Year - 2020

Sharakah continues providing its financial and advisory services and support to SMEs during the current pandemic that has adversely affected the world and global health system and economies have faced the brunt. Sharakah stands by the country during Covid19 Pandemic and have made an initiative to support the Omani SMEs to overcome the challenges of the impact of the Corona pandemic, by offering consultation and guidance in addition to benefits and relaxations to it’s SME clients, including deferment of payment to eligible SMEs with no additional charges. .
Sharakah adopts to the new situation and maintains contacts with it’s SME clients and conducts regular meetings using the new technologies, with the objective of providing the needed guidance and support. In addition, Sharakah recently held it’s first virtual “Calculate it Right” workshop with collaboration with National Finance Company. In addition, Sharakah has recently announced the commencement of it’s new workshop titled “Zaad Al Ruwad” in collaboration with BP Oman. This new workshop will also be conducted online and it will be a simulation of the real business opportunities and challenges and the way to deal with it. .
It is worth mentioning that Sharakah provides three different services, one is building awareness about entrepreneurship by conducting workshops and participating in local and international events, in addition there is the advisory services through which projects are evaluated to improve their performance to insure the sustainability of these businesses., also, Sharakah offers financial support, through three different schemes named Equity, Term loans and Bill Discounting , more details about Sharakah’s customized financial solutions in the website
Since establishment, Sharakah has supported more than 200 SMEs from different Governorates and in different sectors.. Sharakah aims to support Oman’s vision to diversify the economy, by encouraging the creation of SMEs, and developing and assisting in creating sustainable SMEs as they are the most dynamic drivers for the economy
Regarding to the facilities provided to Sharakah`s clients, Umaima Al-Ghadani ,Investment Manager at Sharakah commented: “
“Sharakah seeks to support the SMEs by providing the necessary financial and advisory support, we advise entrepreneurs to maintain flexibility to be adoptable to various situations, as well as reviewing and amending the strategies and plans of their projects in line with the current situations, and most importantly is to maintain health and safety procedures and measures to all Staff and Clients.”
Green line training institute in Boushar provide vocational training services that are linked with employment for Omanis in areas such as Mechanical Maintenance, Pumps and compressors maintenance, Lathing and metal forming and Operating Machine. The institute was founded in 2017 and since foundation it got the trust of different government and private entities to be accredited from entities such as Ministry of Manpower, the National Training Fund beside accreditation from the Institute of Motor Industry (IMI). Also became accredited by KUDOS Institute of Computer Services (IC3).
Mr. Ahmed Al Rashdi, founder of the institute says: the institute has provided 170 job for Omanis during the year 2019/2020 in different vocational and technical areas of which 100 has done their training successfully and has been already enrolled in the assigned companies, few are still getting training on-site after which they will be assigned to the prospective companies and the rest are continuing their training in the institute.
Mr. Muaath Ali Al Shihi, Investment Analyst in Sharakah said: Green Line Training Institute is one of the project that support the vision of the Sultanate in empowering Omani youth by giving them theoretical and practical training to enable them to work in different vocational areas which will definitely help increase Omanisation rates in the private sector and hence lower the dependence on expat vocational labors. empowering such projects is very essential to support Oman’s Economy.
The institute was granted a financial and consultancy assistance from Fund for Development of Youth Projects “Sharakah” during the last year which has contributed positively in the success and sustainability of the project which are of the main goals of Sharakah in supporting Small and Medium Enterprises (SMEs) besides empowering entrepreneurial skills in the Sultanate and support SMEs to grow and be able to create more opportunities for Omani youth.
Sharakah held its Virtual Extraordinary General Meeting (EGM) and the Annual General Meeting (AGM) for the financial year ended 31st December, 2019 on 22nd of June. In line with the decisions of the Supreme Committee for dealing with the developments of COVID-19 pandemic and the directives of the Ministry of Commerce & Industry. As per these instructions, companies were asked to hold their annual general meetings remotely as per the guidelines set by CMA using the latest technologies. The meeting was held via a platform set by Muscat Clearing and Depository (MCD) and presided by Mr. Hani bin Mohamed Al Zubair, Chairman of the Board of Directors. The meetings were attended by Sharaksa’s Shareholders, their representatives, Officials of concerned authorities, representative from Statutory Auditors M/s Moore, Legal Firm M/s Rehab Amer Law Firm and Sharakah staff.
The shareholders were briefed on Sharakah’s performance in 2019 along with discussing the meeting agenda. The AGM as well discussed and approved the Audited Financial Statements for the year 2019 and the appointment of Statutory Auditor M/s Moore for the financial year 2020.
