Year - 2023

17/12/2023

Oman`s leading SME development company, Sharakah, recently signed a Memorandum of Understanding (MoU) with Development Bank which aims to enhance cooperation between the two entities, particularly in supporting and empowering investments in various business sectors. This partnership was formalized at Development Bank Office – Ruwi, located in the Muscat Governorate.

Ali Bin Ahmed Muqaibal, CEO of Sharakah, and Hamad Bin Salem Al Harthy, acting CEO of Oman Development Bank, signed the partnership.

The MoU serves as a cornerstone for increased cooperation between Sharakah and Development Bank, especially in the context of supporting and enabling investments in several business sectors that fall under the jurisdictions of both parties. Its primary objective is to provide direct support to small and medium-sized enterprises as well as to developmental projects that offer in-country added value. Various financing tools for such enterprises and projects will be activated, keeping in line with the directions of development plans and the overarching vision based on the principle of participation.

The collaboration will involve both parties studying ways to support various projects and investment opportunities, directing financing towards partnerships with investors according to each party’s specialisation. Additionally, they will exchange practical and professional knowledge, particularly focusing on financing mechanisms and project evaluation and monitoring. Opportunities for partnerships will be studied from both financial and technical aspects, and both entities will collaborate on marketing programmes and events to promote new investment opportunities, as mutually agreed upon.

Spokesperson for ODB said, “This MoU with Sharakah marks a significant step in our journey towards a diversified, entrepreneurial Oman. Together, we aim to be catalysts for change, driving growth and innovation in SMEs across various sectors.”

Ali Ahmed Muqaibal, CEO of Sharakah, reinforces the company’s commitment, stating, “Our collaboration with Oman Development Bank is a strategic alliance aimed at providing direct support to small and medium-sized enterprises. By activating various financing tools and sharing expertise, we are fostering entrepreneurial talent and actively elevating it in line with our mutual development goals. We aim to amplify our ability to nurture and elevate the next generation of business leaders.”

He added, “Sharakah is committed to blending individuals’ aspirations with practical solutions. This allows us to continue as a pivotal force in both the personal and professional development of future leaders and entrepreneurs. By catalysing innovation and providing unparalleled support, we aim to be the cornerstone of entrepreneurial excellence in Oman.”

Sharakah continues its commitment to nurturing entrepreneurial talent as it expands into new and sustainable sectors, including renewable energy, In-Country Value projects, and communication technologies (ICT). Renowned for its ongoing support in fostering entrepreneurial skills and lifting emerging business leaders, this latest initiative from Sharakah promises a bright future.

10/12/2023

National Finance and Sharakah came together to honour the achievements of graduates from the Imtidad programme at graduation ceremony held recently. This initiative marks a key collaboration between National Finance, Sultanate’s leading finance company and Sharakah, Sultanate of Oman’s leading SME development company.

The programme is a cornerstone of their joint efforts to stimulate and support local projects, leveraging Imtidad, the Corporate Responsibility arm of National Finance to foster projects that have a positive and sustainable impact.

Tariq Al-Farsi, Chief Executive Officer of National Finance, spoke on the history of successful collaboration with Sharakah, the joint venture aims to bring about a development shift in small and medium enterprises and enable them to become a solid support for the national economy and the development of community life in alignment with the national priorities of Oman Vision 2040. Al Farsi said: “This partnership confirms our keenness at National Finance to enable Omani youth to invest their potential and direct their energies and knowledge to establish A solid path for their entrepreneurial projects to be able to compete locally and then globally, and qualified to deal with external variables and their effects on business to be sustainable projects, and thus contribute to enhancing the country’s economic return.”

Ali Ahmed Muqaibal, CEO of Sharakah, underscored the importance of such partnerships in creating a robust entrepreneurial ecosystem. He shared insights into the SME Growth Programme, which received an overwhelming response of 225 applications, eventually selecting six promising enterprises.

He said, “At Sharakah, we have always believed in the power of collaboration and the significant role it plays in fostering a thriving ecosystem for SMEs. Our comprehensive approach, covering seven critical areas of business, was designed to address gaps and enhance profitability effectively. The SME Growth Programme is a commitment to nurturing entrepreneurial talent and guiding these businesses towards sustainable growth. We take pride in our role as facilitators and mentors in this dynamic ecosystem.”

The event celebrated the success of the graduates, highlighting the spirit of collaboration and the power of collective effort. It included a short visual presentation by the founders/spokespersons of Sulook and Tasleem Taxi, both beneficiaries of the Imtidad Project, and showcased a short video detailing the journey and achievements of the project, emphasizing its significant positive impact on SME growth.

03/12/2023

Sharakah, Oman’s leading SME development company, recently concluded its 2023 series of the "Calculate it Right" workshop with a final session in Muscat. The workshop, focusing on skill development and entrepreneurship, attracted successful entrepreneurs from the capital and senior undergraduate students specializing in finance, accounting, economics, and business management from various educational institutions.

Throughout 2023, the "Calculate it Right" workshops were held across different Wilayats, including Nizwa, Al Sharqiyah, Sohar, Salalah, Musandam, and finally Muscat. These workshops collectively reached a significant number of 166 participants, guiding them through engaging and educational sessions. The 6 workshops held aimed to provide aspiring entrepreneurs with valuable insights for launching their businesses, covering essential topics like realistic sales projections, project costs, operational expenses, resource allocations and requirements, and capital expenditures.

The Muscat workshop was led by Faris Al Harthy - Senior Projects Specialist, and Rawan Al Nazwani. The session covered both basic and advanced aspects of entrepreneurial development, emphasizing practical application for the participants.

Ali Ahmed Muqaibal, CEO of Sharakah, expressed satisfaction with the year’s workshops, noting their comprehensive nature.

He said, “It has been an exhilarating year for Sharakah. Hosting numerous successful workshops has been deeply fulfilling. Our comprehensive series aimed to equip emerging entrepreneurs, fledgling startups, dynamic small business owners, and university students with crucial financial management skills, essential for thriving in the business arena. We are elated with the positive impact and success these workshops have achieved.”

Sharakah is dedicated to providing these vital skills, crucial for success in financial management.

Sharakah’s special initiative supports its commitment to promoting In-Country Value (ICV) and fostering a competitive, sustainable local marketplace. By contributing to Oman’s ICV objectives, Sharakah helps nurture the growth of SMEs, driving innovation, technology, and the development of local talent.

26/11/2023

In a move to further bolster small and medium-sized enterprises (SMEs) in Oman, Sharakah, the nation’s leading SME development company, has recently entered into a pivotal agreement with Oman Speedy International LLC. This agreement marks a milestone, providing a term loan to Oman Speedy International for establishing a new division focused on engine re-manufacturing, an international franchise endeavour.

Oman Speedy International, stands out in its sector for its commitment to maintaining international standards while operating locally. The company boasts a comprehensive range of equipment available for hire across Oman, catering to a diverse clientele in cities such as Muscat, Buraimi, Rustaq, Sohar, Sur, and Salalah. Their reputation, built on word-of-mouth and exemplary service quality, underscores their success and regional impact.

The significant agreement was signed by Ali bin Ahmed Muqaibal, CEO of Sharakah, and Mr. Said bin Humaid Al Hashimi, owner of Oman Speedy International. This partnership exemplifies Sharakah`s commitment to nurturing the growth of SMEs in the region.

Ali bin Ahmed Muqaibal, CEO of Sharakah, conveyed his strong support for the collaboration, remarking, “It is a pleasure to assist an SME in achieving greater heights."

Similarly, Said bin Humaid Al Hashimi, owner of Oman Speedy International, expressed his gratitude for Sharakah’s backing, describing it as “extremely beneficial.”

In line with its commitment to bolstering local enterprises, Sharakah has an impressive loan scheme tailored for asset-based funding and working capital needs. This scheme is particularly designed to support both new and existing projects, offering a loan amount ranging from RO 10,000 to 350,000. For new ventures, a minimum client contribution of 33% is required, while for existing projects, this is reduced to 20%. The interest rate is competitively set at 5%, with a risk rate of up to 2%, which is determined by factors such as project viability, the client`s capability, and their commitment. The loan period extends up to a maximum of six years, inclusive of a moratorium period, providing ample time for businesses to establish and stabilize their operations. This loan scheme is a testament to Sharakah’s dedication to fostering the growth and sustainability of SMEs in Oman.

Under the leadership of General Manager Robert Briggs, Oman Speedy International’s team comprises skilled electricians, technicians, and support staff, all dedicated to upholding the company`s standards of excellence. The introduction of the engine re-manufacturing division is anticipated to further enhance the company`s offerings and solidify its position as a local business with international caliber.

