SMEDA showcases AR technology at COMEX

MUSCAT, MAY 29

The Small and Medium Enterprises Development Authority (SMEDA) showcased its investment map initiative using augmented reality (AR) technology at COMEX 2024. Khalfan al Khatri, Assistant Director of the Marketing and Events Department, said, “The Authority continues its support for promising Omani startups at COMEX 2024, as 16 small and medium enterprises (SMEs) and tech startups participate in this event. The Authority continues its efforts to accelerate digital transformation by providing advanced digital services that make it easier for entrepreneurs to manage their projects and expand their businesses.”

He also noted that the exhibition includes a special corner for the promising Omani startups to display their initiatives such as the educational electronic game (Little Pioneer) and entrepreneurial stories (start-up stories).

SMEDA’s participation at COMEX 2024 highlights its various experiences and initiatives in several areas, including digital transformation, smart cities, and reviewing a number of electronic services. This participation aims to review a group of projects and applications that reflect the Authority’s progress in these areas. Through its participation in the COMEX exhibition under the slogan “Empowerment and Sustainable Growth,” the Authority continues the journey of empowering promising Omani startups to pave their way towards success, excellence, and expansion.

SMEDA appreciated the royal directives to support SMEs and emerging companies in Oman by launching an incentive programme that includes establishing a sub-market on the Muscat Stock Exchange under promising companies market initiative. This initiative comes from the Council of Ministers’ keenness to develop the capital market sector in Oman.

Reda al Lawati, a digital transformation expert and one of the participants in the Authority’s pavilion, said: “The Authority is participating in the COMEX exhibition with several initiatives that serve entrepreneurship and entrepreneurs, including a technical investment map based on artificial intelligence that was launched on the first day of the exhibition. It helps the entrepreneur make a quick decision to start his business by choosing the appropriate location through the entrepreneur entering a set of data and information related to the activity, through which the application shows the suitable location for the business activity.”

The Authority’s annual plan for 2024 focuses on enhancing the culture of entrepreneurship, continuing to implement programmes to escalate institutions, and accelerating their expansion regionally and globally. It also aims to maximise the benefit of local added value programs and access to financing with broader and more innovative options, progressing at an accelerated pace to achieve the digital transformation of its systems, programs, and services.

The SME sector in Oman has witnessed rapid progress. The number of SMEs registered in the SMEDA increased by 30 per cent by end of 2023, reaching 135,064 enterprises, compared to 104,141 in 2022. Additionally, the number of enterprises holding an entrepreneurship card reached approximately 29,000 by end of December 2023, representing 22% of the total SMEs registered with the Authority.