Year - 2018

11/12/2018

The Sultanate has great potential to serve the world in the space technology sector because of its climate and geo-nature. Eng. Bahiya Hilal Al Shuaibi is one of the young people interested in this sector. She is the first Omani to initiate the space sector in the Sultanate and is working hard to spread the culture of space and establish its knowledge structure.
She founded Global Space & Technology Company in 2017. It is specialized in space and modern technologies. It is the first company to support Oman`s space technology industry.
Eng. Bahiya believes that the true desire will create opportunities for success. She received her master`s degree in satellite and mobile communications from the British University of Surrey in 2014 and also obtained a number of higher and professional degrees in space science and technology from the International Space University and experience in cooperating with several international institutions in space and communications sector. She also has experience in project management and transformation management.
Through the Global Space & Technology Company, Eng. Bahiya seeks to establish the knowledge structure and enhance the level of scientific knowledge among the different segments of the society on the field of space and technology through the provision of projects, awareness workshops, lectures and scientific publications.
In a short period of time, the company was able to implement a number of different projects in the field of space science and technology, space related services and modern technology. The company has many achievements and success through the space science programs and advanced scientific and technical projects carried out by the team. Such as consulting projects in scientific centers, space simulation centers, unmanned aircraft projects (Drones) and simulators. As well as the promote knowledge through these projects, such as: The project of "Research study on the best locations in Oman for the establishment of space rocket launchers" and Space Encyclopedia with augmented reality technology. It is worth mentioning that the company recently completed the preparation of a book on space technology and will be published early next year along with other courses and lectures related to space science and technology.
This year, the company was selected to be among participating companies in the SME Development Program (Khazzan). The program focuses on a comprehensive evaluation of all aspects of the project, followed by a comprehensive report on aspects that need to be improved and consulted for the work of a financial and administrative plan for the project.
Speaking about the program, Bahiya said: "We appreciate the opportunity and support that BP Oman offers in collaboration with a partnership to promote small and medium enterprises. The financial grant helped us to develop our business, and we will use part of it in our technological education program.”
09/12/2018
Under the auspicious of HE Qais bin Mohammed Al Yousef, Chairman of the Board of Directors of Oman Chamber of Commerce and Industry (OCCI), a ceremony was held yesterday to celebrate the conclusion of the Khazzan Project for SME Development for 2018. Partnering with BP Oman, this program is executed by Sharakah. The ceremony was attended by Sharakah’s Chairman Mr. Hani M. Al Zubair and BP Oman President Mr. Yousuf Al Ojaili and number of Sharakah’s beneficiaries.
A total of 24 SMEs representing a variety of sectors have participated in the project. Throughout the program SME’s have been supported through consultancy services where they have developed skills in business analysis enabling them to identify areas for improvement. Faris AL Harthy, Sharakah’s Project Specialist delivered a showcase presentation highlighting the success of last 4 year’s program. Two SME business owners from the earlier program expressed their satisfaction of the program and shared stories related to the improvement in their businesses.
Bahiya Al shuaibi, the founder of Global Space & Technology Company presented a brief about her business and highlighted what she gained from the project saying ““We are very thankful for the opportunity provided by BP Oman and Sharakah to enroll in the program. Apart from the grant offered by BP Oman, we appreciate the consultation session we had with Sharakah.”
One of the beneficiaries Adnan AL Shuaili, Owner of Tayyar Trading Company shared his experience appreciation of the outcome saying “Sharakah expertise assisted my project by setting a plan to improve the performance. The focus was to verify the company’s compliance with policies and general rules. Moreover, I got help in developing the cash flow and enhanced the marketing strategy.”
Shamsa Al Rawahi, BP Oman Social Investment Manager commented; “At BP Oman we are committed to introducing social investment programs that complement existing programs and contribute positively in the local social and economic development. We have three key areas for social development and Khazzan Project for SME Development falls under the entrepreneurship development area. We are proud to have successfully completed this 4-year project, particularly given the positive impact this project has had.”
18/11/2018
In 2014, BP Oman and Fund for Development of Youth Projects (Sharakah) inked an agreement to launch the first edition of the Khazzan Project for SME Development. The agreement gave Sharakah the responsibility to manage and promote the program. Sharakah was tasked with the exercise of setting the right mechanism to identify eligible Small and Medium Enterprises (SMEs) and then evaluate and support them. Over the last 4 years, 86 SMEs have benefited from the project and have improved their business performance.
Khazzan Project for SME Development is one of BP Oman’s Social Investment Programs. It aims to evaluate the performance of the selected SMEs, assess and identify areas for improvement and draw a structured plan for action to be taken over a period of 12-months.
The selection of the SMEs is based on certain criteria. They include businesses that have completed at least one and half years since starting operations, the accuracy and authenticity of the information provided about the business, and SME owners to be Omanis and fully dedicated to the project. Further, preference is given for projects in the manufacturing sector.
962 applications were registered for Khazzan Project for SME Development for the 4 batches of the program. Over the years, there has been a significant increase of the number of applications received. In 2014 55 applications were received, 60 applications in 2015, 423 in 2016 and 424 in 2017.
Since the program aims to guide the SMEs to implement best practices, the following methodology was conducted:
In the initial stage, licenses of operation and important documents are collected to get a better understanding of the business. Further, an assessment of the quality of the services and products and the administrative procedure is conducted. Consequently, strength areas and areas that needs improvement are identified.
Dedicated SME Development Specialist from Sharakah makes a site visit to the business premises to inspect and assess the infrastructure and to verify the information and details submitted by the SME. During this stage, meetings are held with the owners, employees and the customers or direct suppliers. This provides a clear picture of the style of work and the communication channels between the main stakeholders; employees, customers and suppliers.
In turn, a comprehensive assessment is conducted using Sharakah’s Business Performance Monitoring Tool (BPMT) which is a framework that contains 58 criteria to evaluate the SMEs. These criteria are classified into 7 different categories named (administration, communication, marketing & branding, finance, human resources, quality and policies).

Shamsa Al Rawahi, BP Oman Social Investment Manager commented; “At BP Oman we are keen on introducing social investment programs that complement existing programs and contribute positively in the local social and economic development. We focus on three areas for social development and the Khazzan Project for SME Development falls under the entrepreneurship theme. We are really pleased to have successfully completed 4 years of this project and even more delighted of the positive impact this project has had.”
One of the beneficiaries Ahmed Al Ajmi, Owner of ThurayaBiz Company shared his appreciation of the outcome saying “Sharakah expertise assisted my project by setting a plan to improve the performance. The focus was to verify the company’s compliance with policies and general rules. Moreover, I got help in developing the cash flow and enhanced the marketing strategy.”