This collaboration underscores Sharakah’s role in advancing the SME sector in Oman and highlights the potential of local companies like Oman Speedy International to expand and diversify their services, contributing positively to the nation`s economic landscape.

19/11/2023

: In continuation of its efforts to empower youth and creative energies, National Finance – the Sultanate of Oman’s leading finance company - confirms the success of its partnership with Sharakah for several years, highlighting the empowerment and support of local projects and the development of the entrepreneurial spirit among ambitious youth through its Corporate Responsibility arm, Imtidad, National Finance has strategically aligned its efforts with Sharakah to propel these enterprises towards sustained growth.

The initiative`s primary goal is to support and empower many SMEs and aspiring entrepreneurs in identifying and addressing areas for operational improvement, guiding them towards implementing effective strategies to increase business profitability. A cornerstone of the initiative activities is also the “Zaad Al Ruwad” workshop that works as an essential tool to offering prospective entrepreneurs’ insight into the intricacies of starting a business.

Speaking on the occasion, Mr Tariq bin Sulaiman Al Farsi, Chief Executive Officer, National Finance, said, “Grounded in a history defined by shared successes, our strategic collaboration with Sharakah is imbued with a collective vision aimed at catalysing positive change and contributing to the holistic development of the nation. The partnership stands as a compelling testament to National Finance`s proactive role in shaping the SME landscape. This collaborative synergy not only pledges a substantial growth of SMEs within the country but also plays a pivotal role in contributing to the Gross Domestic Product (GDP).”

Mr. Ali Ahmed Muqaibal, CEO of Sharakah highlighted the importance of these partnerships in creating a robust and interconnected entrepreneurial ecosystem in Oman.

He said, “These collaborations have been crucial in knowledge sharing, facilitating access to the best financing options, and establishing a supportive network for SMEs. By leveraging the expertise and resources of various organisations, Sharakah has created a holistic ecosystem catering to the diverse needs of startups and SMEs.”

The success of the Imtidad Programme and its unique approach, tailored specifically to the Omani market, stands as a testament to the effectiveness of corporate partnerships in fostering a culture of entrepreneurship. These market-specific tools, developed from extensive experience, have not only catered to local needs and offered scalability, but have also contributed to the development and advancement of a resilient economic landscape in the country

05/11/2023

Oman has long been on a transformative journey to revolutionise its manufacturing sector, driving innovation and significant economic growth. Understanding the importance of manufacturing for job creation, productivity, and cross-sector expansion, the Sultanate is actively advancing strategic initiatives to speed up the growth of this crucial industry.

Recently in a significant push forward, the Ministry of Commerce, Industry and Investment Promotion of Oman unveiled plans to establish a Manufacturing Innovation Centre which is set to become a catalyst for growth, focusing on the deployment of innovative technologies and sustainable practices within the industry.

Small and medium-sized enterprises (SMEs) form the backbone of Oman`s manufacturing industry, offering a range of products and services. To support this vital segment, Sharakah, Oman`s premier SME development company, has reaffirmed its commitment to fostering an ecosystem rich with opportunities for local manufacturers and industrial projects.

With 25 years and more of experience in SME development, Sharakah stands as a beacon of support for entrepreneurs, offering services such as equity financing, loans, grants, and development programmes that enhance entrepreneurial skills. It provides tools for risk assessment, performance tracking, and facilitates global market integration, thus enriching Oman`s SME ecosystem.

Underpinning its strategy, Sharakah is also venturing into new sustainable sectors such as renewable energy, In-Country Value projects, and ICT. These sectors are identified as pivotal for the sustainable growth of SMEs in the Sultanate.

Ali Ahmed Muqaibal, CEO of Sharakah, said, “Aligned with the 2040 Industrial Strategy, Oman is honing its focus on sectors that are knowledge-based, rely on natural resources, or are capital-intensive. The strategy envisages a paradigm shift to an economy bolstered by diverse and technologically advanced industries. The nation`s industrial vision includes embracing Fourth Industrial Revolution technologies to empower factories and the conceptualization of green industrial and smart cities. These steps are set to redefine the manufacturing environment, making it more sustainable, efficient, and competitive on a global scale.”

Emphasising the necessity for SMEs to be competitive and resilient in the global market he outlined, “We are pleased to offer our strategic support on building the capacity and capability of SMEs in Oman, offering comprehensive backing to bolster their competitiveness and ensure their success in the manufacturing and industrial innovation arenas.”

Oman’s concerted efforts in rejuvenating its manufacturing sector and Sharakah`s unwavering support for SMEs present a potent combination for sustainable economic development. This partnership is set to improve the Sultanate`s manufacturing capabilities and initiate an era of industrial growth and innovation.

15/10/2023

Oman`s top SME development company, Sharakah, recently took part in the 19th INSME annual meeting in Berlin, Germany. The event delved into the relationship between small and medium-sized enterprises (SMEs) and artificial intelligence (AI). Deliberations at the meet focused on the benefits of AI adoption for businesses and employees and shed light on the associated risks and challenges of implementation for SMEs.

The meeting was organised by the International Network for Small and Medium Enterprises, [ INSME], a legally recognised non-profit organisation headquartered at Rome, Italy and operating under the guidance of the Organisation for Economic Co-operation and Development (OECD). Building on this, INSME provides an extensive range of services to assist its members in reaching their objectives more effectively. The network facilitates cross-border connections and collaborations, enhancing the capabilities and reach of its members.

Members and participants from more than 34 countries were present at the meeting.

Sharakah Senior Project Executive Rawan Al Nazwani participated in the event titled “Digital Transformation for Future Success in SMEs.” The session delved into the critical role of AI-driven digital transformation in shaping the future of SMEs. It highlighted real-world success stories of AI implementation that emphasised the human element, acknowledging that workers are the backbone of innovation, rather than just technology.

Ali Ahmed Muqaibal, CEO of Sharakah said, “The meeting armed SMEs with the knowledge to navigate the benefits and risks of AI, covering key areas such as automation for increased productivity and the importance of ethical use. It focused on how AI can offer competitive advantages through data-driven decisions and contribute to long-term cost savings in areas like supply chain management. The deliberations also touched on the need for skilled personnel and user-friendly AI tools, as well as the role of AI in risk mitigation, scalability, and sustainability.”

28/09/2023

Offering an invaluable simulation of real-world business scenarios Sharakah, Oman`s leading SME development company, recently organised a two-day workshop entitled "Zaad Al Ruwaad" at the Crowne Plaza - Muscat located at the Oman Convention and Exhibition Centre.

Hosted in collaboration with National Finance Company, the event attracted a diverse audience comprised of entrepreneurs, students, and others with an interest in business.

The workshop marked a milestone as it was the first in-person iteration following five previous events held online.

This unique workshop provided a realistic and in-depth simulation of the business world, guiding participants through the complexities of initiating their own ventures. Participants were guided through the various stages of initiating their own business ventures, tackling both opportunities and challenges that mirror the actualities of project management.

The curriculum was comprehensive, covering vital aspects such as optimal site selection, financial budgeting, human resources planning, and pricing strategies for products or services. It also dealt with the overall operational facets of a business venture.

Ali Ahmed Muqaibal, CEO, Sharakah, said, “Through a spectrum of carefully crafted initiatives and programmes for ambitious entrepreneurs, we aim to stimulate economic growth, generate employment opportunities, and encourage innovative practices. We are steadfast in our commitment to fostering the sustainable development of SMEs in Oman.”

A spokesperson for National Finance Company stated, “Our collaboration with Sharakah has been immensely rewarding. The educational programmes and workshops they offer, particularly those aligned with national priorities such as skill development, have proven to be exceedingly beneficial. Through its multifaceted programmes and initiatives, Sharakah continues to empower entrepreneurs and cultivate an ecosystem conducive to modernisation, ingenuity, and entrepreneurship within Oman."

In line with the goals of Oman`s Vision 2040, Sharakah is strategically centred on promoting In-Country Value (ICV) projects, Information and Communications Technology (ICT), and the knowledge-based economy. These endeavours contribute meaningfully to the creation of a sustainable and diversified marketplace in Oman.

24/09/2023

Oman`s leading SME development company, Sharakah, has unveiled an uplifted visual brand identity through a significant brand uplift as part of its transformation journey. This change aims not only to rejuvenate the company’s image but also to signify ameliorate in its strategic focus as Sharakah ventures into new impactful and sustainable sectors, including renewable energy and Information, In Country Value projects and communication technologies (ICT). Long acclaimed for its continuous support to nurturing entrepreneurial talents and elevating emerging business leaders, Sharakah’s move sets the stage for a promising future.

