Small industries get a boost from Sharakah
As many as 17 projects received financal support and a majority of these firms were start-ups. Sharakah has supported 127 projects since formation.
MUSCAT: Sharakah’s total investment in Small and Medium Enterprises (SMEs) rose by OMR27,000 to OMR807,000, despite the challenges the economy is facing due to the financial crisis, the chairman of the board said.
Sharakah held its annual general meeting (AGM) for the financial year ended December 2016 on Tuesday, which was presided over by Hani Al Zubair, chairman of the Board of Directors. The meeting was attended by board members, representatives of shareholders, officials of concerned authorities and staff members.
Al Zubair said the amount was provided to 17 projects, a majority of which were start-ups. Sharakah has supported 127 projects since establishment and the total investment in SMEs has exceeded OMR5.4 million, he added.
He also appreciated the cooperation received by Sharakah from various private sector organisations in the field of SME development. Al Zubair specifically highlighted the strategic alliance with BP Oman in delivering the Khazzan Project for SME Development. This project is one of BP Oman’s Social Investment Programmes.
The chairman pointed out that the majority of SMEs supported by Sharakah are performing well and a number of them have either opened additional branches or expanded their market reach. In fact, during the same year, three SMEs have paid their dues in full. Moreover, in response to a request raised by the supported SMEs, the Ruwad Sharakah event was held in 2016 as a platform where supported SMEs can collaborate, discuss business opportunities and meet with board members. The event was attended by 40 SMEs.
In 2016, Sharakah received “The Bizz Award” given by the World Confederation of Businesses (WORLDCOB), in recognition of its efforts in developing local capacity and SMEs.
As for Sharakah’s financial performance is concerned, interest income rose by 11 per cent - from OMR388,685 to OMR430,731. Further and as a result of cost cutting measures, total expenses fell by 2 per cent. Consequently, the total comprehensive income for the year was pegged at OMR26,531, compared with a loss of OMR153,732 in 2015.
The annual general meeting also discussed and approved audited financial statements for the year 2016 and the appointment of a statutory auditor for the financial year ending December 31, 2017.
Seven board members
In addition, Sharakah has received eight nominations for its board. The nominations were verified to ascertain the number of shares per nominee. Consequently, seven members were elected to represent the Board of Directors for the next three years.
These include Hani M. Al Zubair, Said Salim Al Sahib, Pankaj Khimji, Rashad Jaffar Al Shaikh, Qais Mohammed Al Khonji, Hani Habib Abdul Nabi Macki and Nasser Mohammed Al Hajri.
Board Chairman Al Zubair concluded by conveying his gratitude to His Majesty Sultan Qaboos bin Said for the endless support extended to small and medium enterprises in Oman, and greatly appreciated the support that SMEs in general and Sharakah in particular have received from His Majesty.