Agreement signed to support growth of SMEs in Oman

MUSCAT: In partnership with bp Oman, Sharakah will launch the sixth cycle of the Khazzan Project for SME Development, to support the growth of small and medium enterprises (SMEs) across Oman. This programme has played a pivotal role in supporting the performance of more than 120 SMEs which includes hospitality, retail, finance, manufacturing, agriculture and education sectors in Oman over the five previous cycles, contributing to their success and sustainability. Several SMEs such as Inno Tech, E Mushrif, and Lotus Oil Lubricants among others have benefited from the programme.

The sixth cycle of the programme will select 12 SMEs across various sectors and will identify and address their developmental challenges through comprehensive assessments. This will allow the programme to develop each SME’s business strategies, actions plan, financial plans as well as enhance the performance of each business across various aspects such as compliance, quality, marketing, human resources and finance. The 12-month programme will also offer workshops and mentorships to entrepreneurs to meet their market needs.

Ali bin Ahmed Muqaibal, CEO of Sharakah said, “We are proud to continue our journey with bp Oman in developing the SME sector. Our shared vision goes beyond financial assistance and is about building a sustainable ecosystem where Omani SMEs can thrive and contribute to the national economy. The success of over 120 SMEs under the Khazzan Project is a testament to our collective effort and commitment to Oman’s prosperous future."

Ibrahim al Hinai, Social Investment Manager at bp Oman, Kuwait and Qatar, commented: “Our partnership with Sharakah through Khazzan for SME Development programme, contributes towards the sustainability of the local businesses. Through this project, we are supporting businesses, empowering their success and continuity in our local markets which in turn contributes to the nation’s socio-economic growth and aligning with the ambitions of Oman Vision 2040.”