40 SMEs supported by Sharakah

Sharakah, a closed stock company set by Royal Decree to support the development of Small and Medium Enterprises (SMEs) in the Sultanate, yesterday held its Annual General Meeting for the financial year ended December 31, 2018. The AGM was presided over by Said al Sahib, Vice Chairman of the Board of Directors. In attendance were Board Members, shareholders, representatives of shareholders, and other officials.
In welcome remarks, Said al Sahib said: “Since inception, Sharakah has served and nurtured the Omani SME community and has also been able to sustain itself and grow despite the challenging task of supporting startups. Over a period of 20 years, we have supported more than 186 SMEs with investment exceeding RO 6 million. We are proud to say that we have been able to stand by the letter and spirit of the mandate of our Royal Decree.”
During 2018, Sharakah evaluated around 70 applications while supporting more than 40 projects either via funding or handholding support.
The Vice Chairman underlined the importance of having strong ties with other organisations supporting SMEs. In line with this approach, Sharakah supported the 4th Khazzan Project for SME Development backed by BP Oman, providing intensive support to 24 SMEs for 12 months.
In addition, BP Oman invited Sharakah to conduct twelve ‘Calculate it Right’ workshops in various governorates of the Sultanate, including Muscat, Al Dakhiliyah, Al Sharqiyah and Al Dhahirah which were attended by approximately 600 SMEs and college students. Moreover, under their CSR initiative, National Finance Company joined hands with Sharakah to conduct ten ‘Calculate it Right’ workshops across the country, which benefited 320 SMEs.