Oman has long been on a transformative journey to revolutionise its manufacturing sector, driving innovation and significant economic growth. Understanding the importance of manufacturing for job creation, productivity, and cross-sector expansion, the Sultanate is actively advancing strategic initiatives to speed up the growth of this crucial industry.
Recently in a significant push forward, the Ministry of Commerce, Industry and Investment Promotion of Oman unveiled plans to establish a Manufacturing Innovation Centre which is set to become a catalyst for growth, focusing on the deployment of innovative technologies and sustainable practices within the industry.
Small and medium-sized enterprises (SMEs) form the backbone of Oman’s manufacturing industry, offering a range of products and services. To support this vital segment, Sharakah, Oman’s premier SME development company, has reaffirmed its commitment to fostering an ecosystem rich with opportunities for local manufacturers and industrial projects.
With 25 years and more of experience in SME development, Sharakah stands as a beacon of support for entrepreneurs, offering services such as equity financing, loans, grants, and development programmes that enhance entrepreneurial skills. It provides tools for risk assessment, performance tracking, and facilitates global market integration, thus enriching Oman’s SME ecosystem.
Underpinning its strategy, Sharakah is also venturing into new sustainable sectors such as renewable energy, In-Country Value projects, and ICT. These sectors are identified as pivotal for the sustainable growth of SMEs in the Sultanate.
Ali Ahmed Muqaibal, CEO of Sharakah, said, “Aligned with the 2040 Industrial Strategy, Oman is honing its focus on sectors that are knowledge-based, rely on natural resources, or are capital-intensive. The strategy envisages a paradigm shift to an economy bolstered by diverse and technologically advanced industries. The nation’s industrial vision includes embracing Fourth Industrial Revolution technologies to empower factories and the conceptualization of green industrial and smart cities. These steps are set to redefine the manufacturing environment, making it more sustainable, efficient, and competitive on a global scale.”
Emphasising the necessity for SMEs to be competitive and resilient in the global market he outlined, “We are pleased to offer our strategic support on building the capacity and capability of SMEs in Oman, offering comprehensive backing to bolster their competitiveness and ensure their success in the manufacturing and industrial innovation arenas.”
Oman’s concerted efforts in rejuvenating its manufacturing sector and Sharakah’s unwavering support for SMEs present a potent combination for sustainable economic development. This partnership is set to improve the Sultanate’s manufacturing capabilities and initiate an era of industrial growth and innovation.
About Sharakah
Sharakah, among Oman’s first SME development initiatives has been fostering the entrepreneurial spirit since 1998 when it was incorporated by a Royal Decree No. (76/98). Since its inception, Sharakah has provided support to a substantial number of projects in different sectors through awareness, training programs, financial support, consultation services and more. Playing a strategic role in the SMEs ecosystem in the Sultanate and making a positive impact is Sharakah’s vision, and its strategies revolve around the objectives of benefitting the Omani SME sector.
Contact:
Mohammed Al Farsi
Marketing Specialist
Email: info@sharakah.om
Phone: 24479300
WhatsApp: 00968 99793979
