MUSCAT: The Ministry of Finance has launched a robust package of initiatives aimed at strengthening Oman’s private sector, empowering small and medium enterprises (SMEs), and advancing sustainable economic growth in line with Oman Vision 2040.
As part of this ambitious strategy, RO 10 million from the 2024 development budget has been earmarked to support programmes designed to integrate job-seekers into the private sector. Additionally, 10 per cent of the value of procurement invoices from the oil and gas sectors will be allocated to initiatives that stimulate private enterprise, emphasising the vital role of the private sector in driving Oman’s economic progress.
To further uplift SMEs, the Ministry has committed to reserving 17 per cent of all open government contracts for these enterprises while waiving registration fees for the Tender Board. These measures are expected to ease financial burdens on SMEs and enhance their ability to compete in an increasingly dynamic market.
In a move to prioritise local industries, the Ministry has implemented a mandatory procurement list to ensure public entities source goods and services from domestic manufacturers and suppliers. Complementing this effort, the Authority for Small and Medium Enterprises Development has allocated RO 25 million in financing to foster innovation and growth among local entrepreneurs.
The Ministry of Finance’s comprehensive plan is structured around the following objectives: Strengthening the economic contribution of SMEs; Creating meaningful employment opportunities for Omani nationals; Advancing innovation and enhancing local industrial capabilities; Reducing dependency on imports while boosting export potential; and diversifying Oman’s economy to improve the trade balance.
To further promote entrepreneurship, the government has raised the financial ceiling for tenders allocated to SMEs, particularly those with the Entrepreneurship Card. This initiative aligns with a broader national effort to prioritise local content, reduce reliance on imports and improve the operational efficiency of the private sector.
These measures reinforce Oman’s commitment to fostering a competitive and resilient economy by enhancing the capacity of SMEs and incentivising local production.
The Ministry’s forward-thinking initiatives underscore its dedication to economic resilience, inclusivity and innovation. By empowering SMEs and promoting local industries, Oman is laying the foundation for achieving Vision 2040’s ambitious objectives. The Ministry of Finance is driving efforts to position Oman as a global leader in sustainable development, entrepreneurship and industrial growth.
Oman Observer is now on the WhatsApp channel. Click here
