Small and Medium Enterprises (SMEs) in Oman have reached a significant milestone, with over 141,000 registered with the Authority of Small and Medium Enterprises Development (ASMED) by June 2024. The breakdown includes over 120,000 micro enterprises, more than 19,000 small enterprises, and over 1,100 medium enterprises. A bulletin published by ASMED highlights key indicators and statistics related to the SME sector in Oman, showcasing the efforts to communicate with the community and enhance entrepreneurial knowledge.
One of the exciting developments is the issuance of Entrepreneurship Cards, providing holders with various facilities from relevant authorities. Over 10,000 institutions obtained this card during the first half of the year, with a total of over 28,000 SMEs benefitting from the privileges it offers. In addition, the bulletin emphasizes the continuous services and initiatives provided by ASMED. The number of public and specialised business incubators in Oman has reached 18, supporting 85 institutions and providing 198 job opportunities for Omani youth across different economic activities.
Business incubators play a crucial role in creating a conducive environment for entrepreneurs to nurture innovative ideas and grow their businesses. These centres offer technical support, encouragement, and assistance in various areas such as finance, marketing, and legal aspects. The bulletin also highlights the service of usufruct lands, which are granted to SMEs for industrial use in various governorates of Oman. Entrepreneurs can access these lands at a nominal fee, with exemptions for the first two years, offering them the opportunity to establish and expand their businesses.
Furthermore, the Entrepreneur Readiness Programme has been instrumental in enhancing the skills and knowledge of entrepreneurs in Oman. Over 830 beneficiaries participated in the programme from January to June 2024, with a total of 3,555 trainees enrolled in various tracks. The programme aims to develop cognitive and entrepreneurial skills, adapt to changes in the business environment, and enhance technical practices for sustainable projects. It covers aspects such as financial management, crisis management, and the use of emerging technologies in business operations.
Overall, ASMED’s efforts to support SMEs in Oman are evident through various initiatives and programmes aimed at empowering entrepreneurs and fostering business growth. The Entrepreneurship Cards, business incubators, usufruct lands, and the Entrepreneur Readiness Programme are playing a vital role in cultivating a conducive ecosystem for SME development in the Sultanate of Oman. With a growing number of registered SMEs and ongoing support from ASMED, the future looks promising for the small and medium enterprises sector in Oman.