Likewise, Othman Al Manthari, Founder of Innotech company shared his excitement of the outcome stating “I have been running the business for several years without having a clear governance structure in place. This project has enlightened me of the importance of having clear policies, work manual and strategies in place. We have worked on improving our administrative processes and procedures and as a result I was named Riyada Best Entrepreneur in 2017.”
Nasser Al Mahri, Owner of Al Mahri Industrial Enterprises, also added “I joined the BP Khazzan Project for SME Development to benefit from the wealth of advice and guidance provided by the experts at Sharakah. The project has helped me improve my business by providing consultancy and guidance on how to enhance my operations. I have further availed additional financial support from Sharakah to expand my operations. I have managed to win 2 bids worth over OMR 160,000 and I can see that my business is taking an upward curve to success.”
Abdullah Al Jufaili, General Manager of Sharakah commented; “We at Sharakah are grateful and proud of the cooperation with BP Oman to implement this project. Over the last 4 years we have supported 86 projects and this program had a positive impact in the community and motivated the SMEs to work harder towards improvement and applying best practices. We believe in the uniqueness of the program in adding value to the selected SMEs through accurate observations and continues follow-up. The improvement and success of the beneficiaries was remarkable.”
BP Oman’s social investment strategy focuses on three main areas: education and training, entrepreneurship support, and sustainable energy. Since its launch in 2014, the program has managed to reach more than 33,000 Omani people from all ages, providing equal growth opportunities for all. This season, a number of new initiatives have been implemented and continued to support some programs from previous seasons.
BP Oman is seeking to reach the largest segment possible in various regions of the Sultanate. The significant increase in the number of initiatives is remarkable especially in the fields of sustainable energy and entrepreneurship. These initiatives are aimed at developing Omani entrepreneurial institutions, emerging institutions, small and medium enterprises as well as student companies, while sustainable energy initiatives are targeting higher education institutions and the ones planning to start energy projects. The number of educational programs this year is 12, covering several topics such as science, technology, engineering, mathematics, financial management and life skills.
13/11/2018
Sharakah held its semi-annual “Ruwad Sharakah” event last night at Bait AL Zubair Museum. The event was held under the patronage of Mr. Hani M. Al Zubair, Chairman of Fund for Development of Youth Projects (Sharakah) and the presence of Sharakah’s Board Members, Staff, officials from different organizations, and the supported SMEs.
The whole purpose of the event was to provide a platform for the SMEs to network and exchange knowledge and experience. Since inception, Sharakah supported more than 186 businesses from different governorates and in different sectors. This diversified nature of SMEs allowed participants to exchange valuable knowledge in addition to exploring business opportunities with each other.
Abdullah Al-Jufaili, the General Manager, welcomed everyone and expressed his pride of what these businesses have achieved over the past few years. He announced that Sharakah has recently completed 20 years since inception and highlighted the achievements.
Commenting on this, Nabiha Al-Mandhari, Marketing Specialist at Sharakah said "Ruwad Sharakah Event is a great networking and learning platform where business owners can share expertise, exchange information and possibly execute business deals. The focus of the discussion in this session was on opportunities in the Oil & Gas sector and we were delighted to have reputable speakers to lead the discussion.”
29/10/2018
Nibras Al-Qamar LLC, Joinery & Turnkey Interior Fit-out, established in 2004, is a family-owned Omani company with a firm belief in the supply of quality products and services. The company takes pride in being an Omani SME that has gained commendable experience in the manufacturing of doors, cabinets, design accents and all types of customized wooden furniture of international standards. Their main client list includes civil construction projects, commercial projects, private building projects and private customers. The company and is one of the beneficiaries of BP Khazzan Project for SMEs Development.
“We are delighted to have been selected to be among the beneficiaries of Khazzan Project for SME Development. This has enabled us to identify key strength areas and areas for improvement. Our business underwent development and improvement based on the results of the evaluation conducted by Sharakah. We also benifited from the grant provided by BP Oman to purchase ???.” Said Tarfah Al Sulaimani, Founder and Managing Director.
Khazzan Project for SME Development is one of BP Oman social investment programs executed by Fund for Development of Youth Projects (Sharakah). The project involves evaluating the performance of 20 selected SMEs in seven functional areas named Administration, Finance, Human Resources, Quality, Communication, Marketing and Policies. An action plan is then developed to guide the business owner towards making improvement.
“Nibras specializes in the manufacture of all types of woodwork and undertake all types of carpentry work for residential, commercial and government establishments, producing all types of furnishing, commercial interiors, home décor and bespoke furniture. Company’s production facility is well equipped with a modern joinery workshop with sophisticated woodworking machines and paint & polish center.” Added Tarfah.
Mr. Dinkar Kishor, Deputy General Manager at Sharakah commented “I am delighted to have worked closely with Nibras Al-Qamar business owners. The company has experienced and qualified staff, they also have competent machine-operators, carpenters and upholsterers. The team is professional, dedicated and customer-oriented. Their aim is to set high standards in all their activities and dealings.”
Nibras Al-Qamar LLC is currently in the process of expanding its operations and will soon have a full-fledged state of the art manufacturing facility and showroom located in Smail Industrial Estate in the Public Establishment for Industrial Estates. They are also planning to have a warehouse in Sandan Industrial Park in Halban.
28/10/2018
Calculate it Right workshop series concluded recently at the National Museum. The initiative is implemented by Sharakah and supported by BP Oman. Around 12 Calculate It Right workshops were held in the past 6 months for Colleges and Schools students in different governorates in the Sultanate.
583 students from across Oman attended the workshops, of which 259 were from Muscat Governorate, 169 students from Ad Dakhiliya Governorate, 115 students from Ad Dhahira Governorate and 40 students from Ash Sharqiya North Governorate. The main objectives of the workshop are to educate the participants about the basis of starting a business and calculating the required capital, the cost of financing the project, understanding how to calculate the resources to arrive at realistic sales assumption, learning the mechanism to determine the break-even point, and understanding the factors that could affect sales assumptions and learning the methodology to verify product/services pricing.
Shamsa Al Rawahi, BP Social Investment Manager commented: “This workshop comes under BP Oman aim to build skills and capability in the community and develop the local economy. Our objective is to spread awareness about entrepreneurship amongst students and to build their skills to enable them manage their businesses effectively and efficiently should they choose to take that option. We aim, from the workshop, to help overcome the common mistakes that many entrepreneurs could make when it comes to business financial projects.”
“We at Sharakah are delighted by the collaboration that we have received from the educational institutions to host the workshop. The workshop achieved its objectives and created awareness of financial management.” said Zuwaina Al Bada’I, Sharakah SME Development Manager. She added “The workshop has taken a dynamic and playful approach in presenting the exercises, which in turn encouraged the participants to participate and interact”.
