Muscat: To empower SME growth and foster impact investment in Oman, Sharakah and Muscat Finance have joined forces through a Memorandum of Understanding (MOU). Ali bin Ahmed Muqaibal, CEO of Sharakah, and Hussain Al Lawati, CEO of Muscat Finance, signed the MOU in a significant ceremony.
By harnessing their combined expertise and resources, the two entities aim to facilitate the expansion of small and medium-sized enterprises while driving sustainable development across the Oman
The MOU outlines a comprehensive framework for collaboration, encompassing various key areas. These include joint efforts in co-funding impactful sustainability projects, implementing referral schemes to facilitate equity funding, partnering in co-sponsoring programmes for SME development, and establishing a dedicated think tank for the SME sector.
The MOU sets forth several primary objectives to be pursued by the companies Sharakah and Muscat Finance. Primarily, its purpose is to establish a dedicated co-funding scheme aimed at supporting impact investing and sustainability projects, with a particular focus on the renewable energy sector. It also outlines the creation of a referral scheme for equity funding, whereby Muscat Finance will refer clients seeking equity funding to Sharakah. In reciprocation, Sharakah will provide these clients with comprehensive smart funding and support services, subject to mutually agreed-upon terms and conditions. The parties will also collaborate on the development of programmes that facilitate the advancement of strategic initiatives, including in-country value (ICV) and sustainable projects, with an emphasis on renewable energy and green initiatives.
Ali bin Ahmed Muqaibal, CEO of Sharakah said, “Sharakah always aims to tap into its pillars by actively engaging in capacity building and fostering corporate partnerships, all while promoting an entrepreneurial culture. We are excited to collaborate with Muscat Finance in developing a co-funding opportunity for impact investing and sustainability projects, particularly in the renewable energy sector. This partnership will enable us to support Omani entrepreneurs and potential entrepreneurs by providing them with access to funding and development programs. We look forward to leveraging our expertise and resources to co-sponsor SME development programmes and initiatives, driving the growth of the sector.”
Hussain Al Lawati, CEO of Muscat Finance said, “Our collaboration with Sharakah holds great potential for the SME sector in Oman. By jointly identifying and supporting Omani entrepreneurs through the co-funding scheme and development programmes, we aim to foster a conducive environment for their growth. Additionally, acting as a think tank alongside Sharakah, we will exchange ideas, share best practices, and promote the development of the SME sector in Oman. Together, we will conduct studies to identify projects that will have a significant impact on the business environment for SMEs.”
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About Muscat Finance:
Founded in July 1987 as the first Non-Banking Financial Companies in the Sultanate of Oman, Muscat Finance has delivered decades of innovative financial services to thousands of small and medium businesses, and individuals across the country. Our customers trust us daily to deliver multi-faceted, customer-centric solutions to help them fulfil their financial ambitions. We pride ourselves as being the pioneers of vehicle finance leasing and debt factoring in Oman. Today, Muscat Finance provides financial solutions to both individuals and business customers, through an array of products including car finance, consumer durables finance, working capital, debt factoring and equipment leasing. As a leading listed financial services company in Oman, Muscat Finance has eminent shareholders including Al Yousef Group and Al Zawawi Group. We are financially transparent, regulated by both the Central Bank of Oman (CBO) and the Capital Markets Authority (CMA).
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: 99793979
