Sharakah supports 31 SME projects

Muscat: Total number of projects supported by Sharakah for the year ended December 2015 was 31, including 19 projects that received grants through Khazzan Project for SME Development sponsored by BP and managed by Sharakah, a top official said.
Speaking at the Sharakah annual general meeting convened on March 4, Said Al Sahib, vice chairman of the board of directors, who presided over the meeting disclosed that Sharakah invested a total of OMR587,000 in the small and medium enterprises (SMEs).
Presenting Sharakah's achievements during the year 2015, he said, “Four of the SMEs supported by Sharakah paid their dues in 2015. All of which are delivering good results. The total amount received was OMR104,000. Indeed, most of the projects supported are continuing to grow.”
“Since 2011, as many as 50 projects received financial support of which 16 of them have completely settled their dues and 32 are growing at a steady rate. The success rate stands at 96 per cent, which is far better than the global average,” he added.
“During the year as well, Sharakah launched its annual event, Sharakah Forum, which attracted the attention of SMEs and several other organisations regionally. Given its success, Sharakah is planning to organise this event every year. As a consequence, inquires and applications that Sharakah receives has increased and more people know about the services provided to SMEs,” said Said Al Sahib.
The annual general meeting also discussed and approved the audited financial statements for the year 2015 and the appointment of the statutory auditor for the financial year ending December 2016.
Said Al Sahib, in his concluding remarks, conveyed his gratitude to His Majesty the Sultan for the endless support to Small and Medium Enterprises in Oman. And greatly appreciated the support that SMEs in general and Sharakah in particular received from His Majesty the Sultan.