23/10/2018
Al-Etihad International Institute is one of the companies supported by Khazzan Project for SME Development. The institute specializes in providing training and development programs and offers consultation services in human resources development. The institute has completed 22 years since inception and has offered training services in several Willayats across Oman.

Managed by Yousef Al-Hashami, the institute was established in 1996. It is located in the Wilayat Samail in the Governorate of Al-Dakhiliah. It is equipped with the most recent audiovisual training tools. They provide training courses and workshops in different fields like human resources development, management and finance, English language and IT. The institute has deivered courses and programs in the Governorate of Al-Dakhiliah as well as in the Wilayats of Musairah, Khasab, Sohar, Sur, Ibra, Salalah, Haima, Ibri, Bidbid, Muscat and Muhoot.
Yousef started his business at an early age. Once a trainee, he was offered an administrative job at the institute. Yousef was seeing that the institute has more potential but it needed to take a new approach. He took the bold decision to buy the institute from its original owners and since the business has grown. The institute is recognized as one of the best training institutes in the Governorate of Ad Dakhiliya. It has provided more than 13 job opportunities in the local community and has expanded outside of the Willaya.
Khazzan Project for SME development is one of BP Oman’s social investment programs. The program objective is to evaluate the performance of SMEs and propose areas for business improvement. Since the program started in 2014 it has served 84 SMEs all across Oman.
As one of the beneficiaries, Yousef expressed his gratitude towards the support saying: “I joined Khazzan Project for SME Development to get a through review of my business performance and understand where it needs to be improved. The consultation provided by the specialists at Sharakah has enabled me to draw a clear plan for future development.”
16/10/2018
On 8th of November, 2018 Sharakah celebrated completing 20 years since it was incorporated back in 1998. His Majesty Sultan Qaboos bin Said issued Royal Decree (76/98) to incorporate Fund for Development of Youth Projects as a closed joint stock company. The objective is to support the development of Small and Medium Enterprises (SMEs) in the Sultanate of Oman. Sharakah offers three main services including creating awareness about the importance of Entrepreneurship and SMEs; Providing financial support for new and existing businesses; and providing consultation and advice to business owners to ensure their progress and sustainability.
Sharakah aims to support Oman’s vision to diversify the economy, encourage the creation of Small and Medium Enterprises (SMEs), develop the entrepreneurial capacity of Omanis, to assist in creating sustainable SMEs and creating job opportunities in the community.
Over the past 20 years, Sharakah has made a lot of achievements and have received recognition locally and internationally including getting the award of the best website in 2008 and the award of the Best Shariaa Compliant Product in 2011 From Malta Institute of Management. In its endeavor to enhance the quality of services provided, Sharakah obtained ISO 9001:2008 quality certification in 2012. In 2016, Sharakah was awarded as the “Best Enterprise” in the field of SMEs financial support at the Europe Business Assembly (EBA). Sharakah was also awarded the “Bizz 2016” award by the World Confederation of Businesses (WORLDCOB). Additionally, in 2017 Sharakah was awarded "Golden Plate of Excellence" in the field of social responsibility from the Arab Organization for Social Responsibility in UAE and awarded as the “Best Enterprise” in the field of Small and Medium Enterprises financial support at the Europe Business Assembly (EBA), Oxford, United Kingdom.
“We always strive to do things in a systematic and sustainable manner” said Abdullah Al Jufaili, General Manager. He added, “we have developed several tools and mechanisms to ease the process of evaluating projects. Amongst these tools is Risk Assessment Tool, which gives us an insight into the risk associated with each prospective business, in turn enabling us to draw a mitigation strategy. We have also developed a tool to monitor the performance of the businesses we support by evaluating 7 key functions. We have also developed Financial Analysis Tool that allows us to understand project profitability, payback period and other ratios.”
“One of the things that we are very proud of is the ability of Sharakah to self-sustain for more than 20 years without requiring additional funds or contribution. Our approach has always been to diversify our investment to make returns that would enable us to cover our operational expenses, grow and invest in more SMEs. “ added Al-Jufaili
”To date, Sharakah has supported more than 200 SMEs from different Governorates and in different sectors. We have spent OMR 6.06 million in SMEs support. Our objectives remain in ensuring the sustainability of the businesses we support and creating employment opportunities.”
“In the consultancy services, the last four years have witnessed productive cooperation with BP Oman to provide support and consultancy services for 86 projects in Khazzan Project for SME Development. We also delivered 26 workshops titled "Dynamic Entrepreneurship" to more than 863 beneficiaries and 44 "Calculate it Right" workshops for 1805 participants in cooperation with BP Oman and the National Finance Company. A cooperation agreement was also signed with the Public Authority for SME Development (Riyada) to evaluate the performance of 10 projects and draw a plan to improve their performance.”
In the past few years, many events have been organized to highlight the role of Sharakah in SME development, notably, Sharakah Forum which was held in December 2015. The event was attended by 240 people, the majority of the participants (60%) were entrepreneurs. Consequently, a semi-annual event “Ruwad Sharakah” was introduced as a platform for SMEs and beneficiaries from a Sharakah to network and share experience.”
The following is the excerpts from an interview with Abdullah Al Jufaili, the General Manager of Sharakah speaking about Sharakah and its achievements in the last 20 years
• What was the purpose of establishing Fund for Development of Youth Projects?
Sharakah was incorporated in 1998, the actual operations started towards the end of 1999. The objectives have always been supporting SMEs, contributing to economic diversification, and creating jobs for locals. Our support for SMEs takes the form of three types of service. One is the promotion of the spirit of entrepreneurship across Oman, in addition to championing successful entrepreneurs. The second involves financial support, itself comprising three schemes: an equity scheme, a bill discounting scheme, and a loan scheme. The third is consultancy service.
Sharakah went through various stages, since inception. SMEs and entrepreneurship development sector was still in its early development in 1998. In 2013, His Majesty gave direction to organize the SME Symposium at Seih Al Shamikhat in Willayat Bahla. The number of initiatives that supports entrepreneurship development have since increased. Both private and public sector organizations are playing a key role in SME development. The underlying objective is to leverage on the skills and capabilities of Omanis and help create an economy that is less dependent on Oil and Gas sector.
• What are Sharakah services?
Our support for SMEs takes the form of three types of service. One is the promotion of the spirit of entrepreneurship across Oman, we deliver seminars and workshops to existing business owners and those who are aspiring to become. We also offer up to OMR 350,000 in terms of financial support. Our intention is to see SMEs grow and expand not only locally but regionally as such we offer a basket of consultation services to our existing clients.
• What are the most prominent stages in Sharakah history?