Designed to communicate the brand’s core values of themes of `Professionalism, Connection, and Modernism`, the uplifted logo showcases a group of figures joining hands, symbolising the supportive network that Sharakah provides to its partners and clients. This sense of unity is further emphasised by the typography, which utilises minimal yet bold lines with sharp angles to convey a sense of innovation and leadership.

As a special tribute to the Sharakah’s 25 years of service, the anniversary edition of the logo incorporates black and silver tones, supported by a ‘25 years’ design element. This serves to underscore the brand’s longstanding commitment to empowering entrepreneurs and facilitating business growth.

Sharakah has also made a conscious shift in its colour palette as part of this brand uplift exercise. In a departure from its previous vibrant colour scheme, the company has adopted a more sustainable, complementary set of colours. The dominant shade, Banana Palm Green, has been chosen for its symbolism of growth, sustainability, success, and its applicability to impactful industries and new beginnings. This is balanced by Phantom Black, culminating in a palette that not only harmonises visually but also resonates with the brand`s renewed focus on sustainability and growth.

Ali Ahmed Muqaibal, CEO of Sharakah, says, “The brand uplift does not only showcase Sharakah’s evolution but also reinforces our unwavering commitment to assisting individuals through key life stage transitions. By offering solutions that meld aspirations with practical considerations, we continue to play an essential role in the personal and professional development of aspiring leaders and entrepreneurs. The refreshed brand identity serves as a visual testament to this dedication, encapsulating our core values and strategic focus while heralding an exciting new chapter in our journey of empowerment and growth. Our comprehensive brand uplift, unveiling an uplifted logo is emblematic of Sharakah’s evolving ethos and strategic objectives. The logo features a minimal yet bold typography, with sharper angles to accentuate the company`s forward-thinking approach.”

The new brand identity will be visible across online and offline channels and will be reflected in brand campaigns, the website, social media channels and all other collaterals.

Brands regularly choose to go for a brand uplift to bolster their image and stay pertinent in an ever-changing market landscape. In the case of Sharakah, the brand uplift serves as a tactical move to mark its 25th anniversary, indicating a shift in focus towards emerging sectors and a new guarantee to fostering entrepreneurial talents. The updated brand uplift aims to align with evolving market needs and customer expectations, underlining Sharakah’s reputation as a vibrant and avant-garde institution.

10/09/2023

As part of its entrepreneurship development initiative, Sharakah recently organised yet another "Calculate it Right" workshop at the Atana hotel in Musandam. The workshop which had a clear focus on the importance of skill development and entrepreneurship drew participation from successful entrepreneurs from in and around the Musandam governorate. Senior undergraduate students specialising in finance, accounting, economics, and business management from various educational institutions within the region attended the workshop.

The workshop conducted by Umaima Al Ghadani Investment Manager at Sharakah with the support of Faris Al Harthy focused on the basic and advanced approaches of entrepreneurial development and how it can be imbibed to the participants.

Umaima Al Ghadani said, “In the ongoing `Calculate it Right` workshops, participants are empowered to grasp the fundamental pillars of business initiation and acquire a comprehensive understanding of practical sales forecasts, project expenses, operational costs, resource requirements, and capital investments. Throughout every stage of life, having an entrepreneurial mindset holds significant value and can greatly benefit participants. The workshop encompassed a blend of lectures, hands-on activities like brainstorming, real case studies, and the exchange of experiences between participants and resource persons.”

Faris Al Harthy said, “Following their participation in this workshop, we believe that the attendees have gained a comprehensive understanding of the challenges, prospects, issues, concerns, opportunities, and procedural aspects related to entrepreneurship development and associated matters.”

Being Oman’s foremost entrepreneurship development organisation, Sharakah is committed to providing essential financial management expertise to aspiring business entrepreneurs, novice startups, enterprising small business proprietors, and college students. This expertise plays a crucial role in their success in the field of financial management.

This initiative directly aligns with Sharakah`s unwavering dedication to promoting In-Country Value (ICV) and fostering a local marketplace that thrives on competitive and sustainable skills. As Sharakah advances in its mission, the contributions made by each participant in workshops like `Calculate it Right` play a pivotal role in the tapestry of progress. By championing Oman`s ICV ambitions, the company collectively nurture the growth of SMEs while driving innovation, technology, and the nurturing of local talents.

04/09/2023

For many small and medium-sized enterprises (SMEs), franchising presents an ideal business model, with its inherent support systems often being a cornerstone to its success. Ms. Salma Saif Al-Sulimani, a motivated businesswoman, stood at the crossroads of such a venture. Drawn to the appeal of the renowned Spanish brand, La Chinata, she faced the quintessential challenge of every entrepreneur – how to navigate this promising yet demanding path. In her quest for guidance, Salma turned to Oman’s leading SME development firm Sharakah, an institution celebrated for its dedication to fostering entrepreneurial spirit and uplifting the aspirations of emerging business leaders.

Building on business management graduate Salma’s initial efforts, Sharakah stepped in with its tailored solutions. They employed their distinctive 360-degree Business Performance Monitoring Tool (BPMT), a recognised industry-standard tool, complemented by other resources, to further refine and enhance the business trajectory set by Salma for La Chinata. In addition to their strategic tools and resources, Sharakah bolstered Salma`s venture with essential funding and loan provisions.

With Sharakah’s support, Salma embarked on her journey with La Chinata which is celebrated for its premium products rooted in the essence of extra virgin olive oil.

Reflecting on her entrepreneurial journey, Salma shares, “Introducing the La Chinata brand to Oman was a source of immense pride for me. Beyond their renowned olive oils, the brand unfolds a tapestry of gourmet foods, cosmetics, baby products and skincare essentials—all echoing the richness of olive oil. The skincare range, in particular, captures the nourishing essence of olive oil’s antioxidants and moisturizers. Their gourmet spread further tantalizes with a mix from traditional olive oils to specialties like pates, vinegars, and varied spices. Such unwavering commitment to quality and originality is what sets La Chinata apart. So, I thought it was high time Oman got acquainted with such a brand.”

Expressing her gratitude, she adds, “Sharakah played an instrumental role in turning this dream into a reality, offering unparalleled support and guidance at every step, thereby enabling me to realise my goals and grow.”

Today, the La Chinata store is a prominent fixture in the vibrant Oman Avenues Mall. Salma, with ambition shining in her eyes, aspires to broaden her entrepreneurial horizons, setting her sights on launching multiple branches not only in Oman but also beyond the borders of Oman.

Ali Ahmed Muqaibal, CEO of Sharakah, says, “As the driving force behind entrepreneurial dreams, Sharakah is proud to have played a part in Salma’s remarkable journey with La Chinata. Our mission is to empower and uplift, and seeing Salma’s vision come to life reaffirms the transformative power of partnership, dedication, and strategic guidance. Oman’s business landscape is brimming with potential, and we are honored to catalyze such promising ventures."

29/08/2023

The "Calculate it Right" workshop, hosted recently by Sharakah at Salalah garnered a tremendous and enthusiastic response from its attendees. The event was held at the Salalah Gardens Hotel and drew a diverse array of participants. It was attended by thriving entrepreneurs from the Dhofar governorate, as well as senior undergraduate students specialising in finance, accounting, economics, and business management from various institutions across the governorate.

Diligently curated, the all-encompassing workshop series conducted by Oman`s leading entrepreneurship development firm, strives to furnish budding business entrepreneurs, inexperienced startups, enterprising small business owners, as well as college students, with essential financial management expertise that plays a pivotal role in their success within the realm of financial management.

Faris Al Harthi, Senior Project Specialist at Sharakah who conducted the workshop said, “The Salalah-held `Calculate it Right` workshop series showcases Sharakah`s diverse strategy of empowering and preparing small enterprises in Oman for success. The workshop`s curriculum encompassed an array of valuable subjects. It is our belief that this initiative will enable participants to acquire the skills needed for informed business decisions and accurate projections of future cash flow, thereby ensuring the financial well-being of their businesses.”

The ongoing `Calculate it Right` workshop empowers individuals to grasp the essential foundations of business initiation and gain a comprehensive comprehension of practical sales forecasts, project expenses, operational outlays, resource needs, and capital investments.

27/08/2023

The success story of the Tasleem Taxi app is one characterised by diligent effort, determination, and unwavering persistence. The app has firmly established itself as a prominent player within the taxi service sector, eliciting a remarkable response. Having been established in the year 2022, this platform operates across Muscat and several other cities within Oman. Setting itself apart from its counterparts, the app offers distinct taxi booking functionalities for users of both iOS and Android platforms, available in both English and Arabic languages. Notably, Tasleem Taxi stands as an early entrant into the taxi booking app market, boasting a diverse array of cab categories to cater to a wide spectrum of customer preferences.

