Muscat: Oman is on the brink of becoming the region’s fastest-growing economy, with an anticipated growth of 4.3%. This surge is attributed to both a strategic increase in hydrocarbon production and the development of new natural gas fields. Remarkably, after surpassing its 10-year GDP growth average in 2022, the nation’s economic momentum carried forward into 2023. This growth is not merely anchored in hydrocarbons; diversification spanning the agricultural, industrial, and service sectors have further propelled Oman’s economy.

Reflecting Oman’s financial resilience and attractiveness to investors, the government posted a commendable OMR 656 million budget surplus in the first half of the year. Such a surplus has boosted the nation’s credit rating while bolstering investor confidence.

Oman’s economic evolution is anchored in its Vision 2040, a comprehensive plan aiming at private sector-led growth, job creation in non-hydrocarbon sectors, fiscal responsibility, and external sustainability. Oman Vision 2040 priorities areas like labor market flexibility, improved tax efficiency, transparency in state-owned enterprises, a conducive investment atmosphere, digitalisation, and a shift towards green energy.

Sharakah, a major entity in Sultanate’s entrepreneurial arena, aligns seamlessly with Oman’s Vision 2040 and the Economic Stimulus Plan (ESP). By doing so, it reinforces its dedication to Oman’s national objectives. Sharakah’s current strategy serves as a dynamic guide, allowing flexibility amidst changing startup trends. The organisation champions various sectors, emphasizing In Country Value (ICV), Information and Communications Technology (ICT), and the knowledge-based economy.

A salient outcome of Sharakah’s efforts is the heightened recognition and improved perception of startups and SMEs in Oman. Through campaigns, educational programmes, and partnerships, Sharakah has highlighted the potential of these enterprises. Such endeavours have not only elevated the startup status but also inspired many to embark on entrepreneurial paths.

Sharakah’s emphasis on emerging industries like technology and renewable energy establishes it as a keystone in Oman’s economic diversification and future prosperity. Its support for SMEs resonates with Oman’s broader goals of economic growth, talent retention, and sustainable development.

Sharakah has ushered in significant transformations within Oman’s SME ecosystem through its innovative approach, strategic collaborations, awareness-raising initiatives, focus on emerging industries, and unwavering alignment with national goals. These transformations have culminated in an improved and dynamic ecosystem that empowers startups and SMEs to thrive, ultimately driving economic growth and ensuring a prosperous future for Oman.

Ali bin Ahmed Muqaibal, CEO of Sharakah aptly states, “SMEs are recognised globally as the backbone of economies. Their agility allows them to stand out. With limited capital needs for setup, technology procurement, and talent acquisition, SMEs remain a crucial element of Oman’s economy. We take pride in fostering their growth.”

Emphasising that the role of partnerships, cannot be overstated, especially for SMEs, the CEO says, “Collaborations enable knowledge exchange, leveling the playing field for SMEs against larger corporations. SMEs, with their adaptability and resourcefulness, can quickly capitalize on emerging trends, making partnerships even more invaluable.”

Accentuating the fact that he initial phase of launching an SME is pivotal, Muqaibal says, “First-time entrepreneurs often juggle various tasks, from legal concerns to marketing. It is a foundational period that shapes the business’s trajectory. Early growth involves honing strategies, while subsequent stages see a refinement of these approaches.”

Speaking of collaborations between corporate, public, and private sectors are fundamental for innovation he says, “Public institutions gain from private sector agility, while private entities benefit from public support. Such synergies drive progress, offering solutions to societal challenges.”