New equity scheme for innovation and technology

Muscat: Technological advancement is one of the main characteristics of today's era and when backed with innovation it can truly provide a boost to the economy as well as other parts of our daily life.

In line with the Oman Vision 2040, and the direction of the economy toward diversification with a focus on innovation, technology, and knowledge-based industries, 'Sharakah’, Fund for Development of Youth Projects, made by the Royal Decree of 1998 for supporting the SME sector in Oman, has launched a new equity scheme for innovation and technology.

The Sharia-compliant scheme is directed toward providing support to startups and existing projects in the sector of innovation and technology where a prototype is ready for commercialisation. Financial support of up to OMR50,000 is provided as Equity participation with a clear exit strategy. This is basically ‘Venture Capital Investment’ in the true sense and Sharakah plays the role of ‘Angel Investor’.

Umaima Al-Ghadani, Investment Manager in Sharakah said, "The importance of SMEs in the innovation and technology sector in the sultanate economic growth and their contribution to the GDP has been emphasised by His Majesty Sultan Haitham bin Tarik and the Oman 2040 vision, and Sharakah’s objective is to contribute in supporting this promising sector by providing the necessary incentives to ensure its success and sustainability.”