Nomou Oman Fund
About the Nomou Oman Fund
Through a gift to the nation, Shell first established the Intilaqaah Enterprise Fund in Oman in 2007 and it was then rebranded to Nomou Oman in 2013. The Fund was established to benefit local entrepreneurship and Omanisation, which refers to the employment of Omanis by local businesses. It targets high impact sectors and aims to increase the number of local SMEs participating in the supply chain of large companies operating in the country. The Nomou Oman Fund (NOF) aims to contribute to job creation, especially among the youth, through stimulating the development and growth of Oman’s SME sector.
Investors & Funder
Performance of the Nomou Oman Fund
The Nomou Oman Fund’s impact achievements prove that there are opportunities to address poverty anywhere in the world. By the end of 2019, the Fund had supported 2,051 jobs and 349 entrepreneurs. Since inception, it has invested US$ 29m in 42 companies through 49 transactions and provided support to 349 SMEs. Nomou Oman’s success is testament to the long-term sustainability of GroFin’s model as it has been able to recycle the US$ 17m in financing it received 1.7 times thus far. The Fund, through its investments, supports 15,380 livelihoods in the local economy.
Oman’s late ruler, Sultan Qaboos bin Said, was succeeded by Sultan Haitham bin Tariq in a smooth transition at the beginning of January 2020. The new ruler is expected to follow similar policies to his predecessor by maintaining good regional relations and pursuing non-oil development, which is crucial economic growth in a challenging global context. The Fund is well positioned to assist in this respect through diversifying its support to the various high impact sectors of the economy. Omanisation, which remains a key impact priority for the Fund, stood at 36% at the end of 2019.
The Nomou Oman Fund will continue to maximise reinvestment of proceeds into new small businesses through realisations from its current portfolio. It will continue to seek impactful and viable businesses to invest in and to showcase the efficacy of GroFin’s model in various operating environments.