Sharakah and OPAL collaborate to enhance economic, environmental, and social development in Oman

Muscat: Sharakah, Oman’s leading SME development firm, recently signed a Memorandum of Understanding (MOU) with the Oman Energy Association (OPAL), a non-profit organization dedicated to the energy and minerals sector. This partnership aims to support the development of youth projects in Oman, emphasizing the significance of nurturing business growth for a more substantial impact.

The agreement was signed by Ali Ahmed Muqaibal, CEO of Sharakah and Abdulrahman Al Yahyaei, CEO, OPAL.

Under this agreement, both Sharakah and OPAL commit to fostering the ‘spirit of entrepreneurship’ and enhancing the promotion of Omani SMEs within specific fields. This collaboration is expected to create jobs and stimulate the national economy further.

Central to their partnership are initiatives aimed at environmental, economic, and social sustainability, including the provision of smart funding solutions and the development of programs addressing strategic areas such as In-Country Value (ICV), waste management, de-carbonization, and energy transition.

Ali Ahmed Muqaibal, CEO of Sharakah said, “Our partnership with OPAL marks a strategic collaboration where our smart funding capabilities will play a pivotal role in nurturing the growth and success of Omani SMEs.”

Abdulrahman Al Yahyaei, CEO, Opal said, “In alignment with Sharakah, we are committed to providing the necessary technical support, driving initiatives that boost awareness and contribute to the thriving ecosystem of SMEs in Oman.”

A key component of this collaboration involves proposing potential energy projects that could significantly benefit the SME sector, setting a precedent for impactful business environment enhancements. The specifics of these initiatives, including parameters, requirements, and conditions, will be mutually agreed upon annually, ensuring relevance and effectiveness.

In terms of knowledge sharing, Sharakah and OPAL pledge to actively exchange expertise and insights, nurturing a culture of collaborative learning and growth. This open channel of communication is expected to enhance the overall effectiveness of their partnership.

Sharakah’s responsibilities encompass the provision of smart funding and consultancy to SMEs recognized by this partnership. This includes seed funding for significant ICV/Clean Energy initiatives in OPAL-specified areas at reduced rates for its members and a tailored Bill Discounting Scheme. Sharakah will also create a vendor development programme on OPAL’s request, funded by selected companies, and will offer orientations and workshops for chosen SMEs as needed.

OPAL seeks to enhance its offerings by creating a unified platform that establishes and promotes work standards to elevate competencies and professionalism. Its ultimate goal is for Oman’s Energy Industry to achieve world-class status, with international competitiveness and recognition as a leader in the sustainable management of hydrocarbons and renewable energy. OPAL aims to lead in coordinating stakeholder objectives and tackling shared challenges to benefit its members.

Sharakah is dedicated to advancing SME development in Oman by raising awareness of entrepreneurship and SME significance, alongside offering financial backing and advisory services.