Navigating the future with vision and optimism
As we reflect on the journey of Sharakah last year, Oman’s leading SME development company, we stand on the cusp of a future ripe with opportunities. The year 2023 has been particularly fruitful for Sharakah, marking a period of significant achievements and progress. For 25 years, our dedication to nurturing the entrepreneurial spirit has positioned us at the vanguard of SME support, constantly evolving to meet the dynamic demands of the market and the dreams of ambitious entrepreneurs.
Aligning with Oman Vision 2040
In harmonious stride with the ambitious goals set forth by Oman Vision 2040, Sharakah diligently continues to align its endeavours with the nation’s blueprint for sustainable economic prosperity. This alignment is further solidified through our commitment to the Economic Stimulus Plan (ESP), underpinning our steadfast dedication to advancing Oman’s national aspirations. Our strategic approach, agile and dynamic, is crafted to navigate the ever-evolving landscape of startup trends. Sharakah champions the pillars of In-Country Value (ICV), Information and Communications Technology (ICT), and the knowledge-based economy, thereby catalysing sectoral growth and innovation. This strategic orientation reflects our adaptability and our unwavering commitment to fostering an ecosystem conducive to the flourishing of a diversified economy.
Championing In-Country Value (ICV)
At Sharakah, we are resolute in our mission to advance In-Country Value (ICV), fostering a local market that is competitive and sustainable. Our efforts to support diverse sectors, from hydroponics to technology, aim at empowering entrepreneurs with the tools to unlock new opportunities. By emphasising innovation and local talent development, we contributed significantly to Oman’s ICV goals in 2023, preparing the Omani workforce for the future.
Forging strategic partnerships
Each collaboration Sharakah has entered into last year is a testament to our commitment to SME empowerment and economic development. Our collaboration with key entities like PDO, Oman Development Bank, Jusoor Foundation, and the SMEs Development Authority epitomises our approach to creating a nurturing ecosystem for SMEs. These partnerships are pivotal in enabling SMEs to access new opportunities and thrive in a competitive market.
Our partnership with Petroleum Development Oman (PDO) through a Memorandum of Collaboration agreement, is designed to open new avenues for SMEs, enabling them to engage in PDO’s projects and initiatives like Afaaq and TIPP, thereby enhancing their business prospects in the energy sector.
The Memorandum of Understanding (MoU) signed with Development Bank (DB), erstwhile ODB,is pivotal in fostering a supportive financial environment for SMEs. This collaboration aims to amplify investments in diverse sectors, ensuring SMEs have the resources they need to thrive.
Our alliance with the Jusoor Foundation through a cooperation MOU underscores a shared commitment to community development and social responsibility. This partnership focuses on leveraging social projects to drive SME development and impact investing, demonstrating our dedication to sustainable growth and community welfare.
Sharakah’s understanding with the SMEs Development Authority signifies a strategic effort to bolster the entrepreneurial ecosystem. This agreement enhances the support framework for SMEs, promoting innovation, sustainability, and the successful operation of small and medium enterprises across Oman.
Each of these partnerships’ underscores Sharakah’s strategic intent to cultivate a thriving SME landscape, fostering economic diversity and resilience while aligning with Oman’s broader developmental goals.
Financial performance
Sharakah’s total income of 2023 was OMR 706K, thus a marginal increase of 8%, from OMR 655K [after adding back OMR 546k Fair value change] in the previous year. Income from Core Activities, that includes SME funding, Advisory services, etc. has grown substantially to OMR 295k against OMR 163k in 2022, a jump of 81%. Income from other investment net of Fair Value change has been OMR 478k against OMR 492k in 2022, a marginal decline of 3%, mainly on account of performance of Bank Muscat Fund. In current FY we have a Net Profit of OMR 44,342 and total Comprehensive Income of OMR 162k against a Net Loss of OMR 440k and Negative Comprehensive Income of OMR 484k in the previous year respectively.
A new chapter
In November 2023, as a testament to our strategic evolution, Sharakah embarked on a significant brand uplift. This was more about a profound alignment with our forward-looking vision, emblematic of our dedication to sustainable practices and the support of Oman’s long-term environmental ambitions. This milestone in our journey vividly reflects our pledge to sustainability and innovation. Our refreshed visual identity, distinguished by Banana Palm Green and Phantom Black, encapsulates our ethos of growth, eco-friendliness, and our eagerness to navigate the opportunities and challenges of emerging sectors.
Making an impact
Our participation in events like COMEX 2023 and our partnership with the World Business Angels Investment Forum (WBAF) highlight our active role in fostering an environment of collaboration and innovation for SMEs. These platforms enable us to connect entrepreneurs with global investors, enhancing their growth potential and success.
Welcoming new perspectives
The appointment of Ms. Malvika Pankaj Khimji to our Board signified a momentous stride towards enriching our leadership with fresh perspectives and diversity. As the youngest and the inaugural female representative on our Board, her inclusion underscores our dedication to fostering inclusive leadership. Ms. Khimji’s profound expertise and visionary outlook are poised to be instrumental in propelling Sharakah towards unprecedented success, heralding a new era of innovation and strategic growth.
Looking ahead with optimism
Our journey forward is focused on engaging responsibly and sustainably with SMEs, driving long-term growth across various sectors. We remain optimistic about our growth prospects, committed to empowering young Omanis and contributing to the nation’s economic resilience.
I extend my heartfelt thanks to our colleagues, SMEs, and shareholders for their unwavering support and guidance.
In a special note of gratitude, we pay homage to His Majesty Sultan Haitham Bin Tariq for his continuous inspiration and leadership, which have been pivotal in guiding our efforts and successes within the SME sector.
In navigating the challenges and seizing the opportunities ahead, we reaffirm our pledge to contribute meaningfully to Oman’s SME sector, fostering innovation, and driving economic diversification for a prosperous future.
On behalf of Board of Directors,
Hani M Al Zubair
Chairman
