Al Raffd Fund of Oman and Sandan Development company have signed an agreement to support 20 small and medium-sized enterprises. They would develop their businesses in the premises of the Sandan Light Industries Park. In addition to that, the young companies would also receive affordable soft loans with an interest rate up to 2%. The entrepreneurs could also attend some specialized workshops and training and make use of the used cars park and warehouses.
Tarek Al Farsi, the CEO of Al Raffd Fund highlighted the importance of the SME sector for creating jobs for the local youth. He also commented that the Sandan project was first of its kind in the Sultanate. Al Farsi confirmed the fund would extend its help to more companies during the second phase of development.
Eng. Saeed bin Nasser Al Rashdi, CEO of Sandan Development Company, explained that The Sandan Light Industries Park would be finished by the end of 2018. The 250,000-square-meter facility would accommodate 2,400 vehicle showrooms for used cars, 4,500 offices, 1,800 residential units, and 10,000 people. It would also feature sanitary ware shops, ceramic tile outlets, and carpentry. A mosque, a hypermarket, banks, a hospital, restaurants, and other amenities would complement the living environment within the venue.