Sharakah passed through various stages during its inception where it first started by providing support through equity financing. later in 2007, we started offering debt financing as loans and bill discounting schemes. We further introduced consultancy services to ensure the success of the businesses we have financed. Over the year our fund limit per project grown from OMR 200,000 to 350,000. The focus in the past few years has been on the manufacturing sector and innovative projects.
• Do you have any association with other organizations?
Sharakah would not have been able to accomplish what it has accomplished without the support and collaboration of other organizations. We are members of the International Network of SMEs (INSME) based in Italy. The network has members in 65 countries worldwide and it offers us an opportunity to exchange knowledge and expertise with other entrepreneurship development organizations. We have signed a number of cooperation agreements with the likes of Riyada, Al Raffd Fund, BP Oman, Oman Oil Company for Exploration & Production (OOCEP), National Finance Company (NFC), National Business Center (NBC), Zubair SEC, Grant Thornton and others. It’s the collaborative efforts of SME support organizations that has led to success of the sector.
• What about the private sector?
There’s a continuous cooperation with the private sector. Our most renown business cooperation is with BP Oman. For 4 years we have managed Khazzan Project for SME Development. During these 4 years, we have provided consultation services to 86 SMEs. In addition, we conducted a series of workshops named “Calculate it Right” for 580 students and 359 business owners. Further, we have worked with Riyadah to evaluate the performance of 10 SMEs and advised them on how to improve.
• What does Sharakah aim for in the future?
One of our main objectives is to support the government strategy to diversify economic income sources. We will continue to ensure that our role does not end by just helping an SME to start, but there is a more important role in helping them to sustain and grow.
15/10/2018
Calculate it Right workshop series concluded last week at the National Museum. The initiative is implemented by Sharakah and supported by BP Oman. Around 12 Calculate It Right workshops were held in the past 6 months for Colleges and Schools students in different governorates in the Sultanate.
583 students from across Oman attended the workshops, of which 259 were from Muscat Governorate, 169 students from Ad Dakhiliya Governorate, 115 students from Ad Dhahira Governorate and 40 students from Ash Sharqiya North Governorate. The main objectives of the workshop are to educate the participants the basis of starting a business and calculating the required capital, calculating the cost of financing the project, understanding how to calculate the resources to arrive at realistic sales assumption, learning the mechanism to determine the break-even point, and understanding the factors that could affect sales assumptions and learning the methodology to verify product/services pricing.
Mrs. Shamsa Al Rawahi, BP Social Investment Manager commented: “This workshop comes under BP Oman initiatives to develop the community and the local economy. We seek through these workshops to spread awareness about entrepreneurship amongst students and to build their skills to enable them managing their businesses effectively and efficiently should they choose to take that option. We aim from the workshop to help overcome the common mistakes that many entrepreneurs usually make when it comes to business financial projects.”
“We at Sharakah are delighted by the response we have received from the educational institutions to host the workshop. The workshop achieved its objectives and created awareness of financial management.” said Zuwaina Al Bada’I, Sharakah SME Development Manager. She added “The workshop has taken a dynamic and playful approach in presenting the exercises, which in turn encouraged the participants to participate and interact”.
30/09/2018

“Ishraqaat Silver Crafts” is a unique project owned by a dedicated lady Silversmith– Nadia Al Rawahi. Ishraqaat is a handicraft workshop that makes Omani Khanjars,Silver and Gold ornaments, antiques and gifts.
Nadia started working passionately in this field after receiving a 2 years training from the Public Authority of Craft Industries (PACI). Nadia soon realized that she is passionate about working with silverware and decided to set up her own workshop at home. She later registered the workshop as a homebased business and started expanding.
Nadia got a significant amount of exposure through PACI. She received many opportunities to exhibit her products locally and internationally. Nadia participated in several exhibitions locally and internationally including the Shanghai Expo in China, Seih Al-Shamakhat exhibition, Ebdaat Omani exhibition organized by Riyada, The Annual Jewelry Exhibition, and others. Nadia received several awards as a recognition of her work including Sultan Qaboos Craft Excellence Award in 2010 and 2015, AlRoya Newspaper award for the crafts industries, and the international Craftsman Excellence at the Asia-Pacific level in 2016.
Last year, Ishraqaat enrolled in the Khazzan Project for SME Development. The program is one of BP Oman Social Investment Programs, managed by Sharakah. In appreciation of being selected in the project Nadia said "I am very thankful to BP Oman and Sharakah for giving me the opportunity to be part of the khazzan project which I believe had a positive impact in the progress of my business. I have been evaluated by experts who were able to identify and advice the areas of improvement and development.”
“During the program, I was guided to revamp Isharaqat’s brand and enhance my logo. I got great assistance to track the financials of my project and plan properly for current and expected financials and non-financials targets. I am happy to say that today I am ready to develop my project and take it the next level.” Nadia added.
03/09/2018
National Strategy a small company based in Al Seeb is excited to have achieved a major milestone. The company was formed in 2016 by Hamed and Abdul Aziz Al Ahsani. Hamed and AbdulAziz identified a need in the market for maintaining the hygiene of residential water tankers. There are excited that since the beginning of this year they have managed to clean 600 water tanks. There plan is to clean 1000 water tanks by the end of 2018. The company is owned and operated by Omanis and is one of the beneficiaries of BP Khazzan Project for SMEs Development.
Hamed Al Hasani, Cofounder of National Strategy Company excited about the achievements said "The company was established in 2016 with the aim of providing services to residential building of cleaning and sterilization of water tanks and connecting water pipes. Our objective is to maintain clean water supply for household which in turn affects the health and wellbeing of individuals in the community.”
National Strategy Company was selected to be one of the beneficiaries in Khazzan Project for SME Development. The project is one of BP Oman social investment programs executed by Fund for Development of Youth Projects (Sharakah). NSC received a thorough analysis of its operation to identify areas of strength and improvement. As a result, an action plan was developed.
One of the core services provided by NSC in addition to cleaning tanks is the supply of pipes and connecting water networks. The company is registered with the General Authority for Electricity and Water and provides measuring devices for water treatment along with services related to the disposal of hazardous waste. The company also uses the expertise of external partner from outside the Sultanate such as ‘Lutz-Jesco’ to provide support and maintenance services for equipment and materials.
The National Strategy Company aims to raise local awareness and invite companies to contribute to supporting NSC services that positively affect the health of individuals and society as part of its corporate social responsibility.
30/08/2018
Five Oceans a fish processing unit located in Wilayat Bid Bid has recently exited the funding program of Sharakah by honoring the outstanding financial support provided. Dawood Al Wahaibi Owner & Founder of Five Oceans LLC - has approached Sharakah in 2012 to get financial support for the purpose of acquiring additional machineries for his factory. This has led to increasing production and improving operation standards.
