Sharakah, Oman’s premier SME development firm, has signed a Memorandum of Collaboration (MoC) with Oman Environmental Services Holding Company (be’ah). This agreement aims to establish a collaborative framework to streamline the funding process for startups within be’ah’s SME accelerator, Eco-Innovate Oman (EiO).
The MoC was signed between Umaima Al Ghidani, Investment Manager of Sharakah, and Dr. Farah Al Barwani, Senior Manager – Research & Development at be’ah.
The EiO program is a pioneering initiative dedicated to nurturing and supporting Omani eco-preneurs in the field of sustainability and circular economy by transforming their innovative green ideas into successful businesses. Under this MoC, EiO will identify startups within its programme that meet the criteria established by Sharakah for potential funding. Sharakah will approve these startups based on factors such as innovation, market potential, team capabilities, and alignment with Sharakah’s investment strategy. The terms of funding will involve equity investments, formalised through the execution of SAFE notes (Simple Agreement for Future Equity) with each approved startup.
In addition to financial support, Sharakah will offer non-monetary assistance such as business coaching and workspace support, providing a comprehensive support system to help these startups succeed. Both parties will maintain the confidentiality of any sensitive information exchanged during the collaboration, ensuring that startup profiles, financial data, and investment terms remain secure.
This agreement embodies a mutual commitment by Sharakah and be’ah to promote sustainability and innovation across Oman’s entrepreneurial sector, eventually driving the growth and diversification of the national economy.
