SIDF signs two investment agreements to support SMEs in Oman
Source: Times of Oman
Shumookh Industrial Development Fund (SIDF) signed two investment agreements with a total value exceeding OMR700,000 within the framework of supporting Omani SMEs and enhancing their growth competency. The agreements were signed with Trust FinTech (TFT) and Al Manjam Agricultural Development.
The first agreement was signed by Hilal bin Hamad Al Hasani, Chairman of Shumookh Industrial Development Fund (SIDF), and Ahmed Al Rahbi, Chief Operating Officer of Trust FinTech.
Shumookh Industrial Development Fund is partnering with Trust FinTech (TFT) by investing in the equity of the company and taking 15 per cent of the stake.
This will be the first of its kind strategic cooperation for the financial technology supporting company in Oman. TFT as a Fintech company works in developing, managing, and operating financial mobile solutions for its clients.
Hilal Al Hasani, Chairman of SIDF, indicated that demand estimation for the company in Oman is based on the financial transactions carried out by individuals and businesses through banks. He pointed out that as per the annual report of Central Bank of Oman 2018, the statistics reflect growth in consumer preference for payments using different electronic payment modes instead of cash. Al Hasani also hoped that looking at the company’s ambitious business plan, the investment of the Fund and its assets grow significantly and benefit all its stakeholders.
The second agreement between Shumookh Industrial Development Fund and Al Manjam Agricultural Development was signed by Hilal Al Hasani, Chairman of SIDF, and Khalid Al Habsi, Chief Operating Officer of Al Manjam Agricultural Development. The two parties have partnered to form a new entity which will invest in a project that plans to grow fruits and vegetables using Hydroponics method in a completely controlled environment.
Commenting on the second agreement, Al Hasani stated that the Fund has agreed to form a strategic alliance with the promotor to form an agricultural company to work towards achieving self-sufficiency in the food sector and long-run support of food security in the Sultanate. Al Hasani also noted that the fund is always willing to support innovative homegrown companies and hoped that the new initiative will bear fruits to everyone as well as support the national economy.