Sharakah allocates sizable fund to support projects this year

Business Sunday 10/January/2016 19:20 PM
By: Times News Service
Sharakah allocates sizable fund to support projects this year

Muscat: Around OMR780,000 has been earmarked by Sharakah to support projects this year, said a senior official. Sharakah’s target for 2016 is 10 projects, Abdullah Al Jufaili, the company’s general manager, told ‘Times of Oman’ in an interview.
According to him, 10 projects were supported by Sharakah in 2014 with an investment of around OMR814,000 and 12 ‘deals’ were signed by the company with a total value of about OMR587,000 in 2015.
Al Jufaili, who was appointed as Sharakah’s general manager in June 2011, noted that 81 projects have been supported by Sharakah since its establishment. Since 2008, 58 projects have been supported and only two projects have failed, he added.
The official said that most of Sharakah’s clients are active in the field of food and beverages but the company is trying to diversify its client base. There are still many untapped areas but people should come and put forward their ideas and initiatives, he explained.
Al Jufaili said that one way to come up with innovative ideas would be looking into the top 100 products, either finished or unfinished, that are being imported by Oman.
Of course there are certain challenges but still there are ways to create new opportunities and help reduce the amount of imports, Sharakah’s general manager noted.
Manufacturing and service sectors have high potential which can be utilised, he said, adding that the upcoming major regional events also offer good opportunities to SMEs. “I firmly believe that when the economy goes down, it is the best time to come up with innovative ideas,” Al Jufaili stated.