In Muscat, the Public Authority for Special Economic Zones and Free Zones (Opaz) recently collaborated with the Ministry of Agricultural, Fisheries, and Water Resources to host the second edition of the ‘National Equal Opportunities’ initiative. This event highlighted 11 innovative business endeavors by Omani entrepreneurs and small and medium enterprises (SMEs) in Oman. The initiative showcased the growth of Oman’s business environment in general, particularly in special economic zones, free zones, and industrial cities. An exhibition allowed participating SMEs to display their goods and services while networking and sharing knowledge to aid in selling their products.
Saleh bin Hamoud Al-Hassani, an advisor to the chairman of Opaz, outlined the primary objectives of the authority during the event. These objectives include planning, developing, organizing, supervising, facilitating, attracting investments, and achieving institutional excellence to support businesses in Oman. The initiative aims to create a fair and equal business environment to promote sustainable development, encourage innovation and entrepreneurship, boost investment, and stimulate economic growth in special economic zones and free zones. The aim is to create a supportive environment for SMEs to thrive in Oman’s business landscape.
Hussam bin Salam Al-Kharusi, a senior official at the Oman Future Fund, revealed that 10% of the fund’s capital is earmarked for investments in small and medium enterprises and venture capital. The fund targets various investment sectors excluding oil and gas and real estate. This allocation reflects the fund’s commitment to supporting SMEs and fostering growth in different sectors of the economy. The initiative received co-organization support from various entities, including the Ministry of Agriculture, Fisheries, and Water Resources, the Small and Medium Enterprises Development Authority (SMEDA), and the Public Establishment for Industrial Estates (Madayn), among others.
The collaboration between Opaz and the Ministry of Agricultural, Fisheries, and Water Resources, alongside other key stakeholders, demonstrates a concerted effort to support and promote businesses in Oman. Small and medium enterprises play a crucial role in the country’s economic development, and initiatives like the ‘National Equal Opportunities’ aim to provide a platform for these businesses to showcase their innovative products and services. With the support of government entities and institutions like the Oman Future Fund, SMEs have the opportunity to grow, expand, and contribute to Oman’s economic prosperity.
Moving forward, the success of the ‘National Equal Opportunities’ initiative highlights the potential for further collaboration between government bodies, financial institutions, and SMEs to drive economic growth in Oman. By creating a supportive and encouraging business environment, businesses can thrive, innovate, and contribute to the sustainable development of the country. With continued support from the government and key stakeholders, the future looks promising for Oman’s small and medium enterprises, paving the way for increased investment, entrepreneurship, and economic prosperity.
