Sharakah partners with Development Bank to amplify the SME sector

Muscat: Oman’s leading SME development company, Sharakah, recently signed a Memorandum of Understanding (MoU) with Development Bank which aims to enhance cooperation between the two entities, particularly in supporting and empowering investments in various business sectors. This partnership was formalized at Development Bank Office – Ruwi, located in the Muscat Governorate.

Ali Ahmed Muqaibal, CEO of Sharakah, and Hamad Bin Salem Al Harthy, acting CEO of Development Bank, signed the partnership.

The MoU will contribute to strengthening cooperation between Sharakah and the Development Bank in several areas, including supporting and empowering small and medium enterprises, exploring various investment opportunities, directing financing towards partnerships with investors based on the specialization of each party. Additionally, it involves exchanging practical and professional expertise, experiences, and transferring knowledge between the two parties, especially related to mechanisms of financing, evaluation, and project follow-up.

The primary goal of this cooperation is to provide direct support and capacity building to small and medium enterprises, in various sectors.

Under this agreement, various business monitoring instruments and tools will be utilized to support these institutions and projects.

The collaboration will involve both parties studying ways to support various projects and investment opportunities, directing financing towards partnerships with investors according to each party’s specialization. Additionally, they will exchange practical and professional knowledge, particularly focusing on financing mechanisms and project evaluation and monitoring. Opportunities for partnerships will be studied from both financial and technical aspects, and both entities will collaborate on marketing programmes and events to promote new investment opportunities, as mutually agreed upon.

For his part, Mr. Hamad bin Salem Al Harthy, Acting CEO of the Development Bank, said: “This memorandum of understanding comes within the framework of our endeavors to establish partnerships with relevant institutions in the small and medium enterprises sector with the aim of complementing roles and providing more services and programs to small and medium enterprises. Through our joint work with Sharakah we can enhance, grow and innovate in the various sectors in which small and medium enterprises operate.”

Ali Ahmed Muqaibal, CEO of Sharakah, reinforces the company’s commitment, stating, “Our collaboration with Development Bank is a strategic alliance aimed at providing direct support to small and medium-sized enterprises. By activating various financing & monitoring tools and sharing expertise, we are fostering entrepreneurial talent and actively elevating it in line with our mutual development goals. We aim to amplify our ability to nurture and elevate the next generation of business leaders.”

Sharakah continues its commitment to nurturing entrepreneurial talent as it expands into new and sustainable sectors, including renewable energy, In-Country Value projects, and communication technologies (ICT). Renowned for its ongoing support in fostering entrepreneurial skills and lifting emerging business leaders, this latest initiative from Sharakah promises a bright future.

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