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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Sharakah investments in Omani SMEs total RO 5.4m

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Business Reporter -


MUSCAT, MARCH 29 -


Sharakah, set up by Royal Decree to support the development of small and medium enterprises (SMEs) in the Sultanate, held its Annual General Meeting for the financial year ended December 31, 2016, 2017 on Monday. It was presided over by Hani al Zubair, Chairman of the Board of Directors. The meeting was attended by Board Members, representatives of the Shareholders, officials of concerned authorities and staff.


Hani al Zubair welcomed all the attendees and gave an overview of Sharakah’s achievements for 2016. He started by stating that it was a great year for Sharakah despite the challenges the economy is facing due to the financial crisis.


Sharakah’s investments invested in SMEs totaled RO 807,000, exceeding the targeted investment by RO 27,000, he said. Funding support was provided to 17 projects, the majority of them startups. In all, Sharakah has supported 127 projects since its establishment, with investments totalling in excess of RO 5.4 million.


Al Zubair appreciated the cooperation received by Sharakah from various private sector organisations in the field of SME development. He specifically highlighted the strategic alliance with BP Oman in delivering the Khazzan Project for SME Development. This Project is one of BP Oman’s Social Investment Programmes.


The majority of SMEs supported by Sharakah are performing well, the Chairman said.


A number of them have either opened additional branches or expanded their market reach. During the same year three SMEs have paid their dues in full.


In response to a request raised by the supported SMEs, the Ruwad Sharakah event was held in 2016 as a platform for Sharakah-backed SMEs to collaborate, discuss business opportunities and meet with Board Members. The event was attended by 40 SMEs.


In 2016, Sharakah received “The Bizz Award” by the World Confederation of Businesses (WORLDCOB) in recognition of its effort in developing local capacity and SMEs.


As for its financial performance, Interest Income rose by 11 per cent to RO 388,685, up from RO 530,731 in 2015. Further and as a result of cost cutting measures, total expenses decreased by 2 per cent. Consequently, Total Comprehensive Income for the year was RO 26,531 versus a loss of RO 153,732 in 2015.


In addition, Sharakah has received 8 nominations for the Board of Directors. The nominations were verified to ascertain the number shares per nominee. Consequently, 7 members were elected to represent the Board of Directors for the upcoming three years. They are: Hani M al Zubair, Said Salim al Sahib, Pankaj Khimji, Rashad Jaffar al Shaikh, Qais Mohammed al Khonji, Hani Habib Abdul Nabi Macki and Nasser Mohammed al Hajri.


After the AGM, the board of directors met and re-elected Hani Mohammed al Zubair as Chairman of the Board and Said Salim al Sahib as Vice Chairman for the period 2017-2020.


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