The Fund For Development of Youth Projects SAOC (Sharakah) of the Oman Government signed an economic cooperation agreement with the World Business Angels Investment Forum – an affiliated partner of the G20 Global Partnership for Financial Inclusion (GPFI) – on enhancing financial and digital inclusion, Four Seasons Hotel Bahrain Bay, 5 February.
While the world strives to contain the pandemic, entrepreneurs, startups, and SMEs do whatever they can to maintain continuity and ensure survival. To survive in ‘the new normal’, that is, in the post-pandemic business environment, entrepreneurs, startups, SMEs, and governments all need to develop competencies in business and digital transformation. Business and digital transformation require a completely new approach to harmonising the mindset and skills of startup founders, entrepreneurs, investors and policymakers.
New ventures and enterprises are obliged to rethink their business models and strategies. Developments in technology, the current deglobalization trend, and the world’s ever-changing demographics create challenges and disruptions in many areas of life. It is only by embracing creativity, innovation and an entrepreneurial mindset that companies can transform their business models and reshape their strategies in a way that allows them to identify new opportunities in the post-pandemic era we are about to enter.
It is rewarding to see that governments around the world have understood the importance of business and digital transformation for boosting their economies. The Fund For Development of Youth Projects SAOC (Sharakah) of the Oman Government signed an economic cooperation agreement with the World Business Angels Investment Forum – an affiliated partner of the G20 Global Partnership for Financial Inclusion (GPFI) – on enhancing financial and digital inclusion, Four Seasons Hotel Bahrain Bay, 5 February.
Sharakah is a Closed Joint Stock Company incorporated by a Royal Decree No. (76/98) in 1998 to show the on-going commitment and support of the Sultanate of Oman towards entrepreneurship development. It aims to contribute towards SME development in Oman by spreading awareness about the importance of entrepreneurship and SMEs, providing financial support and consultation services.
Baybars Altuntas, Executive Chairman, World Business Angels Investment Forum, says ‘’Even before the COVID-19 pandemic, business transformation was a concern of big companies, but now it is imperative, and not just for large enterprises. Even the smallest companies and organisations must transform their business as a matter of urgency in order to cope with dynamics of the post-pandemic business environment. Governments must be alerted to the fact that unless small companies receive financial support for transforming their business, they will not be able to survive in post-pandemic times. This means their capacity to create more jobs and social wealth for economies will be lost.
We are very pleased to witness that Oman is one of the few countries in the MENA region understanding the importance of business transformation of small businesses for the future of Oman’s economy. I am sure Oman will find a rewarding experience by signing this co-operation agreement’’
Ali Ahmed Muqaibal, Chief Executive Officer, Fund For Development of Youth Projects SAOC (Sharakah), says ‘’ Surveys reveal that most small companies and entrepreneurs in the startup economy are suffering financially. Their plight will become even more serious if they have not been able to complete their business and digital transformation before the ‘new normal’ sets in.
Given this situation, the Sharakah is very pleased to co-operate with the World Business Angels Investment Forum to develop smart policies that will provide financial support to startups, scaleups, SMEs and all entrepreneurs to help them transform their business. We believe our co-operation with the WBAF will open a way for quality education, more global networking, international know-how exchange and, easing access to smart finance for Oman’s startup founders, SME owners, and angel investors. Ultimate goal is to create more jobs and social mobility by supporting entrepreneurs in Oman and beyond’
About the Fund For Development of Youth Projects SAOC (Sharakah)
Sharakah is a Closed Joint Stock Company incorporated by a Royal Decree No. (76/98) in 1998 to show the on-going commitment and support of the Sultanate of Oman towards entrepreneurship development. Sharakah aims to contribute towards SME development in Oman by spreading awareness about the importance of entrepreneurship and SMEs, providing financial support and consultation services. The generous donation by His Majesty Sultan Qaboos bin Said along with those from the business community and private individuals have created the share capital that enables us to operate and render our services.
About the World Business Angels Investment Forum (WBAF)
An affiliated partner of the G20 Global Partnership for Financial Inclusion (GPFI), the World Business Angels Investment Forum (WBAF) is an international organisation aiming to ease access to finance for businesses from start-up to scale-up, with the ultimate goal of generating more jobs and more social justice worldwide. It is committed to collaborating globally to empower world economic development by creating innovative financial instruments for innovators, start-ups, and SMEs. The Forum interacts with leaders in all areas of society, first in business and political spheres, to help assess needs and establish goals, bearing in mind that the public interest is of paramount importance. WBAF engages a wide range of institutions, both public and private, local and international, commercial and academic to help shape the global agenda.