Emerging as an integral facet of the "Imtidad" sustainable initiative project by National Finance, the Tasleem Taxi app has become a ubiquitous presence on countless mobile devices. While National Finance’s pivotal role in supporting local businesses, it played a crucial part in Tasleem`s success, its achievements were further fortified by the robust backing of Sharakah. The latter extended support through a comprehensive year-long programme, during which Sharakah harnessed its cutting-edge Business Monitoring Performance Tool to gauge the business’s progress and ascertain its prerequisites for sustainable growth.

The "Imtidad" programme by National Finance embodies a strategic approach aimed at conceptualising and executing enduring, sustainable initiatives. Anchored in National Finance’s commitment to evolve in tandem with communities, the programme functions as an effective conduit for societal service, thereby contributing to the overarching socio-economic development of the nation.

Given National Finance’s existing collaboration with Sharakah, the partnership has already played a pivotal role in enhancing the skill sets of over 700 participants. This collaborative endeavour is geared towards nurturing the skills of budding entrepreneurs, thereby empowering them to realise their inherent potential and bring their projects to fruition, as exemplified in the case of Tasleem Taxi.

Tasleem Taxi app has revolutionised the transportation sector by enabling users to easily hail taxis via their phones, streamlining the booking process and enhancing user comfort and overall experience.

The app caters to all, citizens save time on taxi waits, while new residents find quick rides, often with tour guide drivers in tourist spots.

Driven by market research showing demand for bus services, the app has introduced new features, including the ability to book transport buses, especially for tourism and airport transportation. The app has plans to introduce scheduled tourist trips that can be booked by the hour. Positive user feedback has driven ongoing efforts to improve the app`s user experience, incorporating customer opinions for further enhancements.

The founder of Tasleem Taxi expresses gratitude towards National Finance and Sharakah for their invaluable support.

He says, “The app is steadfast in its commitment to passenger safety, having instituted a comprehensive Door-to-Door Safety Standard to ensure passengers feel secure throughout their journeys. Tasleem Taxi provides a seamless avenue for commuters to access local services through a singular platform, thus affording them more time to dedicate to their core priorities. Tasleem Taxi guarantees passengers a comfortable and cost-effective travel experience, with swift response times available 24/7. Moreover, riders are privy to the ride`s cost before confirming their booking.”

He added, “The company`s expansion plans involve adding new areas, aligning with Oman’s commercial, industrial, and tourism development, such as Duqm, Musandam, and various regions.”

Appreciating Tasleem’s remarkable achievements, a spokesperson from National Finance says, “Our objective is to empower small and medium-sized enterprises (SMEs) and home-based businesses by providing them with apt guidance and unwavering support, thereby bolstering their resilience and enabling them to meet and exceed industry standards. The success of Tasleem Taxi is met with sincere wishes for further accomplishments.”

Ali Ahmed Muqaibal, CEO of Sharakah, underscores the collaborative achievements with National Finance, particularly in equipping aspiring entrepreneurs with the requisite financial management and planning proficiencies.

He says, “The triumphant trajectory of Tasleem Taxi is emblematic of this successful collaboration. To extend support to Tasleem Taxi, Sharakah harnessed its Business Performance Monitoring Tool (BPMT), a benchmark monitoring mechanism, in conjunction with other tools such as the Risk Assessment (RAT). These measures collectively contribute to enhancing the overall business profitability. Sharakah`s legacy includes a series of accomplished programs—BP Khazzan, HSBC Istidama, Tahfeez, NFC Imtidad, and Calculate It Right workshops—all of which provide pragmatic guidance and support to burgeoning entrepreneurs.”

23/08/2023

Embracing a future teeming with possibilities, Oman’s premier SME development company Sharakah is unwavering in its commitment to extend its influence, broaden its service horizon, and further empower businesses to impact the community. For a remarkable span of 25 years, Sharakah has held a pivotal role in the SME development arena, incessantly evolving to blend with shifting market currents and embrace emerging prospects. The company’s resolute dedication to nurturing entrepreneurial zeal has consistently positioned it in the frontlines in championing the dreams of budding entrepreneurs.

Sharakah`s staunch dedication to excellence is epitomised through its array of impactful initiatives, including renowned programmes like BP Khazzan, HSBC Istidama “Tahfeez,” NFC Imtidad, and the transformative Calculate It Right workshops. Each of these endeavours resonates with practical wisdom and unwavering support, strategically tailored to guide entrepreneurs across the spectrum of their endeavors. These programmes have proven pivotal in elevating individuals, propelling their advancement, and leaving an indelible mark on the triumphant journey of Oman’s entrepreneur SME sector.

Having firmly established itself, Sharakah’s abiding legacy is illuminated through its substantial financial backing, tailored advisory offerings, unwavering project support, employment generation, enlightening workshops, strategic alliances, and triumphant initiatives. These collective endeavours bear witness to Sharakah`s profound imprint on Oman`s socio-economic canvas. The company’s dedication to nurturing advancement, nurturing growth, and ushering in prosperity remains unwavering. As its stand on the precipice of the future, Sharakah eagerly anticipates embarking on its continuing odyssey of transformation within the SME development territory.

In resonance with Oman’s Vision 2040, Sharakah intricately weaves its goals and strategies, placing a robust emphasis on digital transformation and technology-propelled advancement. Through wholehearted adoption of digitalization, the company ensure its services seamlessly align with the nation’s enduring vision, thus catalyzing the evolution of a digitally empowered economy.

Its deep-seated commitment to foster transformative industries makes Sharakah extend its sphere of support to diverse domains including hydroponic farms, fish processing, logistics, tourism, technology, and innovation. Infusing digitalization and technology into these sectors, it aims to empower entrepreneurs to harness nascent opportunities and steer growth through inventive solutions.

Additionally, with unwavering resolve, Sharakah wholeheartedly embraces the mission to advance In-Country Value (ICV), ardently striving to nurture a vibrant local market characterized by competitive and enduring capabilities. As Sharakah charts its path forward, every individual`s involvement is woven intricately into the tapestry of advancement. Collaboratively steering Oman`s ICV aspirations, there exists a crucial need to collectively nurture the expansion of SMEs, all the while igniting innovation, technology, and the flourishing of indigenous talents.

Sharakah supports Oman`s SMEs through an array of services, including awareness campaigns, equity financing, loans, and grants. Consultations aid informed decisions, while development programs enhance skills. Tools for risk assessment and performance tracking aid data-driven decisions. Incubation and acceleration boost startups. Sharakah partners with educational institutions and high-growth sectors, tailoring support. It facilitates global market access, fostering expansion. Overall, Sharakah cultivates a thriving and sustainable SME ecosystem in Oman.

In pursuit of its strategic vision, Sharakah recently completed the relocation of its office to its dedicated space within the Business Tower at Muscat Hills, Airport Heights. This pivotal move stands as a testament to the organisation`s unwavering commitment to expanding its services while delivering enhanced convenience and an elevated customer experience. The strategic positioning of the new office, situated at the core of the capital, ensures effortless accessibility for Sharakah`s clientele, with both the Expressway and the Sultan Qaboos Highway at close proximity. Manifesting a dedication to personalised service, Sharakah warmly welcomes established and potential SMEs alike to its new premises. Furthermore, avenues such as social media, emails, and phone calls remain open to foster seamless communication with all stakeholders.

12/07/2023

Muscat:

In pursuit of establishing a conducive ecosystem for SMEs to thrive through various business opportunities, Sharakah, Oman`s leading SME development company, has recently entered into a Memorandum of Collaboration agreement with Petroleum Development Oman (PDO). This strategic alliance aims to enhance the prospects of SMEs by enabling them to explore and prosper in diverse business avenues, including but not limited to Petroleum Development Oman`s projects, the Afaaq initiative, and the TIPP programme.

Furthermore, through this collaboration, SMEs will gain access to Sharakah`s services in accordance with the terms and conditions set by Sharakah for the respective services.

As a specialist in oil and gas exploration and production within Oman, Petroleum Development Oman is dedicated to ensuring sustainable benefits for both the Omani community and the national economy. Sharakah is committed to promoting SME development in Oman by raising awareness about the significance of entrepreneurship and SMEs. Sharakah accomplishes this through financial support and consultation services, aimed at empowering and assisting SMEs in their growth and success. This aligns with the objective of the collaboration between Sharakah and Petroleum Development Oman to support SMEs and enable them to thrive in various business opportunities.