Five Oceans was established in 2002. In 2010 it completed the requirements to apply the Hazard Analysis and Critical Control Points (HACCP), a systematic preventive approach to food safety from biological, chemical, and physical hazards in the production processes. Later in 2016, the factory obtained the European Union Approval (QC 92/49) after a rigorous assessment by the concerned authority. The company also received Riyada Awards for best Medium size company in Oman in 2015 and His Highness Sheikh Mohammed Bin Rashid Award for best Medium size company in the region in 2017.
Speaking at the occasion Dawood Al Wuhaibi said “Sharakah has been a great partner and we appreciate the financial and administrative support they have provided for our project. The past 3 years in particular have been very successful for Fie Oceans. We have worked on improving the quality of our products, expanding the market reach and introducing new line of business. We are looking at expanding our operations in Oman by establishing a second factory in the Governorate of Al Wusta.”
Adding to this Faris Al Harthi, Project Specialist at Sharakah said “Dawood Al Wuhaibi has been one of the best clients that Sharakah has had. His dedication towards success is unparallel. Given the success that he has made in his entrepreneurship path, he has been requested to mentor many startups. We are delighted to read news about his achievements and honored that he selected to partner with Sharakah.”
Sharakah`s main services include creating awareness about the importance of entrepreneurship; providing financial support for new and existing businesses up to 350 thousand Omani Rials; and providing consultation and advice to business owners to ensure their progress and sustainability.
28/08/2018

A series of sessions were held in Wijdan Center for Fitness that highlights the importance of mind, health and meditation for women. The series were introduced as part of Wijdan Center mission to promote women’s empowerment through balancing mental and physical health. The sessions were attended by the center members along with life coaches who are field experts.
Ms. Sabra Al Alawi, the Owner and Founder of Wijdan Center said “Wijdan was founded to encourage women to harmonize the wellbeing of their mind, body and soul. The idea of the center is to combine both body fitness and Spa services. The center started operations in April 2017 and has been welcoming an increasing number of members since its establishment. We are thankful to the support provided by Sharakah since inception.”
The owners of the center approached Sharakah in 2016 to get financial support for setting up the center. The fitness part of the center focuses on offering variety of classes according to a monthly plan that is updated frequently. The center offers a diverse set of classes targeted to ladies in accordance to their needs. They include classes in Zumba, Yoga and swimming. In addition to that, the center offers specialized classes that are targeted to specific segments like pregnant women and kids.
for the Spa on the other hand offers beauty services that includes massage services, facials and feet/hands treatments. These services work hand in hand with other services offered by the center to ensure arriving at the center’s objective of enabling women to create the inner and outer balance that directly affects her role in life personally and professionally.
Mindfulness and meditation sessions are yet to continue with more themes that brings women together to tackle critical topics. These sessions can be attended by any woman who’s interested to join.
28/08/2018

A series of sessions were held in Wijdan Center for Fitness that highlights the importance of mind, health and meditation for women. The series were introduced as part of Wijdan Center mission to promote women’s empowerment through balancing mental and physical health. The sessions were attended by the center members along with life coaches who are field experts.
Ms. Sabra Al Alawi, the Owner and Founder of Wijdan Center said “Wijdan was founded to encourage women to harmonize the wellbeing of their mind, body and soul. The idea of the center is to combine both body fitness and Spa services. The center started operations in April 2017 and has been welcoming an increasing number of members since its establishment. We are thankful to the support provided by Sharakah since inception.”
The owners of the center approached Sharakah in 2016 to get financial support for setting up the center. The fitness part of the center focuses on offering variety of classes according to a monthly plan that is updated frequently. The center offers a diverse set of classes targeted to ladies in accordance to their needs. They include classes in Zumba, Yoga and swimming. In addition to that, the center offers specialized classes that are targeted to specific segments like pregnant women and kids.
for the Spa on the other hand offers beauty services that includes massage services, facials and feet/hands treatments. These services work hand in hand with other services offered by the center to ensure arriving at the center’s objective of enabling women to create the inner and outer balance that directly affects her role in life personally and professionally.
Mindfulness and meditation sessions are yet to continue with more themes that brings women together to tackle critical topics. These sessions can be attended by any woman who’s interested to join.
26/08/2018

Ajyal Al Batinah School signed an agreement with Tayyar Systems to install the Electronic Supervisor Application “Al Mushrif” in their school buses. Both Ajyal Al Batinah and Tayyar Systems are beneficiaries of Khazzan Project for SME Development, which is one of BP Oman Social Investment Programs.
Founded by Engineer Adnan Al Shuaili, Tayyar Systems is a tech company that has developed the “Al Mushrif” application which is a system that allows school management to monitor and manage the safety of students in busses. The system is being used by many private schools across Oman. The system comes with a mobile App that help parents track their children from/to school.
Ajyal Al Batinah School which was founded by Moza Ali Al Darmaki is a pre-elementary school in Saham. The school strive to maintain high ethics and good quality educational standards. Over the years, the school has grown and gained the confidence of the parents in Willayat Saham.
In 2018, Ajyal Al Batinah enrolled in Khazzan Project for SME Development. The school underwent an assessment to identify areas that needs improvement. That was followed by an action plan and consultation offered by Sharakah. The plan included preparing financial statements, developing marketing plan and overlooking the best practices in the education industry.
On the signing Moza Al Darmaki commented saying “Our strategy in the market is built on distinguishing Ajyal Al Batinah School from other schools in Saham. To do so, we are continuously on the lookout for opportunities to improve. In 2018 we signed a contract with Tayyar Systems to implement the Electronic Supervisor applications in all our school buses. This makes us the first school to implement this system in Saham.”
“We are also very thankful for the opportunity provided by BP Oman and Sharakah to enroll in the program. Apart from the grant offered by BP Oman, we appreciate the consultation session we had with Sharakah. We are planning to construct our own facility in the near future, taking into consideration the guidelines provided by the Ministry of Education” Moza added. This will enable us to expand our market and reach out to students from all towns in Saham.” Added Moza.
22/04/2018

Oman Oil Company Exploration and Production (OOCEP), and Bukha for Improvement and Development LLC, and the Fund for Development of Youth Projects (Sharakah) signed a collaboration Agreement on Thursday May 3rd to provide Financial and administrative support to establish cooking gas filling plant. The factory will be located in Khasab on a 2,500 square meter land. The infrastructure development of the factory is ongoing and expected to be completed by the end of this year.
The signing ceremony was held under the auspices of His Excellency Al Sayyid Khalifa bin Al Mirdas Al Busaidi, Governor of Musandam. The Agreement was signed by Ashraf Hamed Al Mamari, General Manager of Oman Oil Company Exploration and Production, and Hassan Sulaiman Al Shihhi, Board member of Bukha for Improvement and Development LLC, and Abdullah Al Jufaili, General Manager of Sharakah.
