MUSCAT: SME Development Authority organised a dialogue session titled 'Enhancing the Investment of Small and Medium Enterprises in Economic Zones', as part of its ongoing efforts to foster partnership and integration between SMEs and relevant entities.
The session was attended by Halima bint Rashid al Zariyah, Chairperson of Small and Medium Enterprises Development Authority (SMEDA) ; Shaikh Dr Ali bin Masoud al Sunaidy, Chairman of the Public Authority for Special Economic Zones and Free Zones (OPAZ); Dr Ayman al Fudhaili, CEO of the Industrial Innovation Academy; Hamad al Harthy, Head of SME Project Financing at the Development Bank; and several officials and participants from SME owners.
The session aimed to support the role of SMEs in special economic and free zones by involving them in available business opportunities and encouraging entrepreneurs to present innovative ideas that contribute to sector development and enhance the business environment's attractiveness for these enterprises. It also focused on developing policies to enhance the competitiveness of SMEs.
Key topics covered included supportive legislation for SMEs in economic zones, available investment opportunities, financing mechanisms, and challenges related to fees and licensing requirements. The session also highlighted enablers to support the development of the SME sector.
According to statistics discussed during the session, a total of 545 SMEs operate in special economic and free zones, with 192 active business activities within these zones.
Shaikh Dr Al Sunaidy affirmed the authority’s commitment to reviewing any financial fees that may burden SMEs and to consider special facilitation measures to support these businesses and ensure their market sustainability.
Shaikh Dr Al Sunaidy emphasised that the authority continually seeks to improve the business environment for SMEs by providing incentives and reducing financial burdens to boost their competitiveness and contribute to sustainable economic development.
He further noted that the total exemptions granted to SMEs reached RO 250,000. He stressed the importance of adhering to principles of governance, accuracy, and transparency in managing these businesses to ensure their sustainability and maximise the benefits of the support and protection offered by the authority.
Dr Ayman al Fudhaili highlighted ongoing projects and programs tackling these challenges, such as investment opportunities and exemptions for SMEs in special economic and free zones as well as industrial zones. The session also discussed future investment opportunities that SMEs could compete for.
He added that electricity tariffs and their impact on investors in economic zones were addressed transparently, with solutions such as fixed or seasonal summer and winter tariffs being considered.
Saeed al Quraini, Director General of Investment Development at the Public Authority for Special Economic Zones and Free Zones, emphasised that such sessions play a vital role in introducing entrepreneurs to the investment opportunities available in the special economic zones and free zones.
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