The ceremony for the collaboration agreement took place at Petroleum Development Oman`s Knowledge World building.

18/06/2023

Muscat: Oman’s premier SME development company Sharakah has been instrumental in nurturing the entrepreneurial ecosystem in the country and supporting the growth of aspiring entrepreneurs. Through various initiatives and programmes, Sharakah has been instrumental in empowering young entrepreneurs, contributing to the economic development of Oman, and fulfilling the objectives of Omani Vision 2040.

Sharakah has played a crucial role in espousing the establishment of new businesses in Oman while empowering young entrepreneurs with the necessary skills and knowledge to succeed. One such notable initiative is the 2023 Imtidad Programme, a joint effort with National Finance, which focuses on sustainable initiatives that contribute to national socio-economic development. The initiative aims at offering consulting services to SMEs as well as micro/home-based businesses. The management of this programme falls under the jurisdiction of the SME Development department, which is responsible for assigning projects to team members for personalised coaching and monitoring. Over 250 SMEs and 7 home-based enterprises have already reaped the benefits of this program.

Through its Imtidad programmes, Sharakah and National Finance have boosted several businesses across diverse sectors, enabling their growth and sustainability. Some of the beneficiaries include Tasleem, Sahha, Sulook, Al Anthur Perfume, Inger Bakery and Mazra Yiti.

A one-year-old SME company with nine employees, Tasleem offers a mobile application for transportation services authorised by the MTCIT. Their project objective is to provide efficient technological solutions for taxi owners and customers, aiming to organise taxi operations and offer various transportation services. They are considering expanding their services to include a food delivery app in Muscat, based on the number of registered restaurants.

A five-year-old SME company with seven employees, Sahha produces high-quality, healthy white and red meat products with superior packaging and a door-to-door delivery service. Their project objective is to become a leading company in the local and global market, focusing on high-quality products, customer satisfaction, profitability, and employment opportunities. They prioritise waste management and have partnered with BEAH Oman for waste handling.

A two-year-old SME company with five employees, Sulook is a training centre and online platform for children that aims to raise smart, successful, and well-rounded individuals. Their project objective is to offer various skill development programs for children aged 5 to 16, fostering an entrepreneurial spirit and providing educational and developmental opportunities.

Al Anthur Perfume is a three-year-old company founded by a talented Omani entrepreneur with eight years of experience in crafting exquisite perfumes. The project objectives include increasing brand awareness, establishing a physical outlet, and creating a unique retail experience that reflects the quality and artistry of their perfumes. They aspire to become a market leader satisfying the high standards of local and international customers.

Inger Bakery is a two-year-old home-based bakery specialising in Swedish delicacies. The project objectives involve expanding and opening a bakery shop in the near future, developing and testing recipes to ensure product quality, and establishing a profitable bakery that provides delicious baked goods. They aim to continually assess and improve recipes to maintain high standards.

Mazra Yiti is a one-year-old agritourism farm in Yiti, Muscat, offering self-harvesting and delivery of hydroponically grown produce. Its project objective is to create a sustainable and enjoyable agritourism experience for visitors, where they can learn about local agriculture, culture, and history. The farm is surrounded by traditional farmland, birds, and archaeological sites, enhancing the overall experience for tourists.

The programme’s support has played a crucial role in enabling these businesses to establish and expand their operations, leading to increased market reach and growth. The encouragement provided has helped them connect with a broader audience, while the assistance received has been instrumental in their success and long-term sustainability. Overall, the programme’s support has been instrumental in fostering their growth and development in a highly competitive field.

The success stories of beneficiary businesses, including poultry, agritourism, bakery, tech companies, education-focused ventures, and perfume manufacturers, highlight the positive impact of Sharakah’s backing. With its ongoing commitment to entrepreneurship development, Sharakah continues to be a vital catalyst for the growth and success of businesses in Oman, driving economic prosperity and sustainability.

Sharakah’s collaboration with BP Oman`s Khazzan Programme has played a vital role in sustaining the growth and development of SMEs in Oman. This programme systematically assesses selected SMEs in seven crucial categories, encompassing compliance, product/service quality, marketing, communication, HR, finance, and financial track record and policies. Notably, upon Sharakah’s assessment, eligible SMEs receive a grant from BP Oman, enabling them to enhance their operations and implement improvements aligned with the assessment`s recommendations. Through this partnership, Sharakah and BP Oman are actively fostering the advancement of SMEs in Oman`s entrepreneurial landscape.

Sharakah strives to accelerate the successful growth of SMEs through an array of business support resources and services. By integrating the entrepreneurial drive of startups with the resources made available, Sharakah creates value and contributes to the country`s growth trajectory. These resources include financial funding for startups and existing businesses, consultation, handholding, and advice to business owners to ensure progress and sustainability.

Sharakah provides advisory support, capacity building programs, and awareness campaigns on entrepreneurship and best practices. These initiatives target different age groups across Oman, emphasising the importance of entrepreneurship. Sharakah has developed tools such as the Risk Assessment Tool, Business Performance Monitoring Tool, and Financial Analysis Tool to improve business performance and guide entrepreneurs towards sustainable growth.

Since its establishment, Sharakah has supported numerous SMEs across various sectors in Oman. By encouraging these businesses and ensuring their sustainability, Sharakah has contributed to job creation and employment opportunities. The organisation’s commitment to entrepreneurship development aligns with Oman`s vision to boost the industrial sector and foster economic growth.

With its continued commitment, Sharakah remains a key player in shaping Oman`s entrepreneurial landscape and driving innovation, job creation, and economic prosperity.

11/06/2023

Muscat: To empower SME growth and foster impact investment in Oman, Sharakah and Muscat Finance have joined forces through a Memorandum of Understanding (MOU). Ali bin Ahmed Muqaibal, CEO of Sharakah, and Hussain Al Lawati, CEO of Muscat Finance, signed the MOU in a significant ceremony.

By harnessing their combined expertise and resources, the two entities aim to facilitate the expansion of small and medium-sized enterprises while driving sustainable development across the Oman

The MOU outlines a comprehensive framework for collaboration, encompassing various key areas. These include joint efforts in co-funding impactful sustainability projects, implementing referral schemes to facilitate equity funding, partnering in co-sponsoring programmes for SME development, and establishing a dedicated think tank for the SME sector.

The MOU sets forth several primary objectives to be pursued by the companies Sharakah and Muscat Finance. Primarily, its purpose is to establish a dedicated co-funding scheme aimed at supporting impact investing and sustainability projects, with a particular focus on the renewable energy sector. It also outlines the creation of a referral scheme for equity funding, whereby Muscat Finance will refer clients seeking equity funding to Sharakah. In reciprocation, Sharakah will provide these clients with comprehensive smart funding and support services, subject to mutually agreed-upon terms and conditions. The parties will also collaborate on the development of programmes that facilitate the advancement of strategic initiatives, including in-country value (ICV) and sustainable projects, with an emphasis on renewable energy and green initiatives.

Ali bin Ahmed Muqaibal, CEO of Sharakah said, “Sharakah always aims to tap into its pillars by actively engaging in capacity building and fostering corporate partnerships, all while promoting an entrepreneurial culture. We are excited to collaborate with Muscat Finance in developing a co-funding opportunity for impact investing and sustainability projects, particularly in the renewable energy sector. This partnership will enable us to support Omani entrepreneurs and potential entrepreneurs by providing them with access to funding and development programs. We look forward to leveraging our expertise and resources to co-sponsor SME development programmes and initiatives, driving the growth of the sector.”

Hussain Al Lawati, CEO of Muscat Finance said, “Our collaboration with Sharakah holds great potential for the SME sector in Oman. By jointly identifying and supporting Omani entrepreneurs through the co-funding scheme and development programmes, we aim to foster a conducive environment for their growth. Additionally, acting as a think tank alongside Sharakah, we will exchange ideas, share best practices, and promote the development of the SME sector in Oman. Together, we will conduct studies to identify projects that will have a significant impact on the business environment for SMEs.”

04/06/2023

Sharakah, the leading entrepreneurship development company in Oman, recently took part in the 32nd edition of COMEX 2023, a highly regarded event organised by OITE in collaboration with the Ministry of Transport, Communications, and Information Technology, as well as the Oman Vision 2040 Implementation Follow-Up Unit.

Sharakah, known for its top-notch awareness and support services for small and medium-sized enterprises (SMEs), joined forces with COMEX, the ultimate destination for entrepreneurs, ambitious professionals, and SME owners in the technology sector. This partnership formed a comprehensive platform that effectively addressed the needs of these individuals and played a vital role in strategizing their future growth and achieving success.

