BP Oman and Sharakah have renewed their contract to help develop and upgrade the capabilities of small and medium-sized enterprises (SMEs), reported Trade Arabia.

The agreement was signed between Yousuf al Ojaili, president of BP Oman, and Abdullah al Jufaili, general manager of Sharakah, a closed joint stock company dedicated to promoting SMEs.

30 SME business owners will receive intensive classroom and field training over a period of 2-3 months, with twenty of these businesses to be awarded a seed capital grant from BP to be used for the expansion of their respective businesses.

According to the Times of Oman the “BP SME Development Programme”, which was launched in October, is managed by Sharakah and implemented by Inspired Solutions, an SME consultancy firm.

“SMEs have been acknowledged globally for their ability to fuel economic growth through job creation and supply of ideas, skill and innovation to the market,” said Al Ojaili.

“As the development of SMEs in the Sultanate of Oman is still in its initial stages, we at BP aim to assist in this process and significantly contribute to the In-Country Value through educational and entrepreneurial initiatives,” he added.