finance & economy

Sharakah launches new strategy to enhance SME support

March 25, 2021

MUSCAT, MARCH 24 – In line with the Sultanate’s Economic Stimulus Plan (ESP) endorsed by the Council of Ministers and approved by His Majesty Sultan Haitham bin Tarik, Sharakah’s Five Year Strategy (2021-2025) has been developed to meet the current market circumstances and to be more aligned with Oman’s Vision 2040 Oman’s Vision 2040 targets the diversification of the National Economy. In particular, it lays emphasis on the sectors of transformative industries: Agriculture & Fisheries based projects, Mining and Mineral products, in addition to Service, Cultural, Logistics and Educational activities and their supportive and complementary sectors.
This opens up a wider field for the economy in general and for the SMEs in particular to boost their services and enhance the quality of their products to increase the percentage of their contribution to the Sultanate’s GDP, which inspired Sharakah to expand the sectors of support that were previously limited to the manufacturing, services and trading [through Bill Discounting] sectors to include the fields of Agriculture & Fisheries based projects, Tourism and Technology & Innovation.
The new strategy of Sharakah came as a support and motivation for individuals wishing to start their own businesses, which will help rekindle economic growth and business activity stifled by the Covid-19 pandemic as well as creating job opportunities for the local community.
With the current economic fluctuations and unexpected changes in the market, Sharakah is flexible in the payment period which is linked to the projected financial performance.
Muuath al Shehhi, Investment Analyst in Sharakah further commented: “We remain committed to the mandate given to support the SME community and thus help the economy, so we expanded the sectors of support to include the fields of Agriculture & Fisheries based projects, Tourism and Technology & Innovation. We have simplified the funding process and maintain transparency, which is evident from the details in our website.
Besides, given the significance of having a proper business plan for each project, we have formulated a business plan template to guide potential entrepreneurs to draft the same for their project.”

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