Empowering aspiring entrepreneurs and driving business growth: Sharakah’s impact in Oman

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.