Sharakah focuses on providing services to projects that positively contribute to national economy

Business Wednesday 08/February/2023 15:01 PM
By: Times News Service
Sharakah focuses on providing services to projects that positively contribute to national economy

Muscat: Oman government, represented by the Ministry of Commerce, Industry and Investment Promotion, celebrates the Omani Industry Day on February 9 every year. The Industry Day commemorations are marked to motivate the industrial sector to work for economic diversification in Oman.

Promoting the growth of industries and hence increasing its contribution to the economy remains one of the top priorities of the Omani government. To achieve success, it has put in place a policy framework to create a conducive business environment for industries. To support industries, the government has centred on simplifying processes, job creation, skill development and fostering innovation.

In line with Oman’s vision 2040 Sharakah has been and continues its contribution to boosting the industrial sector in the country since 1998. Being committed to entrepreneurship development it offers a wide range of services to aspiring entrepreneurs right from planning a project to reaching its full potential. Sharakah offers three main services including creating awareness about the importance of entrepreneurship and SMEs; providing financial support for startups and existing businesses; and providing consultation, handholding and advice to business owners to ensure their progress and sustainability.

Sharakah has been contributing considerably to the development and preservation of the entrepreneurial ecosystem in Oman to help young and aspiring entrepreneurs in Oman grow into successful business leaders. In cooperation with the SME ecosystem, Sharakah also provides advisory support as well as capacity building and creating awareness of the importance and best practices for entrepreneurship targeting different age groups across Oman. It has developed a variety of tools to improve business performance, among them: the risk assessment tool, which gives an insight into the risk associated with each prospective business, producing a mitigation strategy; the business performance monitoring tool, a performance measurement tool that evaluates the business from different angles and provides a plan for improvement of the business over a specified timeframe; the financial analysis tool which enables understanding project profitability, payback period and other significant financial ratios and metrics.

Following Oman’s Economic Stimulus Plan (ESP) endorsed by the Council of Ministers and approved by His Majesty Sultan Haitham bin Tarik in 2021, Sharakah developed its five-year strategy (2021-2025) to meet the existing market circumstances and to be more aligned with Oman’s Vision 2040. Sharakah now focuses on the sectors of transformative industries such as agriculture, fisheries, mining, mineral, cultural, logistics, educational, tourism, technology, innovation and other complementary sectors.

Sharakah extended the sectors of its support that were previously limited to manufacturing, services and trading to help open up a wider field for the economy in general and for the SMEs, in particular, to boost their services and increase the percentage of their contribution to the country’s GDP. Sharakah also cooperates with organisations regionally and internationally to achieve its objectives.
Since its establishment, Sharakah has supported several SMEs all over Oman and in different sectors and backed them to ensure business sustainability and create employment opportunities.

New Rusayl Heights (ELMRR)
One of Sharakah’s biggest ‘continuous support’ success stories is the New Rusayl Heights (ELMRR), a leading Omani SME specialising in manufacturing construction chemicals and coating products. The SME was granted financial and advisory support by Sharakah as a startup in 2011. ELMRR has benefited and grown with numerous financial assistance and continued handholding. Sharakah’s main aim of continuous support contributes positively to the national economy by supporting an SME like ELMRR to stabilise and enhance its performance with financial and consultancy services.

ELMRR, established in Muscat in 2011 by Huda Al Saadi, produces a variety of products with high quality to fulfil the local market demands in the construction and building industry. Each product manufactured by ELMRR is a result of research and development with contractors, manufacturers and consumers to ensure the product complements the requirements of the market.

The products include high-quality precision grouts, concrete admixtures, Industrial floorings and coatings, technically advanced joint sealants, adhesives, bonding agents, waterproofing and damp proofing products, water stops, self-adhesive membranes, protective coatings and concrete repair and protection systems among others. The business stood against the stiff competition from big players in the market and has grown over the years. Now operating from Samail Industrial Area and it aims to increase production capacity and add new products to cater to the market demands. Sharakah is proud of the determined and hard-working Huda Al Saadi’s growth story.

Gulf Nails
Another industrial SME supported by Sharakah, Gulf Nails is into manufacturing quality collated and bulk nails which are mostly exported to the USA. Established in 2020, Gulf Nails have gained recognition in the field of trading a highly reliable range of nails.

The products are widely acknowledged for their high strength, durability, and sturdy design. With the support of Sharakah, the company was able to obtain the latest technology in nail manufacturing. The team at Gulf Nails is well equipped with the latest technology, know-how and skilled artisans who devote their time and energy to manufacturing the product as per the latest market requirements and customer needs. Every product that comes out from the factory has a guarantee of quality and it is more than just adhering to specifications.

Oman Flanges
Oman Flanges is specialised in manufacturing flanges and is identified in the list of In-Country-Value (ICV) by the Omani oil and gas companies. Sharakah was truly excited to support this project in 2014 for its objective of ultimately maximizing Oman ICV. It is now a leading medium-sized manufacturer of various types of steel flanges for pipe and fittings.

It supplies products to cover huge local demand from oil and gas fields, petrochemical, fertilizers, power, and desalination plants in addition to other chemical industries. Its technical staff has in-depth knowledge and experience spanning over years in this field, involving precise machining with high-quality productivity plus time delivery commitment. The company aims to bridge all supply gaps by establishing a high-end manufacturing foundation in Oman with the ability to supply its products to different industries along with creating new opportunities and business development.

Galfar Gases
A gas manufacturing plant located in Dhofar, Galfar Gases was established in 2013. They manufacture different kinds of gases like Oxygen, Acetylene and Nitrogen. The business has gone through many challenges including competition and with their dedication and commitment they managed, survived, and grown. They have a great story of supplying Oxygen to the community in Dhofar during COVID-19. Sharakah is proud to be part of their success journey.

Ali bin Ahmed Muqaibal, CEO, Sharakah says, “On Oman industry day we are proud to mark the success stories of entrepreneurs who grew with the support of Sharakah. We are always pleased to extend our expertise to aspiring entrepreneurs and help them take the first steps to ensure the sustainable success of their businesses. We will help them gain business skills, build relationships, get funded and grow successful businesses. We will continue to ensure the sustainability of the businesses we support.”

Zuwaina Al Badaaí, SME Development Manager, Sharakah said, “We are happy to play a role in enhancing the development and entrepreneurial competitiveness of SMEs.  We strive to accelerate the successful growth of SMEs through an array of business support resources and services. Going by the success stories we have witnessed so far, we are pleased to have created value by integrating the entrepreneurial drive of startups with the resources that we have made available. This is beneficial to the country’s growth trajectory and a step towards fulfilling Omani Vision 2040 objective.”