Oman's leading SME development company, Sharakah, recently signed a Memorandum of Understanding (MoU) with Development Bank aimed at supporting and empowering small and medium enterprises (SMEs).

The primary goal of this cooperation is to provide direct support and capacity building to SMEs in various sectors.

The two entities will explore various investment opportunities and direct financing towards partnerships with investors. Under the agreement, various business monitoring instruments and tools will be utilised to support these institutions and projects.

Exchange practical and professional knowledge

Additionally, they will exchange practical and professional knowledge, particularly focusing on financing mechanisms and project evaluation and monitoring.

Opportunities for partnerships will be studied from both financial and technical aspects, and both entities will collaborate on marketing programmes and events to promote new investment opportunities, as mutually agreed upon.

Ali Ahmed Muqaibal, CEO of Sharakah, and Hamad Bin Salem Al Harthy, acting CEO of Development Bank, signed the partnership.

Al Harthy said: “This MoU comes within the framework of our endeavours to establish partnerships with relevant institutions in the SME sector with the aim of complementing roles and providing more services and programs to small and medium enterprises. Through our joint work with Sharakah we can enhance, grow and innovate in the various sectors in which SMEs operate.”--TradeArabia News Service

Muqaibal said: “Our collaboration with Development Bank is a strategic alliance aimed at providing direct support to SMEs. By activating various financing and monitoring tools and sharing expertise, we are fostering entrepreneurial talent and actively elevating it in line with our mutual development goals. We aim to enhance our ability to nurture and elevate the next generation of business leaders.”

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