Rapid growth in SMEs in the Sultanate of Oman

Muscat: Statistics issued by the Small and Medium Enterprises Development Authority indicate that the total number of small and medium enterprises registered in the register of the Small and Medium Enterprises Development Authority reached 104,574 thousand enterprises at the end of June 2023.

The statistics showed that the number of micro enterprises exceeded 89,000, while the number of small enterprises reached 14,000, while the number of medium enterprises reached more than 1,000.

The number of enterprises holding the active entrepreneurship card reached nearly 30,000 enterprises until the end of June 2023, as the total number of owners of small and medium enterprises who obtained the entrepreneurship card during the year 2023 was more than 4,000 enterprises, while the total number of owners of small and medium enterprises who applied for card renewal service during the year 2023 was approximately 13,000 enterprises.

The authority seeks to incubate small and medium enterprises in various governorates of the Sultanate of Oman in cooperation with the concerned institutions in the government and private sectors. Since its launch, it has launched 8 public and specialized business incubators, and revealed that the number of small and medium enterprises incubated in its various business incubators is 91, which provided 377 job opportunities for Omani youth in various economic activities.

In February this year,  the Authority announced the second phase of the land system for industrial usufruct in 8 different schemes, which are the Al-Malada scheme in the Wilayat of Al-Musna’ah in the Al-Batinah South Governorate, the Samad Al-Shan scheme in the Wilayat of Al-Mudhaibi in the North Al-Sharqiyah Governorate, the Al-Awha scheme in the Wilayat of Mahadha in the Al-Buraimi Governorate, and 3 schemes in Al-Dhahirah Governorate, which are the industrial area scheme in the Wilayat of Yanqul, Al-Busaili scheme in the Wilayat of Dhank, the Tan’am scheme in the Wilayat of Ibri, and two schemes in the Al-Wusta Governorate, namely the Hajj scheme in the Wilayat of Mahut, and the Haima scheme in the Wilayat of Hiyah. Water, and 36 requests for use have been approved so far.

The on-the-job training initiative; In an effort by the Authority to provide cost-supported national competencies from job seekers by subjecting them to specialized training programs on the job, and to enhance their employability by providing them with the required professional skills; To ensure the sustainability of the growth of these institutions, and enhance their response to various circumstances and variables, the initiative targets small and medium enterprises whose sustainable growth requires strengthening their human resources in various disciplines.

According to statistics issued by the Ministry of Labor, the total number of approvals for training opportunities reached 684, benefiting 299 small and medium enterprises in various economic activities.

The Entrepreneur Readiness Program is a specialized program. To enhance and develop the knowledge and entrepreneurial skills of entrepreneurs to match the rapid changes in the entrepreneurship system, and to enhance technical and technical practices that contribute to the sustainability of projects, whether in the establishment stage, project development or crisis management. 1242 entrepreneurs have passed the program.

The Small and Medium Enterprises Development Authority is keen to provide appropriate opinions and proposals that ensure the improvement and development of work in the project and to provide possible solutions to face the difficulties and challenges that may face the project through the consultancy service. The Authority has provided more than 567 consultations in various commercial, administrative, marketing, technical and legal aspects for small and medium enterprises.

The statistical data issued by the Authority indicated that the number of beneficiaries of the training, specialized and general programs provided by the Authority to owners of small and medium enterprises during the first half of this year amounted to 2159 beneficiaries, noting that the number of beneficiaries from the feasibility study workshops amounted to 432 entrepreneurs.

The authority launched the craft support initiative with the aim of supporting craft enterprises and craftsmen, and the support methods come in accordance with the authority’s vision for small and medium enterprises, which allows the creation of business opportunities for craftsmen and their supplier.

The Small and Medium Enterprises Development Authority indicated that the total number of applications received for craft support that it approved during the current year is 3,075, and work is underway to complete the application procedures.

The authority organizes participation in internal and external events and exhibitions. With the aim of marketing and promoting the services and products of small and medium enterprises, and finding partnership opportunities to develop and qualify them and develop products in the fields of marketing so as to enhance their competitiveness and innovation, and provide support in the field of building the corporate identity of small and medium enterprises and start-ups, the authority participated in 37 exhibitions, including 31 local exhibitions, and 6 international exhibitions, and the number of institutions benefiting from marketing programs and events reached 1547 institutions.

