Muscat – Oman’s leading SME development firm Sharakah signed a Memorandum of Understanding recently with Oman Energy Association (OPAL), a non-profit dedicated to the energy and minerals sector.

The partnership aims to support the development of youth projects in Oman, emphasising the significance of nurturing business growth for a more substantial impact.

The agreement was signed by Ali Ahmed Muqaibal, CEO of Sharakah, and Abdulrahman al Yahyaei, CEO of OPAL.

Under the agreement, both Sharakah and OPAL commit to fostering the spirit of entrepreneurship and enhancing the promotion of Omani SMEs within specific fields. The  collaboration is expected to create jobs and stimulate the national economy further, a press release stated.

Central to the partnership are initiatives aimed at environmental, economic and social sustainability, including the provision of smart funding solutions and development of programmes addressing strategic areas such as In-Country Value (ICV), waste management, de-carbonisation and energy transition.

“Our partnership with OPAL marks a strategic collaboration where our smart funding capabilities will play a pivotal role in nurturing the growth and success of Omani SMEs,” Muqaibal said.

On his part, Yahyaei said, “In alignment with Sharakah, we are committed to providing the necessary technical support, driving initiatives that boost awareness and contribute to the thriving ecosystem of SMEs in Oman.”

A key component of the collaboration involves proposing potential energy projects that could significantly benefit the SME sector, setting a precedent for impactful business environment enhancements. The specifics of these initiatives, including parameters, requirements and conditions, will be mutually agreed upon annually, ensuring relevance and effectiveness.

In terms of knowledge sharing, Sharakah and OPAL pledge to actively exchange expertise and insights, nurturing a culture of collaborative learning and growth. This open channel of communication is expected to enhance the overall effectiveness of their partnership.

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