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Oman Business News

Sharakah and HSBC Bank Oman sign pact to support SMEs

Sharakah, one of Oman’s first SME development initiatives that was incorporated by Royal Decree in 1998, signed a cooperation agreement yesterday with HSBC Bank Oman to assess and provide support for sustainability to ten small and medium enterprises (SMEs). The agreement was signed by Andrew P Long, CEO of HSBC Bank Oman and Hani al Zubair, Chairman of Sharakah, at HSBC Bank Oman headquarters.

The SME Sustainability Programme falls under HSBC Bank Oman’s focus on entrepreneurship within its Corporate Sustainability Programme. The programme aims at evaluating the performance and the sustainability plans of the selected SMEs and draw a plan for improvement over a period of 6 months. An SME startup, Destination Sustainability, will partner with Sharakah in assessing the sustainability aspects of the business.

“Our partnership with Sharakah underscores HSBC’s strategic commitment to supporting sustainable growth through sustainable finance, entrepreneurship and the development of future skills.

Sharakah’s expertise in funding and developing SMEs makes it a powerful partner in HSBC’s work to support SMEs in Oman and we look forward to having a lasting impact on the companies that are part of the programme,” Andrew P Long, CEO of HSBC Bank Oman, said during the signing ceremony.

Hani al Zubair, Chairman at Sharakah further commented, “Sharakah is honoured to be associated with HSBC Bank Oman in conducting the SME Sustainability Programme in order to make the SMEs sustainable and ultimately benefit the community. We look forward to a continued joint collaboration for serving the Omani SME community”.

The applications received will be filtered based on specific criteria shared on Sharakah’s website.

They include: giving preference to businesses that have completed at least one year since incorporation, the accuracy and authenticity of the information provided about the business, and SME owners to be Omanis and fully dedicated to the project. Existing SMEs from all governorates are invited to register to the programme online at http://HSBC.Sharakah.om.

After registration, Sharakah will screen the applications and shortlist ten eligible SMEs to undergo the sustainability programme that will focus on the following functions: Administration, Human Resources, Branding, Marketing, Finance, Quality and Applying Best Practices. The online registration opened on January 28, 2019.
  • Sharakah
  • SME Develeopment
  • HSBC Bank
  • Oman
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