Sharakah highlights its performance at AGM

Muscat: Sharakah held its Annual General Meeting (AGM) for the financial year ended on December 31, 2017 on March 26, 2018. The meeting was presided by Hani Al Zubair, Chairman of the Board of Directors in the presence of board members, representatives of the shareholders, staff and officials of concerned authorities.
Hani Al Zubair welcomed all the attendees and started by pointing out that on the 8th of November 1998, His Majesty Sultan Qaboos bin Said issued a Royal Decree to incorporate Fund for Development of Youth Projects as a Closed-Joint Stock company, specifically dedicated to support the development of Small and Medium Enterprises (SMEs).
He congratulated all the shareholders for completing 20 successful years and shared some of the achievements over the years.
Sharakah has proven to be a successful model by being able to self-sustain itself. It’s assets size has grown from OMR6.3 million to OMR8.9 million at the end of 2017 and the company has provided more than OMR6 million as financial support to small and medium enterprises (SMEs).
More than 180 SMEs received financial and administrative support and many of these SMEs witnessed a growth both vertically and horizontally and a number of these SMEs have been recognised locally and regionally.
Sharakah has also received many regional and international awards for its contribution in SME development. Hani Al Zubair further spoke about Sharakah’s financial performance for the year 2017 where he mentioned that Sharakah’s total income for 2017 was OMR730,645 with an increase of OMR210,581 from the previous year. He added that this increase is due to expanding the consultation services offered by Sharakah. “The year 2017witnessed an increase in consultancy services requested from Sharakah. Apart from the agreement signed with BP Oman for the 4th consecutive year, Sharakah established cooperation with National Finance Company and the Public Authority for SME Development (Riyada),” said Hani Al Zubair.
The agreements signed with various business partners include managing the implementation of Khazzan Project for SME Development supported by BP Oman, delivering 12 workshops titled ‘Calculate it Right’ to students of 12 educational institutions, delivering 12 workshops titled ‘Calculate it Right’ to business owners in 12 Willayats and evaluating the performance of 10 existing SMEs and offer advice for improvement.