The Small and Medium Enterprises Development Authority seeks to ensure that small and medium enterprises obtain business opportunities from procurement, contracts and services from local added value, in coordination with the competent authorities, and work to develop local suppliers of small and medium enterprises in innovative industries for local added value initiatives, and study and analyze investment opportunities resulting from the local added value chain, as it created two investment opportunities for small and medium enterprises, with 48 direct and indirect job opportunities; To encourage the establishment of small and medium enterprises, and to ensure their benefit.

The Small and Medium Enterprises Development Authority, in cooperation with the Oman Development Bank, launched 7 financing programs, as the total number of financing requests that the Small and Medium Enterprises Development Authority approved to finance until the end of June reached 127, with a total value of RO 11,295,231.

The financing approvals were divided into 4 different programmes, as the program for financing industrial projects and service projects received 76 applications with a value of OMR 7.4 million, and 31 applications were approved within the contract financing program with a value of OMR 2.7 million, and 19 applications within the working capital and fixed assets financing program with a value of more than one million OMR, while one application was approved for the financing of incubated institutions and business accelerators with a value of OMR 70,000.

The Governorate of Muscat topped the approved financing requests, as the Authority approved the financing of 43 applications at a value of OMR 3.1 million, followed by the Governorate of North Al Batinah with financing of 24 applications at a value of OMR 2.6 million, and the approval of financing 16 applications in the Governorate of South Al Batinah at a value of OMR 1.3 million. For financing in the Al Sharqiyah South Governorate, with a value of more than one million Omani riyals, and 9 applications for financing in the Al Dakhiliyah Governorate, with a value of RO 735,000.

The approval of financing 8 applications in the Al-Dhahirah Governorate, with a value of RO 588,000, and two applications in the Governorate of North A’Sharqiyah, with a value of RO 228,000, and approval of financing one application in the Al Wusta Governorate, with a value of RO 165,000. In the Governorate of Al-Buraimi, it was approved to finance one application, with a value of RO 97,000, and in the Governorate of Musandam, one application, with a value of RO 66,000.

With the aim of expanding the provision of services for the centers based on population density and economic activity; The Small and Medium Enterprises Development Authority announced the availability of 10 opportunities to compete for licenses for Sanad services centers as a first stage in some states of the Sultanate of Oman, where two opportunities are available in the governorate of North A’Sharqiyah in the Wilayat of Al-Qabil in the Al-Dreez region and the state of Al-Mudhaibi in the Al-Jarda region, and one opportunity is available in the Governorate of South A’Sharqiyah in the Wilayat of Sur in the Wilayat of Tiwi, and two opportunities are available in the Governorate of Dhofar in each of the Wilayat of Salalah in the Raysut Industrial Area, and the state of Rakhyut, in addition to the possibility of competing for a license in the Governorate of Musandam in the Wilayat of Khasab in the Wilayat of Lima And one license in the Governorate of North Al Batinah in the Wilayat of Sohar in the Muwailih Industrial Area, and another in the Governorate of Al Dhahirah in the Wilayat of Ibri in the Niyabat of Hamra Al Duru’, and one license for the Governorate of Al Dakhiliyah in the Al Seeh Al Ahmar area of ​​the Wilayat of Bidbid, and one license in the Governorate of Al Buraimi in the Niyabat of Al Rawdah in the Wilayat of Mahdah.

The latest statistics issued by the authority showed that the total number of licenses for Sanad services centers amounted to 897, and it completed 686,221 transactions through the electronic portal of Sanad services centers, while the number of electronic services amounted to 196 services, and these centers provided 2,743 job opportunities for Omanis.

The Small and Medium Enterprises Development Authority launched the Promising Omani Startups Program in cooperation with a number of stakeholders, namely: the Ministry of Transport, Communications and Information Technology, the Ministry of Higher Education, Scientific Research and Innovation, the Ministry of Economy, and the Omani Telecommunications and Information Technology Group (Ithkaa).

The program includes three main axes: capacity building for startups, financing and investing in startups, and the legislative environment supportive of startups. The Investment and Emerging Companies Forum is one of the initiatives of the Promising Omani Emerging Companies Program, which aims to provide Omani emerging companies with access to angel investors, investment entities, and crowdfunding platforms. The total beneficiaries of the idea generation stage reached 1,920 beneficiaries. 30 companies benefiting from the investment facilitation program.