SMEs in Oman reach over 141,000 by June-end

MUSCAT: The small and medium enterprise (SME) sector in Oman continues to grow, with the number of SMEs registered with the Authority for Small and Medium Enterprises Development reaching 141,126 by the end of June 2024. The latest Entrepreneurial Indicators Bulletin shows that of these, over 120,000 are small enterprises, about 19,000 are micro-enterprises, and more than 1,100 are medium enterprises, highlighting the increasing entrepreneurial activity in Oman.

Supporting this growth, the government has launched several initiatives, including the Entrepreneurship Card, which provides SMEs access to benefits and services from both government and private sectors. By mid-2024, more than 28,000 SMEs had an active Entrepreneurship Card, with over 10,388 new cards issued in the first half of the year. These cards offer privileges like training, financing, and priority in public contracts, helping SMEs overcome market challenges and promote sustainable business practices.

Oman's network of business incubators also plays a critical role in fostering new ventures. With 18 incubators operating across the Sultanate of Oman, they currently support 85 enterprises, creating 198 job opportunities for Omani youth and generating revenues of over RO 800,000 in the first half of 2024. The incubators provide a supportive environment that includes technical support, legal and financial advice, and assistance in marketing, helping entrepreneurs turn innovative ideas into successful businesses.

The Authority's land usufruct program has further boosted industrial SMEs by providing access to land at nominal fees, with exemptions for the first two years. In the first half of 2024, 44 land approvals were granted through the Tatweer platform, enabling SMEs to set up operations with reduced costs. This program is designed to localise industries and create a supportive ecosystem across various governorates.

The Entrepreneur Readiness Program is another key initiative aimed at enhancing the skills of Omani entrepreneurs. From January to June 2024, 830 beneficiaries participated in the program, which offers training in areas such as financial management, marketing, and crisis management. Since its inception, the program has trained 3,555 participants, providing them with the tools to navigate the business world effectively.

Additionally, the Authority’s consulting services have been instrumental in addressing the challenges faced by SMEs. In the first half of 2024, 2,336 SME owners benefited from legal, marketing, and financial advice designed to enhance business capabilities. Financial support has also been crucial, with the Authority approving 312 financing requests through the (Azm) lending portfolio, totaling over RO 30.7 million by mid-2024.

Oman’s startup ecosystem continues to thrive, supported by the Promising Omani Startups Program, which focuses on technology and innovation-driven companies. Chaired by HH Sayyid Belarab bin Haitham al Said, the program has supported 143 technology-based companies by mid-2024, reflecting Oman’s push towards a knowledge-based economy.

Marketing support for SMEs has been equally strong, with the Authority participating in 27 exhibitions in the first half of 2024, benefiting 1,878 SMEs. These events have provided opportunities for businesses to showcase their products, network, and explore new market opportunities, further demonstrating the Authority’s commitment to equipping SMEs with the skills needed to thrive in a competitive marketplace. — ONA