Muscat - As Oman celebrates National Day, it is time to reflect on the sustainable development and empowerment of small and medium enterprises. The SME sector is witnessing rapid growth.

The keen interest of His Majesty Sultan Haitham bin Tarik is one of the greatest sources of support for this sector. His Majesty's generous gesture included strengthening the portfolio of the Small and Medium Enterprises Development Authority.

His Majesty has emphasised the importance of enhancing the role of the private sector and empowering it to fulfil its expected role in integrating with all components of the economy and driving development.

The SME sector contributes significantly to supporting the national economy and achieving sustainable development. It directly contributes to providing job opportunities, fostering innovation and diversifying income sources. Thanks to its pivotal role in supporting the economy, this sector receives significant attention from stakeholders working to create a suitable business environment that enables these institutions to grow and expand both locally and internationally, and enhances their contribution to the GDP, in line with the strategic objectives of Oman Vision 2040.

From the end of 2024 to the second quarter of 2025, the number of private sector institutions rose to 282,046, compared to 267,009 at the end of 2024, achieving a growth rate of 5.6 per cent. This reflects the continued expansion of business activity and the improvement of the entrepreneurial environment in the Sultanate of Oman.

The Sultanate of Oman continues to achieve remarkable progress in entrepreneurship, having made exceptional strides in the Global Entrepreneurship Monitor (GEM) 2024/2025 report, ranking eighth globally out of 56 participating countries, three places higher than last year, when Oman ranked eleventh. This significant progress reflects ongoing efforts to enhance the business environment and support small and medium enterprises (SMEs) within Oman’s entrepreneurship ecosystem, contributing to the realisation of Oman Vision 2040’s goals of a diversified, innovation-driven and knowledge-based economy. Oman’s ranking eighth globally in the Entrepreneurship Index is a remarkable achievement that reinforces its position as an attractive destination for investment in the entrepreneurship sector and underscores the maturity of its support system for startups. This progress reflects the success of government policies in providing an integrated business environment that fosters innovation and contributes to creating sustainable economic opportunities.

The Authority reaffirms its unwavering commitment to supporting SMEs and empowering them to expand both locally and globally, creating an environment conducive to innovation and economic integration, in line with the objectives of Oman Vision 2040. This contributes to building a comprehensive entrepreneurial ecosystem that propels the national economy towards greater diversification and sustainable growth.

Halima bint Rashid al Zariyah, Chairperson of the Authority for Small and Medium Enterprises Development (ASMED), affirms that the Authority continues to support the empowerment of small and medium enterprises, artisans and startups.

This year, the Authority also announced a package of incentives aimed at motivating entrepreneurs to continue innovating and growing. These incentives align with the Sultanate of Oman's strategic vision to empower the SME sector, enhance the capabilities of young people, and enable them to translate their creative ideas into successful projects that contribute to diversifying the national economy and establishing entrepreneurship as a pillar of a promising economic future.

The SME sector in the Sultanate of Oman is witnessing rapid progress. As of the end of December of last year, the total number of SMEs registered with the Authority reached 145,750, comprising 125,564 micro-enterprises, 19,073 small enterprises and 1,113 medium-sized enterprises.

In cooperation with the Oman Development Bank, the Authority launched nine financing programmes aimed at providing financial support to entrepreneurs to launch and expand their projects both locally and internationally. These programmes also encourage entrepreneurs and job-seekers to explore opportunities within the entrepreneurial environment and comfortably conduct their business.

The development of the entrepreneurial environment is being pursued through a range of initiatives and reforms, most notably: strengthening legislation and policies that support SMEs and startups by developing laws to facilitate their establishment; providing procedural and incentive-based support for investment in SMEs; improving financing for startups through funding programmes launched by the Authority in cooperation with the Development Bank and specialised funds, most prominently the Oman Future Fund of the Oman Investment Authority; facilitating startups' access to financing from banks and various financial institutions; investing in innovation and technology by supporting startups in the technology and digital sectors; stimulating research and development through government initiatives and academic institutions; developing the entrepreneurial infrastructure by establishing incubators and business centres affiliated with the Authority and others licensed by it in various governorates of the Sultanate of Oman; establishing specialised business accelerators to support the growth of startups; enhancing the digital infrastructure to support technology-based companies and developing specialised educational and training programmes; integrating entrepreneurship curricula at various educational levels in cooperation with the Ministry of Education and the Ministry of Higher Education, Research and Innovation; and providing specialised training programmes in cooperation with universities to qualify Omani youth in the fields of entrepreneurship.


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