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Shumookh Industrial Development Fund signs two investment agreements

TAS News Service
June 29, 2020 12:07 pm

MUSCAT : Shumookh Industrial Development Fund (SIDF) signed yesterday (Sunday) two investment agreements with a total value exceeding OMR 700,000 within the framework of supporting Omani SMEs and enhancing their growth competency. The agreements were signed with Trust FinTech (TFT) LLC and Al Manjam Agricultural Development LLC.

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% 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.

Second Agreement

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 in order to work towards achieving self-sufficiency in food sector and in a 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.

It should be noted that Shumookh Investment and Services, the investment arm of the Public Establishment for Industrial Estates – Madayn, established Shumookh Industrial Development Fund (SIDF) in cooperation with Oman Chamber of Commerce and Industry (OCCI) with the aim of investing in companies associated with the industrial cities in the Sultanate. The Fund also aims to achieve the objectives of these companies, enhance their growth ability, and consequently achieve economic returns that contribute in boosting gross domestic product. The Fund invests its capital in these companies using a pre-defined exit strategy for an investment period ranging from four to six years in a variety of opportunities. The Fund complements the efforts of Madayn to develop companies within its industrial cities and achieve its objective in diversifying income sources of the national economy.

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