Promoting the growth of industries and hence increasing their contribution to the economy remains one of the top priorities of the Omani government, which is celebrating the Omani Industry Day on February 9.

 

To achieve success, it has put in place a policy framework to create a conducive business environment for industries. To support industries, the government has centered on simplifying processes, job creation, skill development and fostering innovation. 

 

Oman government, represented by the Ministry of Commerce, Industry and Investment Promotion, marks the day to motivate the industrial sector to work for economic diversification in the sultanate.

 

Role of Sharakah

In line with Oman’s vision 2040 Sharakah has been boosting the industrial sector in the country since 1998. Being committed to entrepreneurship development it offers a wide range of services to aspiring entrepreneurs right from planning a project to reaching its full potential. 

 

Sharakah offers three main services including creating awareness about the importance of entrepreneurship and SMEs; providing financial support for startups and existing businesses; and providing consultation, handholding and advice to business owners to ensure their progress and sustainability.

 

Sharakah has been contributing considerably to the development and preservation of the entrepreneurial ecosystem in Oman to help young and aspiring entrepreneurs in Oman grow into successful business leaders. In cooperation with the SME ecosystem Sharakah also provides advisory support as well as capacity building and creating awareness on the importance and best practices for entrepreneurship targeting different age groups across Oman. 

 

Variety of tools

It has developed a variety of tools to improve business performance, among them: the Risk Assessment Tool, which gives an insight into the risk associated with each prospective business, producing a mitigation strategy; the Business Performance Monitoring Tool, a performance measurement tool that evaluates the business from different angles and provides a plan for improvement of the business over a specified timeframe; the Financial Analysis Tool which enables understanding project profitability, payback period and other significant financial ratios and metrics.

 

In accordance with Oman’s Economic Stimulus Plan (ESP) endorsed by the Council of Ministers and approved by His Majesty Sultan Haitham bin Tarik in 2021, Sharakah developed its five-year strategy (2021-2025) to meet the existing market circumstances and to be more aligned with Oman’s Vision 2040. Sharakah now focuses on the sectors of transformative industries such as agriculture, fisheries, mining, mineral, cultural, logistics, educational, tourism, technology, innovation, and other complementary sectors. 

 

Sharakah extended the sectors of its support that were previously limited to manufacturing, services and trading to help open up a wider field for the economy in general and for the SMEs in particular to boost their services and increase the percentage of their contribution to the country’s GDP. Sharakah also cooperates with organisations regionally and internationally to achieve its objectives.

 

Since its establishment, Sharakah has supported a number of SMEs all over Oman and in different sectors and backed them with the objective of ensuring business sustainability and creating employment opportunities. 

 

New Rusayl Heights (ELMRR)

One of Sharakah’s biggest ‘continuous support’ success stories is the New Rusayl Heights (ELMRR), a leading Omani SME specialised in manufacturing construction chemicals and coating products. The SME was granted financial and advisory support by Sharakah as a startup in 2011. ELMRR has benefited and grown with numerous financial assistances and continued handholding. Sharakah’s main aim of continuous support contributes positively to the national economy by supporting an SME like ELMRR to stabilise and enhance its performance with financial and consultancy services.

 

ELMRR, established in Muscat in 2011 by Huda Al Saadi, produces a variety of products with high quality to fulfil the local market demands in the construction and building industry. Each product manufactured by ELMRR is a result of research and development with contractors, manufacturers and consumers to ensure the product complements the requirements of the market. 

 

The products include high-quality precision grouts, concrete admixtures, Industrial floorings and coatings, technically advanced joint sealants, adhesives, bonding agents, water proofing and damp proofing products, water stops, self-adhesive membranes, protective coatings and concrete repair and protection systems among others. 

 

The business stood against the stiff competition from big players in the market and grown over the years. Now operating from Samail Industrial Area and it aims to increase production capacity and add new products to cater to the market demands.-- TradeArabia News Service