Sharakah, a major entity in Oman’s entrepreneurial arena, has ushered in significant transformations within Oman's SME (small and medium enterprises) ecosystem.
This is done through its innovative approach, strategic collaborations, awareness-raising initiatives, focus on emerging industries, and unwavering alignment with national goals.
These transformations have culminated in an improved and dynamic ecosystem that empowers startups and SMEs to thrive, ultimately driving economic growth and ensuring a prosperous future for Oman.
Backbone of economies
Ali bin Ahmed Muqaibal, CEO of Sharakah says: “SMEs are recognised globally as the backbone of economies. Their agility allows them to stand out. With limited capital needs for setup, technology procurement, and talent acquisition, SMEs remain a crucial element of Oman's economy. We take pride in fostering their growth."
Sharakah aligns seamlessly with Oman's Vision 2040 and the Economic Stimulus Plan (ESP). By doing so, it reinforces its dedication to Oman’s national objectives.
Sharakah’s current strategy serves as a dynamic guide, allowing flexibility amidst changing startup trends. The organisation champions various sectors, emphasising In Country Value (ICV), Information and Communications Technology (ICT), and the knowledge-based economy.
A salient outcome of Sharakah's efforts is the heightened recognition and improved perception of startups and SMEs in Oman. Through campaigns, educational programmes, and partnerships, Sharakah has highlighted the potential of these enterprises. Such endeavours have not only elevated the startup status but also inspired many to embark on entrepreneurial paths.
Sharakah’s emphasis on emerging industries like technology and renewable energy establishes it as a keystone in Oman's economic diversification and future prosperity. Its support for SMEs resonates with Oman's broader goals of economic growth, talent retention, and sustainable development.
Emphasising that the role of partnerships, cannot be overstated, especially for SMEs, the CEO says: “Collaborations enable knowledge exchange, leveling the playing field for SMEs against larger corporations. SMEs, with their adaptability and resourcefulness, can quickly capitalise on emerging trends, making partnerships even more invaluable.”
Accentuating the fact that the initial phase of launching an SME is pivotal, Muqaibal says: “First-time entrepreneurs often juggle various tasks, from legal concerns to marketing. It is a foundational period that shapes the business's trajectory. Early growth involves honing strategies, while subsequent stages see a refinement of these approaches.”
Speaking of collaborations between corporate, public, and private sectors are fundamental for innovation, he says: “Public institutions gain from private sector agility, while private entities benefit from public support. Such synergies drive progress, offering solutions to societal challenges.”-- TradeArabia