The factory will provide the basic needs of homes and other establishments for cooking gas for Willayat of Khasab and Bukha. The factory is considered new addition to the services projects available in Musandam. The factory is owned by Bukha for Improvement and Development LLC which is established by passionate entrepreneurs from Musandam and they aim to be an effective part of the economic and social development of Musandam Governorate.
His Excellency commented on the signing “we are delighted to witness the collaboration to establish this promising project which will serve the governorate and we appreciate the cooperation of Oman Oil Company Exploration and Production and Sharakah.
Ashraf Al Mamari, General Manager, OOCEP said “OOCEP has paid valuable attention to this initiative and adopted it as part of its Social Responsibility as it meets the need for cooking gas for Willayat of Khasab and Bukha. Supporting this project is a good model for local investment”.
He added “OOCEP will provide non-refundable grant to support the setup of the factory with the required tools and technology, and we tendered the responsibility to follow-up and handhold the project to Sharakah given their expertise in monitoring of small and medium enterprises”.
Hassan Sulaiman Al Shihhi, Chairman of Bukha for Improvement and Development LLC said “we firstly thank his Excellency for his support and guidance to establish this project and obtain the required approvals, and we also thank Oman Oil Company Exploration and Production for their trust on us and we promise to work hard to operate the factory in a professional manner to gain the customers satisfaction and benefit the society as well”.
Mohammed Darwish Al Shehhi, Board member of Bukha for Improvement and Development LLC commented “the company was established in 2014 and it is owned by Musandam residents. Five of the shareholders have been appointed as Board Members, and we understand the responsibility on us and we will make all the required efforts to achieve the project aspired objectives”.
The monitoring and follow-up of the project setup and operation is assigned to Sharakah, in this regard Umaima Al Ghadani, Manager Investment said “We appreciate the trust of OOCEP by choosing Sharakah to monitor this project and we have conducted a feasibility study that includes market study, finance plan, timeline, projected cash flow statement and other important aspects and we will conduct regular meeting to followup on the project status and provide the required consultancy”.
20/03/2018

“Calculate it right” workshop series continued last Monday in the University of Al Buraimi. These series of workshops come as a result of a cooperation agreement signed between National Finance Company SAOG and Fund for Development of Youth Projects (Sharakah). These workshops are aimed at making business owners better understand how to calculate project cost, sales assumptions, required resources, operational expenses and the cost of capital.
Mr. Khalid bin Juma Al Balushi, Deputy Vice Chancellor of Al Buraimi University handed the certificates to the participants where he said “We are delighted to host one of #Calculate_it_Right workshops. We believe in enlighten our students about the leading sectors in the market, SME sector is one of them. Moreover, we wanted to connect the students to the leading institutions in the sector”.
109 students attended the workshop and they have expressed their appreciation of the information shared in the workshop and the way it was delivered in an interactive style.
The workshop was delivered by Mr. Faris Al Harthi, Project Specialist at Sharakaha. Where he said “in this workshop we mainly focused on the basics that anyone need to know before starting their own business. In many cases we have seen that sales assumptions are presented incorrectly and unrealistically. The border line is to work on realistic assumptions that puts the business in a balanced position”.
Dr. Khamis bin Said Al Muniri, the Dean of Business College at University of Al Buraimi added ”We always welcome hosting such workshops that raise awareness to our students about the practical matters of running a business. Certainly, such workshops helps in bridging the gap between the theories they’re taught in classrooms and the actual market operations. These workshops allow the students to improve their practical skills which better equipped them to face life after college”.
National Finance Company is a leading finance company in the Sultanate of Oman. Established in 1987, and headquartered at Muscat, it has 12 branches across Oman and offers a wide range of leasing, credit and other products to corporate and retail customers with a focus on SMEs.
11/03/2018

“Calculate it right” workshop series continued last Wednesday in National Business Centre (NBC). These series of workshops come as a result of a cooperation agreement signed between National Finance Company SAOG and Fund for Development of Youth Projects (Sharakah). These workshops are aimed at making business owners better understand how to calculate project cost, sales assumptions, required resources, operational expenses and the cost of capital.
The workshop in Muscat was presided by HE Aziz bin Salim Al Hasani, Bawshar Shura Council Memmebr who handed the certificates to the participants. Mr. Mohammed Al Marzouki, Senior Manager, National Finance said in appreciation of the cooperation agreement between Sharakah and National Finance “The workshop was the 8th among the planned upcoming workshops that will be executed. These workshops enable us to connect with SMEs to broaden our understanding of their needs and different challenges they face. Which allows us to widen the range of services that are catered for SMEs”.
Ms. Mulkie Al Hashmi, Marketing Director at NBCF added “We are delighted to see the interest SMEs have shown in the workshop and their willingness to engage with its content. Where it shows commitment towards enhancing the level of professionalism in their business practices in general and in the efficiency of resources allocation in particular. More importantly, the workshop focuses on increasing the sustainability of the business to strengthen their position against the different economic cycle”.
Ms. Umaima Al Ghadani, Investment Manager at Sharakah said “#Calculate_it_right workshops are organized not only to offer rich content, but also to create a platform where SMEs connect and promote themselves and the services they offer for the community”
Calculate it right workshops series will be held across Oman in cooperation with National Finance Branches. The link to the registration form and further instruction will be available on social media account of Sharakah and National Finance. National Finance Company is a leading finance company in the Sultanate of Oman. Established in 1987, and headquartered at Muscat, it has 12 branches across Oman and offers a wide range of leasing, credit and other products to corporate and retail customers with a focus on SMEs.
04/03/2018
Sharakah held its Annual General Meeting (AGM) for the financial year ended on 31 December, 2017 on 26 March, 2018. The meeting was presided by Mr. Hani Al Zubair, Chairman of the Board of Directors with the presence of Board Members, Representatives of the Shareholders, Staff and Officials of concerned authorities.
Mr. Hani Al Zubair welcomed all the attendees and started by pointing out that on the 8th of November 1998, His Majesty Sultan Qaboos bin Said issued a Royal Decree to incorporate Fund for Development of Youth Projects as a Closed-Joint Stock company, specifically dedicated to support the development of Small and Medium Enterprises. He congratulated all the shareholders for completing 20 Successful Years. And shared some of the achievements over the years including: Sharakah has proven to be a successful model by being able to self-sustain. Sharakah’s assets size has grown from OMR 6.3 million to OMR 8.9 million by the end of 2017; Sharkah has provided more than OMR 6 million as financial support to SMEs; More than 180 SMEs received Financial and Administrative support; Many of these SMEs witnessed a growth both vertically and horizontally; A number of these SMEs have been recognized locally and regionally; Sharakah has received many regional and international awards for its contribution in SME development.