Throughout the COMEX event, Sharakah actively engaged with aspiring SMEs, fostering an ambiance of collaboration, innovation, and boundless possibilities. The first day witnessed an inspiring fusion of ideas, ambition, and progress, as Sharakah set the groundwork for future cooperation. Building upon this foundation, the second day showcased a continued exchange of remarkable ideas, ambition, and progress, with Sharakah persistently creating opportunities for aspiring entrepreneurs. Together, they further amplified the stage for collaboration, innovation, and limitless potential, solidifying the achievements made on the initial day.

Ali bin Ahmed Muqaibal, CEO of Sharakah, “We seized the opportunity at COMEX to embark on a journey of unlimited prospects. Our team delivered exceptional counseling and awareness services, empowering individuals, organisations, and emerging Omani enterprises. COMEX served as the perfect platform, uniting over 120 local and international enterprises and an astounding 97 start-ups in the technology sector, a remarkable testament to collective achievements.”

One of the notable workshops held during the event was led by Mr. Najeeb Mohamed, the Managing Director of Prime Advertising. This engaging session delved into the realm of media and marketing, providing valuable tips and tactics for success. The workshop took place as part of the enlightening COMEX talks sessions, further enriching the overall experience for participants.

Faris Al Harthy, a Partnership Accredited Trainer from Sharakah, took the lead in facilitating two interactive workshops that delved into the realm of business opportunities within the innovation and technology sector. These engaging sessions provided valuable insights and guidance to participants, equipping them with the knowledge and tools to explore and capitalize on the potential in this rapidly evolving industry.

14/05/2023

Muscat: To promote SME development and impact investing in Oman, Sharakah and Jusoor Foundation have signed a cooperation memorandum of understanding (MOU). Jusoor Foundation is a non-profit social responsibility organisation that is committed to promoting community development through the implementation of sustainable social projects. As the social arm of leading companies Sohar Aluminium, Vale, and OQ, Jusoor Foundation brings a wealth of experience and expertise to the partnership. The collaboration between Sharakah and Jusoor Foundation is set to play a crucial role in promoting social and economic development in Oman by supporting SMEs and driving impactful investments in the country.

Ali bin Ahmed Muqaibal, CEO, Sharakah and Jaber Sulaiman Al Busaidi, Executive Manager Jusoor Foundation signed the MOU at a special ceremony held at the Radisson Blu.

The MOU outlines the various spheres of collaboration between Sharakah and Jusoor Foundation. These include joint funding for projects that promote sustainability and have a significant impact, referral programs for equity funding, joint sponsorship of programmes that enhance the growth of SMEs, creation of a think tank that focuses on SMEs, and cooperation in media and marketing initiatives.

Elaborating on the MOU Ali bin Ahmed Muqaibal, CEO, Sharakah said, “The general objective of the MOU signing is to foster the entrepreneurial spirit in Oman and promote the growth of small and medium-sized enterprises (SMEs) in specific fields. Being Oman’s premier entrepreneurship development company we are pleased that the MOU will create more employment opportunities and contribute to the development of the national economy.”

To achieve this, both Sharakah and Jusoor Foundation will collaborate to develop a co-funding scheme for impactful and sustainable projects. Additionally, Jusoor Foundation will refer its clients seeking equity funding to Sharakah, who will provide smart funding and hand-holding services, subject to mutual agreement on terms and conditions.

Jaber Sulaiman Al Busaidi, Executive Manager, Jusoor Foundation said, “The MOU’s objective is to leverage the expertise and resources of both Jusoor and Sharakah in strategic topics such as in-country value (ICV) and sustainable projects. We also aim, through this partnership, to contribute to raising the level of awareness among the community about entrepreneurship and its role in creating job opportunities and supporting the national economy.”

The MOU is being executed in the spirit of identifying areas of cooperation that will support Omani SMEs in accordance with the requirements and conditions of Sharakah and Jusoor foundation. Additionally, both parties will explore opportunities for joint marketing and media activities to promote their respective services and initiatives.

12/04/2023

Muscat: Sharakah, Oman’s leading entrepreneurship development financing institution in Oman, has announced the election of Ms. Malvika Pankaj Khimji as the first woman representative on its newly constituted Board post-election in the last AGM held on 21^st March 2023. Malvika Khimji is a Director at Khimji Ramdas, a multi-generational family business that has been in operation for over 150 years and brings with her a wealth of rich knowledge and skills in various fields.

Having completed her education in Oman and UK, Malvika graduated in Law from The University of Westminster. She worked at Trowers & Hamlins besides various law firms in Oman before joining the family business in 2013 as the first woman Director on the Board of Khimji Ramdas. Her journey began in the Consumer Products Cluster, working with leading global brands like Procter & Gamble, Kellogg’s, and Red Bull, and eventually taking on the responsibility of overseeing the operations of the Projects and Logistics Cluster, which includes shipping, multimodal logistics, travel and tourism, and insurance services.
Malvika has gained valuable insights into managing people resources while overseeing the Human Resources vertical at Khimji Ramdas as Director. Her aim is to contribute holistically to nation-building and people development.

Welcoming her to the Board, Sharakah CEO Ali bin Ahmed Muqaibal said, “We are pleased to welcome Ms. Malvika to our Board. Her experience and expertise in legal matters, human resources, projects, and logistics, and travel and tourism will be invaluable in supporting our mission to develop and support entrepreneurs in Oman.”

In response to her appointment, Malvika Khimji stated, “I am honoured to join the board of Sharakah and contribute to the development of entrepreneurship in Oman. I look forward to working with the team and leveraging my experience to help support SMEs in across sectors focusing on impact investment.”

Malvika Khimji`s election to the Board of Sharakah is a testament to her leadership skills and expertise in various fields. With her vast experience and expertise, she will undoubtedly make a valuable addition to the organisation and contribute significantly to its continued success.

27/03/2023

Muscat: Sharakah, Oman’s leading SME development organisation, has announced that it is moving its office to its own premises in the Business Tower building at Muscat Hills, Airport Heights. The relocation is part of the organisation`s strategic plan to expand its services and offer convenient and enhanced customer experience.

The new office is conveniently located in the heart of the capital, providing easy access for Sharakah’s customers from both the Expressway and the Sultan Qaboos Highway. The organisation welcomes all customers, established and potential SMEs personally at its new location as well as through social media channels, emails, and phone calls.

This modern structure not only showcases environmentally conscious values but also presents an exciting opportunity to service clients in a modern and innovative workspace. The new space boasts a contemporary design that fosters a vibrant and comfortable work atmosphere, enabling Sharakah employees to thrive and deliver exceptional results. It has ample parking space in and around the building.

Commenting on the move, Mr. Ali Ahmed Muqaibal Sharakah’s Chief Executive Officer said, "As our organisation looks to the future, we wanted an office space that mirrors our commitment to entrepreneurship, service, innovation, and growth. The new premises is an ideal match for our requirements and embodies our mission to bolster the expansion of SMEs in Oman. Strategically located at a bustling and dynamic upcoming economic hub, it offers greater accessibility and convenience to our clients. In addition, the office`s design and layout boast comfortable and inviting spaces that facilitate fruitful discussions, brainstorming sessions, consultations, and other collaborative efforts.”

The move to the new space is in line with Sharakah`s commitment to providing the best possible experience to its customers. With the new office location, the organisation is poised to enhance its operations and improve customer experience.

Sharakah was established in 1998 with the aim of developing the entrepreneurial sector in Oman, and it provides a variety of services to aspiring entrepreneurs, starting from the planning stage of the project until reaching its desired goals.

Sharakah has been contributing considerably to the development and preservation of the entrepreneurial ecosystem in the Sultanate of Oman and mobilizing public and private sector support to help young and aspiring entrepreneurs in Oman grow into successful business leaders.

23/03/2023

Muscat: Sharakah held its 24^th Annual General Meeting to discuss the financial year that ended on December 31, 2022. The meeting was held online through Muscat Clearing and Depository (MCD) virtual platform, on March 21st, 2023, and was presided over by Mr. Said Al Sahib, Vice Chairman of the Board of Directors.

Various stakeholders, including Board Members, shareholders, representatives of shareholders, Statutory Auditors, Lawyer, MOCI representatives, and Sharakah employees attended the meeting.

The meeting was held under the supervision of the Ministry of Commerce, Industry and Investment Promotion and Muscat Clearing and Depository. S.A.O.C.

During the meeting, Mr. Said Al Sahib provided an overview of Sharakah’s accomplishments throughout the year. He emphasized the company’s unwavering commitment to supporting small and medium-sized enterprises (SMEs) in Oman by pursuing all available avenues to help them remain resilient. Despite facing challenges, Mr Said highlighted how Sharakah aims to help SMEs transform obstacles into opportunities for innovation and growth.

