The small and medium enterprises (SMEs) sector got a boost on Sunday when Shumookh Industrial Development Fund (SIDF) signed an agreement to invest more than RO700,000 in two SMEs.
The first agreement was signed with Trust FinTech (TFT), a Fintech or financial technology company, and the other with Al Manjam Agricultural Development to grow fruits and vegetables using hydroponics.
The agreement was signed by Hilal bin Hamad al Hasani, chairman SIDF and Ahmed al Rahbi, CEO, Trust FinTech. SIDF will partner with TFT by investing in the equity of the company and taking 15% of the stake. ‘This will be the first of its kind strategic cooperation for the financial technology supporting company in Oman. TFT, as a Fintech company, works in developing, managing, and operating mobile solutions for finance related businesses,’ a press release stated.
Hasani said that the demand estimation for the company (TFT) in Oman is based on the financial transactions carried out by individuals and businesses through banks. He pointed out that as per the annual report of Central Bank of Oman 2018, the statistics reflect growth in consumer preference for payments using different electronic payment methods instead of cash. Hasani also hoped that looking at the company’s ambitious business plan, the investment of the Fund and its assets will grow significantly and benefit all its stakeholders.
The second agreement between SIDF and Al Manjam Agricultural Development was signed by Hasani and Khalid al Habsi, CEO of Al Manjam Agricultural Development.
The two parties have partnered to form a new entity which will invest in a project that plans to grow fruits and vegetables using the hydroponics method in a completely controlled environment. Commenting on the second
agreement, Hasani stated that the fund has agreed to form a strategic alliance with the promoter to form an agricultural company in order to work towards achieving self-sufficiency in the food sector and, in the long run, support food security in the sultanate.
Hasani noted that the fund is always willing to support innovative homegrown companies and hoped that the new initiative will bear fruits to everyone as well as support the national economy.
Shumookh Investment and Services, the investment arm of the Public Establishment for Industrial Estates – Madayn, established Shumookh Industrial Development Fund (SIDF) in cooperation with Oman Chamber of Commerce and Industry (OCCI) with the aim of investing in companies associated with the industrial cities in the sultanate.