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    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Egypt’s food industries contribute 24.5% of GDP

    Egypt’s food industries contribute 24.5% of GDP

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    $36mln contract for construction of Duqm fisheries complex

    Ministry signs agreement to support Oman’s honey industry

    Ministry signs agreement to support Oman’s honey industry

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    Local, Italian companies partner up to establish food retail chain in Egypt

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    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

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      Profits at top Saudi banks jump 17.6% in Q1

      Profits at top Saudi banks jump 17.6% in Q1

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      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

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      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

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      New study reveals that UAE is most competitive economy in the Arab world

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      Egypt’s Trade minister, Hungarian ambassador discuss economic relations

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      Oman Construction Equipment Industry to 2028

      Oman Construction Equipment Industry to 2028

      $36mln contract for construction of Duqm fisheries complex

      $36mln contract for construction of Duqm fisheries complex

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      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      Madayn working on major Oman industrial city projects

      Madayn working on major Oman industrial city projects

      Foundation stone laid for new 700-bed hospital is Salalah, Oman

      Foundation stone laid for new 700-bed hospital is Salalah, Oman

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      Iraq set to award new Faw Port deals

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        Suez Canal expects US$3.5 billion in revenues in H1

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        UAE and Egypt’s consortium to buy African renewables firm Lekela Power

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Investments in renewables in Egypt reach LE6 bn: Official

        Investments in renewables in Egypt reach LE6 bn: Official

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        JGC lands $3.7bn Iraq refinery upgradation project deal

        JGC lands $3.7bn Iraq refinery upgradation project deal

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          Coronavirus: UAE conducting human trials for Covid-19 vaccine

          Coronavirus: UAE conducting human trials for Covid-19 vaccine

          COVID-19 vaccine could be available by autumn: Oxford University

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          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

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          UAE sends medical aid to Iraq to fight COVID-19

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          UAE launches phase III trial of inactivated Covid vaccine

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          COVID-19 vaccine could be available by autumn: Oxford University

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          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

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          Saudi to be among world’s big leisure tourism hubs by 2030

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          Qatar’s hospitality sector peaks despite turbulent 2020

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          Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Egypt’s food industries contribute 24.5% of GDP

          Egypt’s food industries contribute 24.5% of GDP

          $36mln contract for construction of Duqm fisheries complex

          $36mln contract for construction of Duqm fisheries complex

          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Trending Tags

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            Profits at top Saudi banks jump 17.6% in Q1

            Profits at top Saudi banks jump 17.6% in Q1

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            New study reveals that UAE is most competitive economy in the Arab world

            New study reveals that UAE is most competitive economy in the Arab world

            Top 10 listed companies in the Middle East

            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

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            • CES 2017
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            • eSports
          • Construction
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            Oman Construction Equipment Industry to 2028

            Oman Construction Equipment Industry to 2028

            $36mln contract for construction of Duqm fisheries complex

            $36mln contract for construction of Duqm fisheries complex

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            Madayn working on major Oman industrial city projects

            Madayn working on major Oman industrial city projects

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

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            • Energy
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              Suez Canal expects US$3.5 billion in revenues in H1

              Suez Canal expects US$3.5 billion in revenues in H1

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

              Trending Tags

              • Healthcare
                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                UAE sends medical aid to Iraq to fight COVID-19

                UAE sends medical aid to Iraq to fight COVID-19

                UAE launches phase III trial of inactivated Covid vaccine

                UAE launches phase III trial of inactivated Covid vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                COVID-19 vaccine could be available by autumn: Oxford University

              • Hospitality
                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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              Facilitating access to finance for Jordan’s SMEs

              OBG

              May 25, 2016
              in Economy
              0

              Jordan is intensifying efforts to provide support for start-ups and small and medium-sized enterprises (SMEs) by easing access to financing.

              Rising public and private investment in Jordan’s digital economy contributes to an optimistic outlook despite some continued obstacles to conventional bank finance.

              In need of funding
              According to the 2011 census, roughly 98% of all companies in the kingdom are micro-enterprises or SMEs, employing some 71% of the private sector labor force – though this share dips to 31% once public sector workers are included in the total, as per OECD figures.

              Moreover, SMEs account for upward of 40% of Jordan’s total nominal GDP, making access to finance for SMEs key to the country’s economic development.

              However, in a survey of the business environment of Jordan and surrounding countries, the European Bank for Reconstruction and Development (EBRD) reported that more than 70% of SMEs in Jordan are credit-constrained, compared to 19.7% of large businesses, while a 2012 EBRD survey found that 36% of small businesses in Jordan perceive access to funding as either a major or very severe obstacle to their operations.

              This is particularly true for start-ups with no credit history and limited collateral.

              Government support
              Work is being done to bridge the financing gap for SMEs, as the government has pushed through initiatives with banks and multilateral institutions to offer more credit to smaller businesses.

              Jordan’s private credit bureau – established last year by Italy’s CRIF and overseen by the Central Bank of Jordan (CBJ) – is expected to ensure better monitoring of borrowers, which should increase the ease of doing business in the country.

              Wider availability of credit information should also enhance the transparency of smaller businesses, allowing for lenders to make more informed decisions.

              The CBJ has offered funding to Jordanian banks at lower interest rates in order to offer SMEs lending at preferential rates, Nemeh Sabbagh, CEO of Arab Bank, told OBG late last year.

              In addition to calling for improved access to finance for small businesses, the CBJ has made JD1bn ($1.4bn) available to SME lending programs, according to Ziad Fariz, governor of the central bank.

              Another public body – the Jordan Loan Guarantee Corporation – is working to expand its services to local businesses. The company, which was created to provide export credit and finance guarantees for SMEs, recently tripled its capital to expand its supporting role.

              Push for digital economy
              As one of the most developed and robust ICT markets in the region, the public sector has also pivoted toward developing programs designed to expand Jordan’s role as a center for entrepreneurship and innovation.

              Oasis500, the government’s flagship seed investment company, has been active in financing primarily tech start-ups since its establishment in 2010 by providing between $30,000 and $50,000 for each venture.

              As of last year Oasis500 had invested in 95 companies, with plans for more as it diversifies its current investment portfolio. As part of this push, the company announced in August 2015 that seven tech start-ups had benefitted from its latest round of investment funding, including gaming company Play3arabi, e-commerce platform Top Steering, real-time data transmission platform Digat and technical solutions provider Visual Diamond.

              Private sector participation
              Despite these initiatives, more needs to be done for SME funding, Sabbagh said during the Euromoney Conference in April.

              While public support should provide a catalyst for growth, long-term viability will also depend on the amount of private investment the SME and start-up sector can generate. However, here, too, there are some promising signs.

              In late March liwwa, the Amman-based peer-to-peer sharia-compliant lending platform, received $2.3m in seed investment from DASH Ventures, with participation from Bank al Etihad and MENA Venture Investments.

              The platform allows borrowers to bypass traditional approval processes from conventional lenders, allowing SMEs and start-ups to source funding directly from other users.

              “In order to truly make capital available for the SMEs that need it, we have to use technology to achieve economies of scale and drive down the costs of the SME lending process,” Samer Atiani, CTO of liwwa, told industry media last month.
              Oxford Business Group
              25 May

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