Oman`s small and medium enterprises (SMEs) continue to play a pivotal role in advancing Oman’s economic diversification agenda. The SMEs Development Authority maintains that the sector remains a fundamental pillar of the national economy. As a result, it is providing support to major institutions while also acting as a primary engine for sustainable development.
Implementing The Goals of Oman Vision 2040
The strategy closely aligns with the goals of Oman Vision 2040 and prioritises the private sector, investment and international cooperation. Importantly, the Vision recognises the centrality of SMEs in stimulating economic growth, fostering innovation, creating employment opportunities and contributing to technological development. Demonstrating progress, the Sultanate recently improved its standing in the Global Business Entrepreneurship Index climbing to 8th position in 2024. Consequently, the sector also recorded a business growth rate of 5.7% in 2024. In addition, official figures confirm the sector’s growing and essential contribution to the Sultanate’s economy. Encouragingly, its SME ecosystem witnessed the emergence of 146 innovative start-ups and 2,071 identified investment opportunities including 400 funding approvals. Subsequent data reveals that 145,750 SMEs are currently operating across the country, while 2,485 citizens have undergone specialised training programmes.
Oman`s Ministry of Finance Actively Strengthening Private Sector
Most importantly, Oman`s Ministry of Finance is actively contributing to encouraging SMEs having recently launched a robust package of initiatives. Its strategy aims to strengthen Oman’s private sector while empowering small and medium enterprises (SMEs). Highlighting this 10% of the value of procurement invoices from the oil and gas sectors will be allocated to initiatives that stimulate private enterprise. Further policies include committing to reserving 17% of all open government contracts to SMEs while waiving registration fees for the Tender Board. Moreover, the Authority for Small and Medium Enterprises Development has allocated OMR 25 million (USD 64.94 million) in financing to foster innovation and growth among local entrepreneurs.
Soutien Group Can Assist With Your Business Set Up in Oman
Soutien Group is part of a network of consultants, partners and investors. Our clients are corporate, private and international with an interest in exploring new markets. We offer expertise in Market Research and Assessment Oman, Oman Business Case, Oman Business Model Development. Feasibility Study and Business Plan Oman, Organizational and Operational Structuring Oman, Oman Sponsorship and Partnership, Company Formation Oman among others.
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