Year - 2023

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.