Sharakah enhances the growth of Omani SMEs through an invoice factoring partnership with Oman Fisheries

Muscat: In a significant move to bolster the growth and development of small and medium enterprises in Oman, Sharakah, the leading SME development company, has initiated an invoice factoring scheme with Oman Fisheries Company SAOG. This partnership aims to enhance the financial stability and growth prospects of SMEs associated with Oman’s largest fishing corporation.

This financial solution is set to significantly benefit the SMEs engaged with Oman Fisheries by improving cash flow, boosting liquidity, and ensuring operational efficiency.

The Invoice Factoring solution brings key benefits to SMEs, notably in improving cash flow and boosting liquidity. It offers an effective solution for SMEs to manage their working capital more efficiently by providing quick cash against invoices. This enables businesses to meet their operational expenses promptly, avoiding any delays that could hinder their growth. Furthermore, having access to quick liquidity is critical for the growth and sustainability of SMEs. The scheme empowers them to quickly seize growth opportunities, fulfill orders on time, and plan for expansion with greater confidence.

The agreement was officially signed by Ali Ahmed Muqaibal, CEO of Sharakah, and Eng. Nabeel Al Ruwaidhi, CEO of Oman Fisheries.

This collaboration lays a strong foundation for the prosperity of Omani SMEs, facilitating their access to essential financials.

Ali Ahmed Muqaibal expressed his enthusiasm about the partnership, stating, “We are happy to sign with Oman Fisheries. Invoice factoring has emerged as a preferred method for small businesses to secure the finances they need. This approach is efficient, reliable, and eases the pressure of financial obligations, allowing businesses to plan for sustainable growth.”

Echoing the sentiment, Eng. Nabeel Al Ruwaidhi highlighted the value of this collaboration for advancing SME development in Oman.

As Sharakah celebrates its 25th anniversary of supporting SME development, this partnership with Oman Fisheries marks a significant milestone in its mission to foster a robust and diverse ecosystem for SMEs in Oman.

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