Sharakah and WBAF sign MOU to boost global partnership and economic development cooperation

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.

About Sharakah

Sharakah, among Oman’s first SME development initiatives has been fostering the entrepreneurial spirit since 1998 when it was incorporated by a Royal Decree No. (76/98). Since its inception, Sharakah has provided support to a substantial number of projects in different sectors through awareness, training programs, financial support, consultation services and more. Playing a strategic role in the SMEs ecosystem in the Sultanate and making a positive impact is Sharakah’s vision, and its strategies revolve around the objectives of benefitting the Omani SME sector.

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