Sharakah and Jusoor Foundation sign MOU to promote SME development and impact investing in Oman

To promote SME development and impact investing in Oman, Sharakah and Jusoor Foundation have signed a cooperation memorandum of understanding (MOU). Jusoor Foundation is a non-profit social responsibility organization that is committed to promoting community development through the implementation of sustainable social projects. As the social arm of leading companies Sohar Aluminium, Vale, and OQ, Jusoor Foundation brings a wealth of experience and expertise to the partnership. The collaboration between Sharakah and Jusoor Foundation is set to play a crucial role in promoting social and economic development in Oman by supporting SMEs and driving impactful investments in the country.

Ali bin Ahmed Muqaibal, CEO, Sharakah and Jaber Sulaiman Al Busaidi, Executive Manager Jusoor Foundation signed the MOU at a special ceremony held at the Radisson Blu.

The MOU outlines the various spheres of collaboration between Sharakah and Jusoor Foundation. These include joint funding for projects that promote sustainability and have a significant impact, referral programs for equity funding, joint sponsorship of programs that enhance the growth of SMEs, creation of a think tank that focuses on SMEs, and cooperation in media and marketing initiatives.

Elaborating on the MOU Ali bin Ahmed Muqaibal, CEO, Sharakah said, “The general objective of the MOU signing is to foster the entrepreneurial spirit in Oman and promote the growth of small and medium-sized enterprises (SMEs) in specific fields. Being Oman’s premier entrepreneurship development company, we are pleased that the MOU will create more employment opportunities and contribute to the development of the national economy.”

To achieve this, both Sharakah and Jusoor Foundation will collaborate to develop a co-funding scheme for impactful and sustainable projects. Additionally, Jusoor Foundation will refer its clients seeking equity funding to Sharakah, who will provide smart funding and hand-holding services, subject to mutual agreement on terms and conditions.

Jaber Sulaiman Al Busaidi, Executive Manager, Jusoor Foundation said, “The MOU’s objective is to leverage the expertise and resources of both Jusoor and Sharakah in strategic topics such as in-country value (ICV) and sustainable projects. We also aim, through this partnership, to contribute to raising the level of awareness among the community about entrepreneurship and its role in creating job opportunities and supporting the national economy.”

The MOU is being executed in the spirit of identifying areas of cooperation that will support Omani SMEs in accordance with the requirements and conditions of Sharakah and Jusoor foundation. Additionally, both parties will explore opportunities for joint marketing and media activities to promote their respective services and initiatives.