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Home > Shell Intilaaqah Oman provides a boost for construction and engineering start ups

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Groundbreaking MoU signed

Shell Intilaaqah Oman has just signed a groundbreaking MoU that will enable young businesses to establish themselves in some of the country’s most lucrative industrial sectors.

The agreement, with Future Generations International (FGI), will provide seed capital for 10 businesses to secure a foothold in either the construction, engineering, automotive services, or consumer retail industries.

The partnership will enable young Omanis who are interested in starting their own businesses to attend Shell Intilaaqah enterprise development workshops, where they will gain the skills, information and advice to produce a viable business plan. Intilaaqah will then assess the business opportunities offered within the particular value chains, and will match the best business with the best market opportunity. Then the 10 best plans, related to the target sectors, will receive equity funding through FGI of between RO 21,000 (US $54,000) to around RO 50,000 (US $129,000) to enable them to start up and grow their share of the market. The upper limit may even be exceeded if there is a compelling business case for a greater level of investment.

The MoU was signed by Chris Breeze, General Manager and Country Chairman of Shell Oman, and Taqi Ali Sultan, General Manager of Future Generations International, at Shell’s office in Mina Al Fahal.

Chris Breeze said, “We are delighted to partner with FGI on an initiative that encourages entrepreneurship in Oman. Supporting the visions and innovative spirit of young entrepreneurs across the Sultanate lies at the heart of our wider social investment agenda. This signing marks the first partnership of its kind for Shell Intilaaqah Oman and we hope to see similar initiatives in the near future.”

Taqi Ali Sultan said, “The aim of this MoU is to support young entrepreneurs who have been trained by Intilaaqah and are ready to run small and medium sized businesses. This MoU will also help us to achieve our goals as a company to create real self-employment opportunities away from traditional fields of employment.”

Underlining the importance of the initiative, Hashim Al Hasani, Shell Intilaaqah Oman Programme Manager added, “The Value Chain Briefings produced by Shell LiveWIRE International have been an excellent resource in highlighting the key growth sectors of the economy, and in encouraging young entrepreneurs to see whether they can target their business offer to satisfy commercial opportunities in the value chain. This MoU, which is the first initiative of its kind, builds on this approach by providing young entrepreneurs with real access to viable and sustainable market opportunities identified by major corporations.

“This is just the start. Our target is to have at least three more similar agreements, covering other business sectors, in place by the end of the year.”

Karen Bellis of the Shell LiveWIRE International team at PNE said, “This pioneering initiative is an exciting development of the Intilaaqah Oman programme and provides young Omani entrepreneurs with an unrivalled opportunity to establish market share within some the country’s top performing sectors.

“It demonstrates the important potential of the Value Chain Briefings and highlights how Shell LiveWIRE version 2 will help to deliver more sustainable and growing businesses which create employment and contribute to local content development.”


 

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