He explained, “In line with the Government and Central Bank’s directives, Sharakah continued lending a helping hand to small businesses which were affected by the pandemic, lockdowns, and restrictions with supporting gestures such as interest and principal waivers, repayments deferments and loans restructuring. These interventions have shown positive outcomes for the SMEs we supported.”

Building on 25 years of achievement, he said, “Sharakah continues to promote the culture of entrepreneurship by adopting innovative projects and providing aspiring entrepreneurs opportunities to overcome obstacles and fulfil their dreams of becoming successful business leaders.”

During the year Sharakah showed commitment to supporting Oman’s Economic Stimulus Plan (ESP) endorsed by the Council of Ministers and approved by His Majesty Sultan Haitham bin Tarik in 2021 by introducing a new Equity Scheme for Innovation and Technology. It is again redesigning its new five-year strategy to align with market conditions that lines up with Oman`s Vision 2040

Apart from sectors such as information technology, engineering, manufacturing, services, and food industries, Sharakah is now providing support to a substantial number of projects in industries, including transformative industries such as hydroponic farms, fish processing, logistics, tourism, technology, and innovation. Sharakah is increasing the sectors it supports to encourage SMEs to participate and contribute to the country`s GDP.

During the AGM, the Audited Financial Statements for the year 2022 were discussed and approved, along with the appointment of the Statutory Auditor for the upcoming financial year of 2023.

This was the election year for Sharakah Board hence the Shareholders elected seven members as the Board of Directors for the year 2023-2025. The following members have been elected to the Board:

1) Mr. Hani Mohammed Al Zubair

2) Mr. Said Salim Al Sahib

3) Mr. Kamal Uddin Hassan Al Maraza

4) Mr. Hassan Abdul Amir Shaban

5) Mr. Qais Mahmood Al-Khonji

6) Mr. Rashad Jaffar Al Shaikh

7) Ms. Malvika Pankaj Khimji

21/02/2023

National Finance, Oman`s leading finance company, has partnered with Sharakah to support six local micro and small enterprises through its SME Growth Programme. The initiative will enable selected SMEs to identify areas of improvement in their operations and assist them in implementing effective strategies to enhance their business profitability. "At National Finance, we are committed to supporting the growth and development of SMEs in Oman. Our collaboration with Sharakah in this venture demonstrates our commitment to empowering entrepreneurs and helping them establish successful businesses. We are confident that such partnerships create a positive impact on the participating entrepreneurs and contribute to the development of the SME sector in general." Said Lina Al Abdulsalaam, Head of Marketing and Corporate Communication. Sharakah, the implementer of the initiative, received a strong response to the programme, with 225 registration forms submitted within just one month of opening the application process. After a rigorous selection process, 20 projects were shortlisted and interviewed, with six ultimately chosen to participate. Sharakah will conduct a comprehensive review of the projects, covering seven critical areas of the business. Based on the findings, a detailed plan will be developed to address the identified gaps and make the necessary improvements in each of the critical areas. This approach will ensure a thorough and targeted strategy to enhance project performance and overall success. "The SME Growth Programme provides entrepreneurs with comprehensive business strategies over a 12-month period," said Faris Al Harthy, Senior Project Specialist. The selected entrepreneurs attended an orientation session at the National Finance Head Office, where they were introduced to the attendees along with their businesses, and signed an agreement committing to the programme. The programme will kick off with site visits for the first assessment and an action plan will be developed for each project. National Finance, under Imtidad - partners with the Fund for Development of Youth Projects (Sharakah), to support a series of educational programmes in Financial Planning that facilitate the development of both youth and Small and Medium Enterprises (SMEs) across the Sultanate of Oman. The successful partnership, now in its fourth year, has benefitted more than 800 participants, enhancing the skills of future entrepreneurs, helping them realise their potential and developing their projects.

13/02/2023

Muscat: To enhance financial and digital inclusion, Sharakah recently signed a global partnership and economic development cooperation MOU with World Business Angels Investment Forum (WBAF) an affiliated partner of the G20 Global Partnership for Financial Inclusion (GPFI).

The agreement strives to boost the capabilities of entrepreneurs, startups, and SMEs by connecting them with global investors and by providing quality knowledge and networking.

Mr. Ali bin Ahmed Muqaibal, CEO, Sharakah and Mr. Baybars Altuntas, Executive Chairman, The World Business Angels Investment Forum (WBAF) signed the MOU at a special ceremony.

The WBAF is an international organisation aiming to ease access to finance for businesses from start-up to scale-up, with the ultimate goal of generating more jobs and more social justice worldwide. The forum interacts with leaders in all areas of society, first in business and political spheres, to help assess needs and establish goals, bearing in mind that the public interest is of paramount importance.

Ali bin Ahmed Muqaibal, CEO, Sharakah said, “We feel honored to sign this agreement with WBAF which is committed to collaborating globally to empower world economic development by creating innovative financial instruments for innovators, start-ups, and SMEs. This gives us an excellent prospect to inspire the aspirations of Oman’s SMEs and startups and an opportunity to fulfill our social responsibility. The MOU will help us develop a strong institutional relationship which will help us establish a durable mechanism for facilitating dialogue and participate in joint activities, opening forums, and exchange experiences.”

Baybars Altuntas, Executive Chairman, The World Business Angels Investment Forum (WBAF), stated: “We are pleased to sign the MOU with Sharakah which has been contributing considerably to the development and preservation of the entrepreneurial ecosystem in Oman. We are delighted to offer entrepreneurs, start-ups, and SMEs entry to new markets, strategic brand development and management, global mentorship, education and training, business transformation, digital transformation, and access to finance. This cooperation will help us carry out common initiatives, events, programs, projects, actions, or other measures in order to support the economic development of start-ups, scale-ups, entrepreneurs, and SMEs.”

WBAF engages a wide range of institutions, both public and private, local and international, commercial and academic to help shape the global agenda. Sharakah provides support to help young and aspiring entrepreneurs in Oman grow into successful business leaders.

09/02/2023

Muscat: Oman government, represented by the Ministry of Commerce, Industry, and Investment Promotion, celebrates the Omani Industry Day on February 9 every year. The Industry Day commemorations is marked to motivate the industrial sector to work for economic diversification in Oman.

Promoting the growth of industries and hence increasing its contribution to the economy remains one among the top priorities of the Omani government. To achieve success, it has put in place a policy framework to create a conducive business environment for industries. To support industries, the government has centered on simplifying processes, job creation, skill development and fostering innovation.

In line with Oman’s vision 2040 Sharakah has been and continues its contribution to boost the industrial sector in the country since 1998. Being committed to entrepreneurship development it offers a wide range of services to aspiring entrepreneurs right from planning a project to reaching its full potential. Sharakah offers three main services including creating awareness about the importance of entrepreneurship and SMEs; providing financial support for startups and existing businesses; and providing consultation, handholding and advice to business owners to ensure their progress and sustainability.

Sharakah has been contributing considerably to the development and preservation of the entrepreneurial ecosystem in Oman to help young and aspiring entrepreneurs in Oman grow into successful business leaders. In cooperation with the SME ecosystem Sharakah also provides advisory support as well as capacity building and creating awareness on the importance and best practices for entrepreneurship targeting different age groups across Oman. It has developed a variety of tools to improve business performance, among them: the Risk Assessment Tool, which gives an insight into the risk associated with each prospective business, producing a mitigation strategy; the Business Performance Monitoring Tool, a performance measurement tool that evaluates the business from different angles and provides a plan for improvement of the business over a specified timeframe; the Financial Analysis Tool which enables understanding project profitability, payback period and other significant financial ratios and metrics.

In accordance with Oman’s Economic Stimulus Plan (ESP) endorsed by the Council of Ministers and approved by His Majesty Sultan Haitham bin Tarik in 2021, Sharakah developed its five-year strategy (2021-2025) to meet the existing market circumstances and to be more aligned with Oman’s Vision 2040. Sharakah now focuses on the sectors of transformative industries such as agriculture, fisheries, mining, mineral, cultural, logistics, educational, tourism, technology, innovation, and other complementary sectors. Sharakah extended the sectors of its support that were previously limited to manufacturing, services and trading to help open up a wider field for the economy in general and for the SMEs in particular to boost their services and increase the percentage of their contribution to the country’s GDP. Sharakah also cooperates with organisations regionally and internationally to achieve its objectives.

Since its establishment, Sharakah has supported a number of SMEs all over Oman and in different sectors and backed them with the objective of ensuring business sustainability and creating employment opportunities.