Mr. Hani further talked about Sharakah’s financial performance for the year 2017 where he mentioned that Sharakah’s total income of 2017 was OMR 730,645 with an increase of OMR 210,581 from the previous year. He added that this increase is due to expanding the consultation services offered by Sharakah. Indeed, there has been an increase in the demand for such services.
“2017 witnessed an increase in consultancy services requested from Sharakah. Apart from the agreement signed with BP Oman for the 4th consecutive year, Sharakah established cooperation with National Finance Company and The Public Authority for SME Development (Riyada).” Said Hani Al Zubair.
The agreements signed with various business partners entail: Managing the implementation of Khazzan Project for SME Development supported by BP Oman; Delivering 12 workshops titled “Calculate it Right” to students of 12 educational institutions; Delivering 12 workshops titled “Calculate it Right” to business owners in 12 Willayats; Evaluating the performance of 10 existing SMEs and offer advice for improvement.
Mr. Hani concluded by sending a cable of appreciation to His Majesty the Sultan for his guidance and for placing greater emphasis on the development of Omani Youth and driving them towards community and economic development.
15/02/2018
“Calculate it right” workshop series continued on Wednesday in Oman Chamber of Commerce in Ibri. These series of workshops come as a result of a cooperation agreement signed between National Finance Company SAOG and Fund for Development of Youth Projects (Sharakah). These workshops are aimed at making business owners better understand how to calculate project cost, sales assumptions, required resources, operational expenses and the cost of capital.
Mr. Mohammed Al Marzouki, Senior Manager, National Finance said in appreciation of the cooperation agreement between Sharakah and National Finance “The workshop was the 5th among the planned upcoming workshops that will be executed. National Finance Company received positive feedback regarding the previous workshops and there is good demand from community members across Oman to attend the workshop. We are taking into consideration the suggestions we received in the previous workshops to enhance the workshop outcome. Indeed, we have taken this as an opportunity to connect with SMEs all across Oman and introduce them to our services.”
Mr. Ismail Al Shamli, OCCI Ibri branch manager added “We welcome to host similar workshops that directly benefit SME owners. Such workshops enable the SMEs to work on their soft skills which in turn leads to positive impact on their business performance. The workshop welcomed those who have an interest in staring their own business and those who existing businesses alike. This will empower them to set their business on the right track from the beginning and help them avoid common mistakes such as overestimating sales or underestimating expenses and risk.”
Mr. Ahmed Al Alawi, Senior Executive at National Finance Company said “#Calculate_it_right workshops are organized with the help of SMEs themselves. We ensure that any services needed like photography and catering is done by local companies themselves.”
Calculate it right workshops series will be held across Oman in cooperation with National Finance Branches. The link to the registration form and further instruction will be available on social media account of Sharakah and National Finance. National Finance Company is a leading finance company in the Sultanate of Oman. Established in 1987, and headquartered at Muscat, it has 12 branches across Oman and offers a wide range of leasing, credit and other products to corporate and retail customers with a focus on SMEs.
09/02/2018
Calculate it Right workshop series continued at Nizwa College of Applied Sciences. The workshop is one of BP Oman Social Investment Programs. It covers the basis of starting a business, the financial requirements, the methodology of arriving at sales assumptions keeping in mind the required resources, the mechanism of arriving at product or service price, and the market factors that would affect sales.
More than 50 students attended the workshop which was delivered by Umaima Al Ghadani, Investments Manager at Sharakah who said: “in our daily engagement with SMEs, we see that lots of business owners face difficulties in understanding the financial aspects when starting a business like how to build their financial model and sales assumptions. Business plans in general are built on unrealistic assumptions, therefor this workshop comes to help them to understand the basis of establishing a business and we hope that they will apply the knowledge learned in the future.”
Dr. Said Al Nabhani, Dean of Nizwa College of Applied Sciences said: “We are delighted to host this workshop at the college. One of our objectives is to help spread more awareness about entrepreneurship which in turn will impact positively on the local economy and the society. This workshop will assist the students in the future to set a business plan on the right track from the beginning and avoid overestimating sales or underestimating expenses and risk.”
The workshops will continue over the next few months and will be delivered in various locations across Oman. Those interested can follow Sharakah’s social media account for more information.
07/02/2018

Supported by BP Oman, Sharakah conducted yesterday Calculate It Right workshop at Nizwa Cultural Center. The workshop is one of BP Oman Social Investment programs. It aims at increasing awareness about the basis of starting a business and the importance of financial planning. It covers the methodology of calculating capital requirements for any business, cost of finance, predicting sales assumptions, understanding the resources needed to run a business and the factors that could affect sales assumptions.
Shamsa Al Rawahi, BP Oman’s Social Investment Programme Officer said: “We are delighted to conduct this workshop with Sharakah for community members to increase their awareness about entrepreneurship and finance. The workshop received positive response from the participants as it was presented in an interactive manner and used a real case study to explain the basis of proper business planning.”
The workshop was delivered by Faris Al Harthi, Project Specialist at Sharakah who said: “When we deliver these workshops we always keep in mind that participants come from different backgrounds. Accordingly, we start with easy and simple exercises then gradually introduce real case studies. Indeed, the participants appreciate that we further offer an opportunity to discuss their business cases.”
The workshops will continue over the next few months and will be delivered in various locations across Oman. Those interested can follow Sharakah’s social media account for more information.
02/02/2018

BP Oman kickstarted “Calculate it right” workshop series at Modern College for Business and Science (MCBS) last week. The workshop comes as part of BP Oman social investment programs executed by Fund for Development of Youth Projects (Sharakah).
The 1-day workshop covers the basis of starting a business, the financial requirements, the methodology of arriving at sales assumptions keeping in mind the required resources, the mechanism of arriving at product or service price, and the market factors that would affect sales.
The workshop was conducted by Abdullah Al-Jufaili, Sharakah General Manager who expressed his satisfaction to students’ engagement in the workshop saying “The students came to the workshop with an open mind and positive energy and that has helped us in delivering the workshop. When delivering such workshops, we always keep in mind that participants come from different background and their level of knowledge varies. Accordingly, we take all participants through practical yet fun exercises based on real case studies. Students shown interest to learn more and we were delighted to see that they have been well educated in matters related to entrepreneurship.”
Sheikh Shabib Al Maamari, Communication and External Affairs Manager at BP Oman commented “BP Oman aims at playing a key role in the socioeconomic development of the Sultanate by supporting social investment program in various fields. This workshop comes under enterprise development and education initiatives. With the support of Sharakah, we will deliver 12 workshops in different educational institutes across Oman in the next few months. Indeed, we are delighted to be doing this with Sharakah who has vast experience in supporting small and medium enterprises.”
