Sharakah’s 24th AGM – Marks another year of achievements and growth

Muscat: Sharakah held its 24th Annual General Meeting to discuss the financial year that ended on December 31, 2022. The meeting was held online through Muscat Clearing and Depository (MCD) virtual platform, on March 21st, 2023, and was presided over by Mr. Said Al Sahib, Vice Chairman of the Board of Directors.

Various stakeholders, including Board Members, shareholders, representatives of shareholders, Statutory Auditors, Lawyer, MOCI representatives, and Sharakah employees attended the meeting.

The meeting was held under the supervision of the Ministry of Commerce, Industry and Investment Promotion and Muscat Clearing and Depository. S.A.O.C.

During the meeting, Mr. Said Al Sahib provided an overview of Sharakah’s accomplishments throughout the year. He emphasized the company’s unwavering commitment to supporting small and medium-sized enterprises (SMEs) in Oman by pursuing all available avenues to help them remain resilient. Despite facing challenges, Mr Said highlighted how Sharakah aims to help SMEs transform obstacles into opportunities for innovation and growth.

He explained, “In line with the Government and Central Bank’s directives, Sharakah continued lending a helping hand to small businesses which were affected by the pandemic, lockdowns, and restrictions with supporting gestures such as interest and principal waivers, repayments deferments and loans restructuring. These interventions have shown positive outcomes for the SMEs we supported.”

Building on 25 years of achievement, he said, “Sharakah continues to promote the culture of entrepreneurship by adopting innovative projects and providing aspiring entrepreneurs opportunities to overcome obstacles and fulfil their dreams of becoming successful business leaders.”

During the year Sharakah showed commitment to supporting Oman’s Economic Stimulus Plan (ESP) endorsed by the Council of Ministers and approved by His Majesty Sultan Haitham bin Tarik in 2021 by introducing a new Equity Scheme for Innovation and Technology. It is again redesigning its new five-year strategy to align with market conditions that lines up with Oman’s Vision 2040

Apart from sectors such as information technology, engineering, manufacturing, services, and food industries, Sharakah is now providing support to a substantial number of projects in industries, including transformative industries such as hydroponic farms, fish processing, logistics, tourism, technology, and innovation. Sharakah is increasing the sectors it supports to encourage SMEs to participate and contribute to the country’s GDP.

During the AGM, the Audited Financial Statements for the year 2022 were discussed and approved, along with the appointment of the Statutory Auditor for the upcoming financial year of 2023.

This was the election year for Sharakah Board hence the Shareholders elected seven members as the Board of Directors for the year 2023-2025. The following members have been elected to the Board:

  • Hani Mohammed Al Zubair
  • Said Salim Al Sahib
  • Kamal Uddin Hassan Al Maraza
  • Hassan Abdul Amir Shaban
  • Qais Mahmood Al-Khonji
  • Rashad Jaffar Al Shaikh
  • Malvika Pankaj Khimji

 

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 programmes, 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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