New Rusayl Heights (ELMRR)

One of Sharakah’s biggest ‘continuous support’ success stories is the New Rusayl Heights (ELMRR), a leading Omani SME specialised in manufacturing construction chemicals and coating products. The SME was granted financial and advisory support by Sharakah as a startup in 2011. ELMRR has benefited and grown with numerous financial assistances and continued handholding. Sharakah’s main aim of continuous support contributes positively to the national economy by supporting an SME like ELMRR to stabilise and enhance its performance with financial and consultancy services.

ELMRR, established in Muscat in 2011 by Huda Al Saadi, produces a variety of products with high quality to fulfil the local market demands in the construction and building industry. Each product manufactured by ELMRR is a result of research and development with contractors, manufacturers and consumers to ensure the product complements the requirements of the market. The products include high-quality precision grouts, concrete admixtures, Industrial floorings and coatings, technically advanced joint sealants, adhesives, bonding agents, water proofing and damp proofing products, water stops, self-adhesive membranes, protective coatings and concrete repair and protection systems among others. The business stood against the stiff competition from big players in the market and grown over the years. Now operating from Samail Industrial Area and it aims to increase production capacity and add new products to cater to the market demands. Sharakah is proud of the determined and hard-working Huda Al Saadi’s growth story.

For more information: https://www.elmrr.com/

Gulf Nails

Another industrial SME supported by Sharakah, Gulf Nails is into manufacturing of quality collated and bulk nails which are mostly exported to USA. Established in 2020, Gulf Nails have gained recognition in the field of trading highly reliable range of nails. The products are widely acknowledged for their high strength, durability, and sturdy design. With the support of Sharakah the company was able to obtain latest technology in Nails manufacturing. The team at Gulf Nails is well equipped with the latest technology, knowhow and skilled artisans who devote their time and energy in manufacturing the product as per the latest market requirements and customer`s need. Every product that comes out from the factory has a guarantee of quality and it is more than just adhering to specifications.

Oman Flanges

Oman Flanges is specialised in manufacturing flanges and is identified in the list of In-Country-Value (ICV) by the Omani oil and gas companies. Sharakah was truly excited to support this project in 2014 for its objective of ultimately maximizing Oman ICV. It is now a leading medium-size manufacturer of various types of steel flanges for pipe and fittings. It supplies products to cover huge local demand from oil and gas field, petrochemical, fertilizers, power, and desalination plants in addition to other chemical industries. Its technical staff has in-depth knowledge and experience spanning over years in this field, involving precise machining with high-quality productivity plus time delivery commitment. The company aims to bridge all supply gaps by establishing a high-end manufacturing foundation in Oman with the ability to supply its products for different industries along with creating new opportunities and business development.

For more information: https://www.omanflanges.com

Galfar Gases

A gas manufacturing plant located in Dhofar, Galfar Gases was established in 2013. They manufacture different kinds of gases like Oxygen, Acetylene and Nitrogen. The business has gone through many challenges including competition and with their dedication and commitment they managed, survived, and grown. They have a great story of supplying Oxygen to the community in Dhofar during COVID-19. Sharakah is proud to be part of their success journey.

Ali bin Ahmed Muqaibal, CEO, Sharakah says, “On Oman industry day we are proud to mark the success stories of entrepreneurs who grew with the support of Sharakah. We are always pleased to extend our expertise to aspiring entrepreneurs and help them take the first steps to ensure the sustainable success of their businesses. We will help them gain business skills, build relationships, get funded and grow successful businesses. We will continue to ensure the sustainability of the businesses we support.”

Zuwaina Al Badaaí, SME Development Manager, Sharakah said, “We are happy to play a role in enhancing the development and entrepreneurial competitiveness of SMEs. We strive to accelerate the successful growth of SMEs through an array of business support resources and services. Going by the success stories we have witnessed so far, we are pleased to have created value by integrating the entrepreneurial drive of startups with the resources that we have made available. This is beneficial to the country’s growth trajectory and a step towards fulfilling Omani Vision 2040 objective.”

25/01/2023

Muscat: To empower small and medium enterprises and support the development of their businesses, Sharakah recently signed a memorandum of understanding (MOU) with SMEs Development Authority. In support of the entrepreneurship system, empowering small and medium enterprises, and enhancing the sustainability of their business.

The agreement endeavours to strengthen collaboration between the two entities on sharing of expertise related to the ecosystem which will boost the growth of SME sector and help them operate successfully and be sustainable. The cooperation will focus on initiatives and activities related to SMEs while supporting and promoting each other in serving the sector.

Her Excellency Halima bint Rashid Al Zari, Chairperson/Chairwoman, SMEs Development Authority and Mr Ali bin Ahmed Muqaibal, CEO, Sharakah signed the MoU at a ceremony that took place in the SMEs Authority head office.

The SME Development Authority works to support and enable micro, small and medium enterprises to grow, expand and raise their competitiveness through innovative and sustainable programmes in an effort to increase their contribution to GDP. Sharakah was established in 1998 with the aim of developing the entrepreneurial sector in Oman, and it provides a variety of services to aspiring entrepreneurs, starting from the planning stage of the project until reaching its desired goals.

Ali bin Ahmed Muqaibal, CEO, Sharakah said, “We feel honoured to sign this agreement with SMEs Development Authority. Both entities are playing a vital role in supporting and developing the SME ecosystem in Oman, the objective of this collaboration is to expand and boost the support extended to SMEs. The MoU will contribute to the advancement of entrepreneurship in Oman, boost the SME sector’s contribution to the economy, and make small businesses more active and robust. Our goals and objectives are strategically aligned, and this MoU comes as a validation of our strategic alliance.”

Her Excellency Halima bint Rashid Al Zareya, Chairperson of the Small and Medium Enterprises Development Authority, stated: “This agreement comes to enhance the existing cooperation and partnership with Sharakah, as we seek to enhance the Authority’s roles in empowering SMEs and expanding their capabilities with basic knowledge and skills to engage in entrepreneurship and keep pace with change. This promising sector is accelerating, and we are committed to consolidate the presence of SMEs in all fields to increase their contribution to GDP and development of national economy. We also strive through innovative initiatives and programmes to stimulate SMEs to raise their capabilities in order to compete locally, regionally and globally. "

Sharakah has been contributing considerably to the development and preservation of the entrepreneurial ecosystem in the Sultanate of Oman and mobilising public and private sector support to help young and aspiring entrepreneurs in Oman grow into successful business leaders.

13/09/2020

For many small and medium-sized enterprises (SMEs), franchising presents an ideal business model, with its inherent support systems often being a cornerstone to its success. Ms. Salma Saif Al-Sulimani, a motivated businesswoman, stood at the crossroads of such a venture. Drawn to the appeal of the renowned Spanish brand, La Chinata, she faced the quintessential challenge of every entrepreneur – how to navigate this promising yet demanding path. In her quest for guidance, Salma turned to Oman’s leading SME development firm Sharakah, an institution celebrated for its dedication to fostering entrepreneurial spirit and uplifting the aspirations of emerging business leaders.

Building on business management graduate Salma’s initial efforts, Sharakah stepped in with its tailored solutions. They employed their distinctive 360-degree Business Performance Monitoring Tool (BPMT), a recognised industry-standard tool, complemented by other resources, to further refine and enhance the business trajectory set by Salma for La Chinata. In addition to their strategic tools and resources, Sharakah bolstered Salma`s venture with essential funding and loan provisions.

With Sharakah’s support, Salma embarked on her journey with La Chinata which is celebrated for its premium products rooted in the essence of extra virgin olive oil.

Reflecting on her entrepreneurial journey, Salma shares, “Introducing the La Chinata brand to Oman was a source of immense pride for me. Beyond their renowned olive oils, the brand unfolds a tapestry of gourmet foods, cosmetics, baby products and skincare essentials—all echoing the richness of olive oil. The skincare range, in particular, captures the nourishing essence of olive oil’s antioxidants and moisturizers. Their gourmet spread further tantalizes with a mix from traditional olive oils to specialties like pates, vinegars, and varied spices. Such unwavering commitment to quality and originality is what sets La Chinata apart. So, I thought it was high time Oman got acquainted with such a brand.”

Expressing her gratitude, she adds, “Sharakah played an instrumental role in turning this dream into a reality, offering unparalleled support and guidance at every step, thereby enabling me to realise my goals and grow.”

Today, the La Chinata store is a prominent fixture in the vibrant Oman Avenues Mall. Salma, with ambition shining in her eyes, aspires to broaden her entrepreneurial horizons, setting her sights on launching multiple branches not only in Oman but also beyond the borders of Oman.