Mr. Hani bin Mohamed Al Zubair, Chairman of the Board of Directors pointed out on Sharakah`s achievements during the previous year of 2019. He also extended Sharakah’s commitment to upholding the legacy and vision of our beloved late Sultan who believed in Omani youth, driving them towards community and economic development. As Sharakah was formed in 1998 to support Omani SMEs. Mr. Hani further added ensuring that the Board and Management of Sharakah, pledge their allegiance to our new Sultan His Majesty Sultan Haitham Bin Tariq
He stated that since inception, Sharakah has served and nurtured the Omani SME community and has also been able to sustain itself. Over the last two decades, Sharakah has financially supported around 220 SMEs with investment of approximately OMR 6.7 million. Despite the challenges the world has faced, as an outcome of our sincere efforts, 2019 was a promising year for Sharakah.
“As stated in the Chairman’s Report of 2018, we have upheld our commitments resulting in substantial growth in our income and balance sheet. Sharakah’s Strategy for the next 5 years (2020-2024) has been reworked to meet the current market demand and aligned with Oman’s Vision 2040. We remain committed to the mandate given for supporting the SME community and thus helping the economy.” He added
Since election of Sharakah’s Board was due in 2020 the same was held during the AGM. The existing Board Members were re-elected unanimously. The name of the Board Members for 2020—22 are as under:
Mr. Hani Mohammed Al Zubair
Mr. Said Salim Al Sahib
Mr. Nasser Mohammed Al Hajiri
Mr. Pankaj Khimji
Mr. Hani Habib Abdul Nabi Macki
Mr. Rashad Jaffar Al Shaikh
Mr. Qais Mahmood Al-Khonji
Mr. Hani concluded by conveying his gratitude to His Majesty Sultan Haitham bin Tariq and look forward to his guidance and support in our endeavor to promote Omani SMEs. He further expressed his congratulations to all the Shareholders for completing one more successful year together thanking them for their belief and trust in the Board of Directors and their continued support for Sharakah.
National Finance, as part of its Social Investment Program, continues the series of ‘Calculate it Right’ Workshop in collaboration with Fund for Development of Youth Projects (Sharakah) across the country. The sixth session of the “Calculate it Right” workshop series was held last Tuesday at the Youth Training Center in Sur, As Sharqiyah South . This is the second consecutive year that the workshops are being held at all the major cities of Oman. Similarly, the workshop was held in January at the Radisson Blu in Sohar, Al Batinah North. The emphasize on enhancing the skills of human resources in the country makes it vital for corporate initiatives to focus its efforts towards the same. More importantly, SMEs are expected to play a key role in the economy’s growth. The initiative aims to enable and equip enterprising entrepreneurs with the right knowledge to help shape their business’s success.
The workshops, which is Sharakah’s copyright, covers the basis that helps understand financial requirements and how to calculate project cost, operational expenses, sales assumptions, required resources and the cost of capital in order to properly understand the profitability. The program is open to new owners looking for guidance on how to begin and even experienced owners who are looking to hone or improve their financial planning
The two workshops were coordinated with the support of National Finance team in both Sur and Sohar. Six out of a total of ten Calculate it Right workshops have been completed and the initiative will continue across different governates of Oman. Information for the coming workshops and registration form will be available on social media account of Sharakah and National Finance. Those who are interested to attend should follow the hash tag #Calculate_it_Right
National Finance is the largest Finance and Leasing Company in the Sultanate of Oman. With 20 branches strategically located across the country and a diverse product suite, National Finance brings finance closer to the neighborhood of its Customers
In partnership with BP Oman, Sharakah has selected the final 15 local small and medium enterprises to benefit from Khazzan for SMEs Development Programme. The total number of applications received for this batch of the programme was 214 applications with 105 completed applications and 109 incomplete applications. Where 80% of the completed applications were male applicants while only 20% were females. The highest number of applications received was from Muscat with 101 applications, while the lowest number of applications was from Musandam and Dhofar with 2 applications respectively..
Sharakah has recently conducted an orientation workshop introducing the programme and its milestones for the selected 15 SMEs for Khazzan for SMEs Development programme. The workshop was attended by representatives from Destination Sustainability, a local business that follows up the implementation of the programme, along with the selected SMEs.
It is worth mentioning that Sharakah and BP Oman signed an agreement last October to launch the fifth version of Khazzan for SMEs Development programme. The programme is a result of the previous four years of collaboration with BP Oman in developing Omani SMEs as part of their Social Investment programme that aims to support the growth of the Omani SMEs.
The applications received were filtered based on the criteria announced on the website. Preference was given for Riyada card holders. As well as those who have completed at least one year in the market.
Shamsa Al Rawahi, Social Investment Manager of BP Oman, commented saying: ‘In BP Oman we invest in entrepreneurs and start-ups to support the vibrant Small and Medium Enterprises (SME) Sector in Oman. Through Khazzan for SMEs Development Programme we also try to create a link between our social investment initiatives and the supply chain of BP Oman. We hope that this programme addresses the topics of need to the targeted SMEs’
Halima Al Ryiami, Senior Project Specialist at Sharakah commented: “Khazzan project for SMEs Development aims at evaluating and assesing the performance of the 15 SMEs for a period of 12 months. We received applications representing different sectors of the Service sector (46%), the Trading Sector (37%), and the Manufacturing Sector (17%). We wish them all the best and we trust on their abilities to develop for their business growth”