Oman’s SME sector growing with strong government support
08/10/24
Oman’s small and medium enterprise (SME) sector is experiencing significant growth with 141,126 registered SMEs at Q2 2024, as reported by the Authority for Small and Medium Enterprises Development.
This total comprises over 120,000 small enterprises, approximately 19,000 micro-enterprises, and more than 1,100 medium enterprises, highlighting a vibrant entrepreneurial landscape in the Sultanate.
Omans government has implemented several key initiatives to support this expansion. Notably, the Entrepreneurship Card allows SMEs to access essential benefits and services. By mid-2024, over 28,000 SMEs had activated their cards, with over 10,388 new cards issued by Q2. These cards provide significant advantages, including training opportunities and financing options, enabling SMEs to overcome market challenges and foster sustainable practices.
Moreover, Oman’s network of 18 business incubators is vital for nurturing new ventures. Currently supporting 85 enterprises, these incubators have created 198 job opportunities for Omani youth and generated revenues exceeding OMR 800,000 (USD 2.08 million) in the first half of 2024. They offer resources including technical support, legal and financial advice and marketing assistance.
The Authority`s land usufruct program has further supported 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, allowing SMEs to establish operations at reduced costs.
Further efforts include the Entrepreneur Readiness Programme, which has enhanced the skills of Omani entrepreneurs, training 830 beneficiaries from January to June 2024. Additionally, the Authority's consulting services addressed the challenges faced by 2,336 SME owners in early 2024, offering tailored legal, marketing and financial advice. Most importantly, financial support has been substantial, with the approval of 312 financing requests through the Azm lending portfolio, totaling over OMR 30.7 million (USD 79.7 million).
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