The Authority for Small and Medium Enterprises Development (ASMED), has published a comprehensive bulletin outlining entrepreneurial indicators for the first half of 2024.
The bulletin offers vital statistics and insights on the SME sector in Oman, underscoring the Authority's commitment to engaging the community and fostering entrepreneurial knowledge.
By the end of June 2024, the number of registered small and medium enterprises (SMEs) reached 141,126. Small enterprises accounted for over 120,000 of these, medium enterprises exceeded 1,100, and there were more than 19,000 small enterprises. Additionally, 10,388 SMEs have been granted the prestigious Entrepreneurship Card, which offers numerous benefits from government and private sector entities. More than 28,000 SMEs currently hold active Entrepreneurship Cards.
Among the support initiatives, the Authority has expanded its incubation programme across Oman’s governorates in collaboration with government and private institutions.
In 2024, Oman hosted 18 business incubators, accommodating 85 companies and generating 198 job opportunities for Omani youth. These incubated businesses generated over RO 800,000 in revenue during the first half of the year.
The Authority also organised training and development programmes, with 2,336 entrepreneurs benefitting in the first half of 2024. Legal consultations, business development advice, and marketing and financial consultations were provided to entrepreneurs, along with workshops on economic feasibility, reaching 823 and 378 beneficiaries, respectively.
Additionally, the Authority launched the ‘Land Usufruct Programme", allowing SMEs with the Entrepreneurship Card to secure industrial-use lands in various governorates with a nominal fee and an initial two-year exemption from payment. As of June 2024, 44 SMEs had been granted land under this scheme through the Ministry of Housing and Urban Planning's Tatweer platform.
The craft sector also benefited from six specialised training programmes, with 225 participants enhancing their skills in creative industries. On the marketing front, 1,878 SMEs took part in 14 exhibitions—11 local and three international events—while 95 companies benefitted from electronic marketing initiatives.
The Azm Loan Portfolio also played a crucial role, approving 312 financing requests totalling more than RO 30.7 million by June 2024.
Moreover, the bulletin highlighted the growth of the startup ecosystem. The Promising Omani Startups Programme, chaired by His Highness Sayyid Bilarab bin Haitham al Said, is designed to boost tech-driven innovation.
In collaboration with multiple ministries and the Omani ICT Group, the programme aims to elevate Omani startups to regional and global prominence.
As of mid-2024, Oman had 143 innovation- and technology-based companies. Additionally, 62 entrepreneurs participated in an investment-readiness training programme, while 763 individuals were engaged in educational programmes promoting entrepreneurship and alternative financing mechanisms.
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