest rate and a one-year repayment grace period, while loans of 5,000 rials or below have no interest rate (although there is no repayment grace period).
In October, Oman pledged to create 25,000 jobs from December in an effort to reduce unemployment as the country faces its worst job crisis in 40 years.
It came after the government in March allocated a budget of 11 billion rials to help generate thousands of jobs over the next five years. Part of this fund was allocated for the self-employment financing plan to help Omanis set up small to medium enterprise (SME) projects.
Khalifa Al Mabsali, 27, used his 25,000 rial state loan to launch a traditional cooking pots business in his hometown of Sohar, in northern Oman.
“I am reviving the old tradition of cooking vessels made of alloy of metals like copper, silver, steel and tin," said Mr Al Mabsali. "There is a big demand for it since new cooking pots do not last long. It is six months since I started this business and I have already sold more than a thousand items to different towns of Oman."
It is not just young men who are taking advantage of the soft loans offered by the scheme. Many young Omani women are also following the trade financing trail to achieve their dreams of independence.
One of them is Maya Al Kindi, 26, who in July launched an interior decorating business in Muscat after having a 20,000 rial loan approved a month earlier by the ODB.
Ms Al Kindi was not intimidated by competition from big companies who are dominating the interior decorating industry. She told The National she had "an ace up my sleeve" to stay ahead of her well-established competitors.
“My designs reflect Omani customs for the conservatives. For those who like the best of both worlds, I combine local traditions and the western flavour," she said. "In this regard, I am unique and I believe I am the only one in the country who is catering for this type of interior decoration. I don’t worry about my competition because I am different from the rest of the pack."
Such young people could help to relieve the employment headache currently facing Oman.
There are no available statistics on how many Omanis are employed by self-employed entrepreneurs like Mr Hassan, Mr Al Mabsali and Ms Al Kindi, but between them, the three employ 14 Omani school graduates in various different positions, from drivers and administrators to sales people.
But, financing experts warn, although there are benefits of financing schemes like the one currently offered by the ODB, there are also considerable risks if recipients of the loans are not given the proper training to launch their own businesses.
“All these young people are not experienced when it comes to establishing and managing businesses," said Mahmood Al Essai, a retired SME executive for Bank Muscat.
"Though the ODB is doing a commendable effort to make them own their own trades, a condition should be imposed that all of them must be trained. For example, they need to understand how to have a sustainable business plan, understand budgeting and know how to market their businesses. This training will make sure that they stay afloat and make profits in the long run.”
The government has been giving out loans to help Omanis set up their own businesses — under various schemes — for the past two decades. There are no statistics available, however, to show how many businesses have been launched in total off the back of such loans, or how many have failed.
Qais Al Shehi, who took out an ODB loan eight years ago to set up his business, Al Shehi Property Management, in Muscat, believes the success stories of business ventures financed by state loans outweigh the failures.
“Yes, it is good to train them (entrepreneurs who take out such loans) about business management but I am one of the examples who made a success out of it without training after I received an ODB loan," he said.
Company%20Profile
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UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE%20
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LA LIGA FIXTURES
Friday
Granada v Real Betis (9.30pm)
Valencia v Levante (midnight)
Saturday
Espanyol v Alaves (4pm)
Celta Vigo v Villarreal (7pm)
Leganes v Real Valladolid (9.30pm)
Mallorca v Barcelona (midnight)
Sunday
Atletic Bilbao v Atletico Madrid (4pm)
Real Madrid v Eibar (9.30pm)
Real Sociedad v Osasuna (midnight)
End of free parking
- paid-for parking will be rolled across Abu Dhabi island on August 18
- drivers will have three working weeks leeway before fines are issued
- areas that are currently free to park - around Sheikh Zayed Bridge, Maqta Bridge, Mussaffah Bridge and the Corniche - will now require a ticket
- villa residents will need a permit to park outside their home. One vehicle is Dh800 and a second is Dh1,200.
- The penalty for failing to pay for a ticket after 10 minutes will be Dh200
- Parking on a patch of sand will incur a fine of Dh300
The specs
Price, base / as tested Dh135,000
Engine 1.6L turbo
Gearbox Six speed automatic with manual and sports mode
Power 165hp @ 6,000rpm
Torque 240Nm @ 1,400rpm 0-100kph: 9.2 seconds
Top speed 420 kph (governed)
Fuel economy, combined 35.2L / 100km (est)
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
%E2%80%98FSO%20Safer%E2%80%99%20-%20a%20ticking%20bomb
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COMPANY%20PROFILE
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
Bio
Born in Dibba, Sharjah in 1972.
He is the eldest among 11 brothers and sisters.
He was educated in Sharjah schools and is a graduate of UAE University in Al Ain.
He has written poetry for 30 years and has had work published in local newspapers.
He likes all kinds of adventure movies that relate to his work.
His dream is a safe and preserved environment for all humankind.
His favourite book is The Quran, and 'Maze of Innovation and Creativity', written by his brother.
Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
21 Lessons for the 21st Century
Yuval Noah Harari, Jonathan Cape
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
RESULTS
5pm: Sheikh Mansour bin Zayed Al Nahyan Racing Festival Purebred Arabian Cup Conditions (PA) Dh 200,000 (Turf) 1,600m
Winner: Hameem, Adrie de Vries (jockey), Abdallah Al Hammadi (trainer)
5.30pm: Sheikha Fatima bint Mubarak Cup Conditions (PA) Dh 200,000 (T) 1,600m
Winner: Winked, Connor Beasley, Abdallah Al Hammadi
6pm: Sheikh Sultan bin Zayed Al Nahyan National Day Cup Listed (TB) Dh 380,000 (T) 1,600m
Winner: Boerhan, Ryan Curatolo, Nicholas Bachalard
6.30pm: Sheikh Sultan bin Zayed Al Nahyan National Day Group 3 (PA) Dh 500,000 (T) 1,600m
Winner: AF Alwajel, Tadhg O’Shea, Ernst Oertel
7pm: Sheikh Sultan bin Zayed Al Nahyan National Day Jewel Crown Group 1 (PA) Dh 5,000,000 (T) 2,200m
Winner: Messi, Pat Dobbs, Timo Keersmaekers
7.30pm: Sheikh Mansour bin Zayed Al Nahyan Racing Festival Handicap (PA) Dh 150,000 (T) 1,400m
Winner: Harrab, Ryan Curatolo, Jean de Roualle
8pm: Wathba Stallions Cup Handicap (PA) Dh 100,000 (T) 1,400m
Winner: AF Alareeq, Connor Beasley, Ahmed Al Mehairbi
Tips for avoiding trouble online
- Do not post incorrect information and beware of fake news
- Do not publish or repost racist or hate speech, yours or anyone else’s
- Do not incite violence and be careful how to phrase what you want to say
- Do not defame anyone. Have a difference of opinion with someone? Don’t attack them on social media
- Do not forget your children and monitor their online activities
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Killing of Qassem Suleimani
Kathryn Hawkes of House of Hawkes on being a good guest (because we’ve all had bad ones)
- Arrive with a thank you gift, or make sure you have one for your host by the time you leave.
- Offer to buy groceries, cook them a meal or take your hosts out for dinner.
- Help out around the house.
- Entertain yourself so that your hosts don’t feel that they constantly need to.
- Leave no trace of your stay – if you’ve borrowed a book, return it to where you found it.
- Offer to strip the bed before you go.
