Ali Al Muqaibal

For 25 years, Sharakah has been at the forefront of SME development in Oman. What are some of its proudest achievements?

The fact that we have grown over the past 25 years is a testimony to the previous management, board, and proper governance over a closed-funded organization. In 1998, Sharakah was one of the pioneering organizations in the region when it came to SMEs. Sharakah was founded by royal decree with the objective of supporting the SME sector based upon four pillars. The first is access to finance, which is the main challenge many SMEs face. This could be achieved through equity financing or debt financing. We have been able to fund almost USD27 million worth of projects to date, with a significant multiplier effect. If there were five multipliers, the impact on the economy itself could be close to USD100 million. The next pillar is providing capacity building and business consultancy. We engage with entrepreneurs and provide mentoring. We assess their entrepreneurship skills and offer them training. The third pillar is working together with other stakeholders to promote initiatives related to improving regulations or initiatives in the SME arena. Finally, we spread awareness about entrepreneurship. The culture in Oman is centered around completing education and getting a government or private sector job. We try to plant seeds where entrepreneurship can grow. We are proud to have delivered over 65 workshops and more than 2,000 hours of consultancy work.

How do you assess the SME sector and entrepreneurship awareness in Oman today?

We have come a long way. In 1998, we were the leading organization in the country. Today, we have a government authority—the Public Authority for Small & Medium Enterprises Development (Riyada)—overseeing the sector, marking a crucial milestone. There are other entities in the sector working to solve some of these challenges, be it access to financing, funding capacity, or promoting the SME sectors. When it comes to new ventures and start-ups, the technology is always evolving, and we are starting to see an ecosystem building around startups. Thanks to the internet and technology, opening a business is becoming significantly easier. We see more initiatives being taken there. The government has a strategy to significantly increase investments, and SMEs are at the heart of that strategy.