Muscat: In a move to further bolster small and medium-sized enterprises (SMEs) in Oman, Sharakah, the nation’s leading SME development company, has recently entered into a pivotal agreement with Oman Speedy International LLC. This agreement marks a milestone, providing a term loan to Oman Speedy International for establishing a new division focused on engine re-manufacturing, an international franchise endeavour.
Oman Speedy International, stands out in its sector for its commitment to maintaining international standards while operating locally. The company boasts a comprehensive range of equipment available for hire across Oman, catering to a diverse clientele in cities such as Muscat, Buraimi, Rustaq, Sohar, Sur, and Salalah. Their reputation, built on word-of-mouth and exemplary service quality, underscores their success and regional impact.
The significant agreement was signed by Ali bin Ahmed Muqaibal, CEO of Sharakah, and Mr. Said bin Humaid Al Hashimi, owner of Oman Speedy International. This partnership exemplifies Sharakah’s commitment to nurturing the growth of SMEs in the region.
Ali bin Ahmed Muqaibal, CEO of Sharakah, conveyed his strong support for the collaboration, remarking, “It is a pleasure to assist an SME in achieving greater heights.”
Similarly, Said bin Humaid Al Hashimi, owner of Oman Speedy International, expressed his gratitude for Sharakah’s backing, describing it as “extremely beneficial.”
In line with its commitment to bolstering local enterprises, Sharakah has an impressive loan scheme tailored for asset-based funding and working capital needs. This scheme is particularly designed to support both new and existing projects, offering a loan amount ranging from RO 10,000 to 350,000. For new ventures, a minimum client contribution of 33% is required, while for existing projects, this is reduced to 20%. The interest rate is competitively set at 5%, with a risk rate of up to 2%, which is determined by factors such as project viability, the client’s capability, and their commitment. The loan period extends up to a maximum of six years, inclusive of a moratorium period, providing ample time for businesses to establish and stabilize their operations. This loan scheme is a testament to Sharakah’s dedication to fostering the growth and sustainability of SMEs in Oman.
Under the leadership of General Manager Robert Briggs, Oman Speedy International’s team comprises skilled electricians, technicians, and support staff, all dedicated to upholding the company’s standards of excellence. The introduction of the engine re-manufacturing division is anticipated to further enhance the company’s offerings and solidify its position as a local business with international caliber.
This collaboration underscores Sharakah’s role in advancing the SME sector in Oman and highlights the potential of local companies like Oman Speedy International to expand and diversify their services, contributing positively to the nation’s economic landscape.
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
