Sharakah, BankDhofar join hands to support SMEs

Koint support will also ensure better facilities for the startups and established businesses alike

BankDhofar head office

BankDhofar head office

BankDhofar/Handout via Thomson Reuters Zawya

A new collaboration between Sharakah and BankDhofar was established recently to support the SMEs in Oman. The collaboration is to facilitate a wider array of funding and supporting opportunities to small and medium enterprises in the Sultanate.

With a keen interest to help entrepreneurs, the joint support will also ensure better facilities for the startups and established businesses alike.

Commenting on this initiative, Dinkar Kishor, Deputy General Manager at Sharakah said: “We are delighted to collaborate with BankDhofar to play a significant role in the SME ecosystem in Oman and push it forward in alignment with Vision 2040. We look forward to helping SMEs and to provide financial and other solutions to contribute to the development and growth of the national economy.”

Commenting on the partnership Ammar Mohsin al Balushi, Acting Head of Mid Corporate Banking and Business Banking, at BankDhofar, noted: “The SME sector is a vital contributor to the growth and diversification of the national economy. At BankDhofar, we have always been keen to support the SMEs, and participate in initiatives that accelerate the development of the sector. We are glad to join hands with Sharakah which will enable us to offer financial solutions to SMEs.”

Sharakah plays a vital role in Omani SME ecosystem. Back in 1998, it was incorporated by a royal decree to support the Omani SMEs, contributing to economic diversification, and creating jobs for locals. Its support for SMEs takes the form of three types of service. One is the promotion of the spirit of entrepreneurship across Oman, in addition to championing successful entrepreneurs. The second involves financial support, itself comprising three schemes: an equity scheme, bill discounting scheme, and loan scheme. The third is Consultancy and Advisory services.

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