Muscat: The Authority for Small and Medium Enterprises Development (ASMED) today convened a press gathering to outline its strategic plans for enhancing support to small and medium enterprises (SMEs) and review its achievements over the past year. The event underscored ASMED’s commitment to transparency and community engagement.
According to Oman News Agency, Halima Rashid Al Zar’ai, Chairperson of ASMED, emphasized the organization’s dedication to empowering SMEs, startups, entrepreneurs, and artisans. She highlighted ASMED’s goal to boost sustainable development through collaboration with key entities such as the Development Bank, Oman Investment Authority’s Oman Future Fund, and the Financial Services Authority. This collaboration aims to provide diverse financing options, including lending and alternative financing.
Al Zar’ai announced new incentives designed to foster innovation and growth among project owners. These incentives align with Oman’s strategic vision to bolster the SME sector and inspire young entrepreneurs to develop innovative ideas into successful projects, contributing to economic diversification.
Abdullah Ali Al Sunaidi, Director of the Development and Empowerment Department at ASMED, reported that 192,714 individuals are employed in the national SME sector. He revealed that 64,436 SMEs received the Entrepreneurship Card in the latter half of 2024. ASMED’s initiatives include allocating at least 10 percent of government tenders to SMEs and waiving temporary insurance requirements for SME bids.
Al Sunaidi noted that SMEs with entrepreneurship cards are exempt from certain registration fees, and there is a 50 percent reduction in registration fees for SMEs at the Secretariat General of the Tender Board. The Entrepreneur Readiness Programme trained 5,222 participants in 2024, offering specialized training to help entrepreneurs adapt to technological advancements.
In 2024, 123 small enterprises advanced to medium enterprises, and five medium enterprises became large enterprises. ASMED also supported 3,844 enterprises through a specialized supplier development program and facilitated business opportunities for 2,071 enterprises, including 70 ready factories in collaboration with the Public Authority for Industrial Estates.
Qais Rashid Al Tobi, ASMED Deputy Chairman for Finance and Investment, stated that ASMED plans to finance over 300 enterprises in 2025 across various sectors. The ‘Azm’ lending portfolio approved 400 financing requests, amounting to more than RO 37.6 million. ASMED, in partnership with the Development Bank, launched nine financing programs to assist entrepreneurs in expanding their projects domestically and internationally.
Al Tobi noted that ASMED’s efforts elevated Oman to the 11th position in the Entrepreneurship Index among 49 countries in the Global Entrepreneurship Monitor Report for 2023. Oman also ranked among the top 15 countries for startup growth and among the top 10 for talent attraction, as per the Startup Genome Report for the Middle East and North Africa. These rankings underscore the effectiveness of Oman’s business environment in attracting innovators and investors.