Muscat:In a significant move to bolster the growth and development of small and medium enterprises in Oman, Sharakah, the leading SME development company, has initiated an invoice factoring scheme with Oman Fisheries Company SAOG. This partnership aims to enhance the financial stability and growth prospects of SMEs associated with Oman’s largest fishing corporation.
This financial solutionis set to significantly benefit the SMEsengaged with Oman Fisheries by improving cash flow, boosting liquidity, and ensuring operational efficiency.
The Invoice Factoring solutionbrings key benefits to SMEs, notably in improving cash flow and boosting liquidity. It offers an effective solution for SMEs to manage their working capital more efficiently by providing quickcash against invoices. This enables businesses to meet their operational expenses promptly, avoiding any delays that could hinder their growth. Furthermore, having access to quick liquidity is critical for the growth and sustainability of SMEs. The scheme empowers them to quickly seize growth opportunities, fulfill orders on time, and plan for expansion with greater confidence.
The agreement was officially signed by Ali Ahmed Muqaibal, CEO of Sharakah, and Eng. Nabeel Al Ruwaidhi, CEO of Oman Fisheries.
This collaboration lays a strong foundation for the prosperity of Omani SMEs, facilitating their access to essential financials.
Ali Ahmed Muqaibal expressed his enthusiasm about the partnership, stating, “We are happy to signwith Oman Fisheries. Invoice factoring has emerged as a preferred method for small businesses to secure the finances they need. This approach is efficient, reliable, and eases the pressure of financial obligations, allowing businesses to plan for sustainable growth.”
Echoing the sentiment, Eng. Nabeel Al Ruwaidhihighlighted the value of this collaboration for advancing SME development in Oman.
As Sharakah celebrates its 25thanniversary of supporting SME development, this partnership with Oman Fisheries marks a significant milestone in its mission to foster a robust and diverseecosystem for SMEs in Oman.
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
