Muscat – To empower small and medium enterprises and support the development of their businesses, Sharakah recently signed a memorandum of understanding (MoU) with the Authority for SMEs Development (ASMED).

The agreement endeavours to strengthen collaboration between the two entities on sharing of expertise related to the ecosystem, which will boost growth of the SME sector and help them operate successfully and be sustainable. The cooperation will focus on initiatives and activities related to SMEs while supporting and promoting each other in serving the sector.

Halima bint Rashid al Zaria, Chairperson of ASMED, and Ali bin Ahmed Muqaibal, CEO of Sharakah, signed the MoU at a ceremony that took place in ASMED’s head office.

On the occasion, Muqaibal said, “We feel honoured to sign this agreement with ASMED. Both entities are playing a vital role in supporting and developing the SME ecosystem in Oman. The objective of this collaboration is to expand and boost the support extended to SMEs. The MoU will contribute to the advancement of entrepreneurship in Oman, boost the SME sector’s contribution to the economy, and make small businesses more active and robust. Our goals and objectives are strategically aligned, and this MoU comes as a validation of our strategic alliance.”

On her part, Halima said that the agreement will enhance the existing cooperation and partnership with Sharakah, “as we seek to enhance the authority’s role in empowering SMEs and expanding their capabilities with basic knowledge and skills to engage in entrepreneurship and keep pace with changes around us”.

She added, “This promising sector is accelerating, and we are committed to consolidate the presence of SMEs in all fields to increase their contribution to the GDP and development of the national economy. We also strive through innovative initiatives and programmes to stimulate SMEs to raise their capabilities in order to compete locally, regionally and globally.”