MUSCAT, Oman, May 29, 2023 /PRNewswire/ -- Sharakah, a closed joint stock company incorporated by Royal Decree No. (76/98), has come on board with Beehive, a leading fintech company, as a new investor. Sharakah contributes to SME development in Oman and provides finance to support Oman's vision to diversify the economy. Together, Beehive and Sharakah look to help the growth of the SME economy by providing fast, accessible finance.
Beehive is a peer-to-peer lending platform headquartered in Dubai, which has funded GCC-based SMEs over AED1.5 billion since inception in 2014. Beehive connects businesses seeking funding with investors, eliminating the cost and complexity of conventional finance. The result is a more efficient, streamlined process that gives businesses faster access to lower cost finance.
With Sharakah on board as an investor, Beehive's liquidity will increase, enabling funding for more SMEs across Oman. Beehive provides access to finance for SME growth, and will lend collateral free, debt-based finance to strong, creditworthy companies. Businesses can borrow from OMR20K on repayment terms between 6-36 months.
Ali bin Ahmed Muqaibal, CEO, Sharakah said: "This partnership with Beehive marks an important milestone for Sharakah in our mission to drive SME development in Oman and support the diversification of our economy. Through our collaboration with a reputed innovative fintech platform we aim to contribute to the growth of the SME sector and provide fast, accessible finance to empower businesses. Together, we will create a favourable ecosystem that empowers small businesses and contributes to Oman's overall prosperity."
Craig Moore, Founder and CEO of Beehive said, "Beehive has been operating in Oman for six months and has facilitated over OMR 2 million in SME funding. This is the proof we need to show how important easy access to finance for growth is for small businesses in Oman. We're thrilled to have Sharakah on board to help us work towards a more prosperous future for SMEs."
Beehive P2P Ltd. is the largest regulated peer to peer (P2P) lending platform in the GCC. Beehive directly connects businesses looking for finance with investors, creating mutually beneficial partnerships for growth. Beehive's digital platform provides smarter finance solutions to businesses, financial institutions and investors. By combining financial market experience with technology, we accelerate efficiency and functionality to deliver market innovation. Since launch, Beehive has registered over 15,000 investors and successfully facilitated more than AED1.5 billion to over 1,000 business funding requests. The business expanded into Saudi Arabia in 2020 and Oman in 2022.Beehive UAE is regulated by the DFSA.
Sharakah, among Oman's first SME development initiatives has been fostering the entrepreneurial spirit since 1998 when it was incorporated by a Royal Decree No. (76/98). Since its inception, Sharakah has provided support to a substantial number of projects in different sectors through awareness, training programs, financial support, consultation services and more. Playing a strategic role in the SMEs ecosystem in the Sultanate and making a positive impact is Sharakah's vision, and its strategies revolve around the objectives of benefitting the Omani SME sector.
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