“Calculate it Right Workshops are a result of a cooperation agreement between BP Oman and Sharakah. And we delighted by the response we have received from the educational institutions to host the workshop. Indeed, spreading more awareness about entrepreneurship and elevating the level of financial literacy amongst students is amongst the priorities of these educational institutions.” said Mrs. Shamsa Al Rawahi, BP Social Investment Officer.
Dr. Ahmed Al Naamani, Dean, Modern College for Business and Science presided over the concluding ceremony and handed the certificates of completion to the student. He expressed his satisfaction of the level of interactions amongst students saying “We are firstly thankful to BP Oman for selecting MCBS amongst the educational institutions to deliver this workshop. One of our objective is to encourage students to think about entrepreneurship as a career option after graduation. This workshop has helped them to understand the basis of establishing a business and we hope that they will apply the knowledge learned in their future.”
Those interested in participating in the workshop can follow Sharakah social media accounts or the hash tag #Calculate_it_Right.
25/01/2018
“Calculate it right” workshop series continued on Wednesday in Youth Development Centre in Sur. These series of workshops come as a result of a cooperation agreement signed between National Finance Company SAOG and Fund for Development of Youth Projects (Sharakah). These workshops are aimed at making business owners better understand how to calculate project cost, sales assumptions, required resources, operational expenses and the cost of capital.
Mr. Mohammed Al Marzouki, Senior Manager, National Finance said in appreciation of the cooperation agreement between Sharakah and National Finance “The workshop had an overwhelming response as 70 business owners registered to attend. The participants expressed their appreciation of the workshop outcome. Indeed, our objective is to contribute in enhancing the skills of the business owners”.
Jamil Al Dawudi, National Finance sales executive added “Calculate it Right is a half-day workshop that takes the participants through a challenging yet informative session of how to plan their business financial model. The ultimate objective of the workshop is to help those who are planning to start a business understand the exact requirements they will need and to project realistic financial (sales & expenses) figures”
Hasnaa Al Dawudi, one of the participants at the workshop, shared her feedback on the workshop saying “The challenges many startups face when starting a business in many cases is related to lack of proper understanding of how to build their financial model and sales assumptions. Which the workshop helps to tackle. Moreover, the workshop enables entrepreneurs to allocate resources more efficiently based on the company’s capacity to produce/provide a service.”
Calculate it right workshops series will be held across Oman in cooperation with National Finance Branches. The link to the registration form and further instruction will be available on social media account of Sharakah and National Finance. National Finance Company is a leading finance company in the Sultanate of Oman. Established in 1987, and headquartered at Muscat, it has 12 branches across Oman and offers a wide range of leasing, credit and other products to corporate and retail customers with a focus on SMEs.
18/01/2018
“Calculate it right” workshop series continued on Monday in Oman Chamber of Commerce and industry (OCCI) – Nizwa branch. These series of workshops come as a result of a cooperation agreement signed between National Finance Company SAOG and Fund for Development of Youth Projects (Sharakah). These workshops are aimed at making business owners better understand how to calculate project cost, sales assumptions, required resources, operational expenses and the cost of capital.
The workshop in Nizwa was presided by HE Ahmed bin Said Al Hadhrami, Nizwa Shura Council Member who handed over the workshop completion certificates to the participants. Mr. Mohammed Al Marzouki, Senior Manager, National Finance said in appreciation of the cooperation agreement between Sharakah and National Finance “The workshop had an overwhelming response as 60 business owners registered to attend. The participants expressed their appreciation of the workshop outcome. Indeed, our objective is to contribute in enhancing the skills of the business owners”.
Nasser Al Ghanboosi, National Finance Nizwa Branch Manager added “Calculate it Right is a half-day workshop that takes the participants through a challenging yet informative session of how to plan their business financial model. The ultimate objective of the workshop is to help those who are planning to start a business understand the exact requirements they will need and to project realistic financial (sales & expenses) figures”
Imtithal Al Riyami, Project Specialist at Sharakah, explained the importance of these workshops saying “The challenges many startups face when starting a business in many cases is related to lack of proper understanding of how to build their financial model and sales assumptions. Business plans in general are built on very optimistic assumptions which are in many cases neither realistic nor directly related to the capacity of the company to produce/provide a service.”
Calculate it right workshops series will be held across Oman in cooperation with National Finance Branches. The link to the registration form and further instruction will be available on social media account of Sharakah and National Finance. National Finance Company is a leading finance company in the Sultanate of Oman. Established in 1987, and headquartered at Muscat, it has 12 branches across Oman and offers a wide range of leasing, credit and other products to corporate and retail customers with a focus on SMEs.
14/01/2018
424 applications were received for the 4th batch of Khazzan Project for SME Development as registrations closed in December 2017. The online registration form was available for over a month and SME business owners were welcomed from all governorates to apply. The Khazzan project is one of BP Oman Social Investment Programs. It aims at evaluating the performance of the selected SMEs and draw a plan for improvement over a period of 12-months. Over the last 3 years, 62 SMEs have benefited from the program and have improved their performance.
Nasser Al Mahri, Owner of Al Mahri Industrial Enterprises, one of the beneficiaries from last year batch expressed his satisfaction with the program outcome and stated “I joined the BP Khazzan Project for SME Development to benefit from the wealth of advice and guidance from the experts at Sharakah. BP Khazzan has helped in improving my business by providing consultancy and support in order to enhance my operations. I have further availed additional financial support from Sharakah to expand my operations. I have managed to win 2 bids worth over OMR 130,000 and I can see that my business is taking an upward curve to success.”
The 424 applications received were filtered based on certain criteria shared on the website. They included: giving preference to businesses that have completed at least 1.5 years since incorporation, the accuracy and authenticity of the information provided about the business, and SME owners to be Omanis and fully dedicated to the project. Further, preference is given for projects in the manufacturing sector.
Sulaiman Al Mahrizi, Deputy General Manager, Development at Sharakah commented: “Our goal is to enhance the performance of the selected SMEs and make them more agile to an ever-completive market. We want to see these companies expanding beyond national borders and they will need to up their game if they have intention to do so. The selected companies will undergo an assessment in 7 areas named (administration, communication, marketing & branding, finance, human resources, quality and policies). Based on the evaluation outcome, a plan will be drawn pinpointing areas for improvement.”
Sheikh Shabib Al Maamari, Communications & External Affairs Manager, BP Oman said “We have recently received feedback summary report from the SMEs that participated in the 3rd batch of Khazzan Project for SME Development and I am glad to say that it was positive. Over the course of the last 3 years we have met and interacted with the beneficiaries and we are proud to say that the program is achieving its goals. I believe that SMEs that undergo this program will have a leverage against others. We at BP are glad that the program is achieving its objectives and we look forward to have more positive impact in the community.”