The Fund for Development of Youth Projects has unveiled its new identity under the brand name “Sharakah”.

The move is part of fund’s reformed strategy to revitalise its operations in the Sultanate and foster a new generation of Omani entrepreneurs, the fund said in a statement.
 
The creation of the fund in 1998 by royal decree was a major milestone that reflected the country’s encouragement and commitment towards Omani entrepreneurs, it added.

By providing equity investment for seed capital for startups and expansion in addition to expertise needed to develop business ideas into profitable ventures, Sharakah aims to become Oman’s leading entrepreneurial fund offering services and programmes dedicated towards the establishment and growth of Omani businesses thereby adding value to its stakeholders and the community at large, said the company.

“Small and medium enterprises form the backbone of successful economies by providing employment opportunities, producing and exporting essential goods and services that develop new industries. This is especially true in Oman where 90 per cent of enterprises are categorised as SMEs,” said fund’s board member Said Al Sahib.

“We will continue with our commitment to assist Omani entrepreneurs through our funding and advisory services. The fund has undergone a complete evaluation and re-positioning exercise to ensure that the right mechanics, systems and procedures are in place to maximize results for the entrepreneurs and the Fund. This is an exciting time for Sharakah and we are inspired by the challenge that lies ahead,” said Sharakah General Manager Malak Al Shaibani.

Al Shaibani added that in 2008, Sharakah will focus on a diverse range of sectors including: hospitality (restaurants, coffee shops, motels), leisure and entertainment, down stream industries, information technology, education and training in addition to support services to the construction, tourism, and oil and gas industries. – TradeArabia News Service