Sultan Haitham City to have centre for crafts

The Authority for Small and Medium Enterprises Development (ASMED) this year will launch a project to set up the National Center for Craft and Creative Industries in Sultan Haitham City in 10,000 square metres. It also said the SME sector in Oman is growing at a fast clip. This was revealed by the ASMED officials during a press conference in Muscat on Monday to review its accomplishments in 2023 and unveiled its initiatives of 2024 to support and empower small and medium enterprises (SMEs).

Halima bint Rashid al Zareeyah, ASMED Chairperson, highlighted Oman’s huge leap in the Global Entrepreneurship Index to 11th spot in 2023-2024 from 38th position in 2022-2023. She thanked His Majesty Sultan Haitham bin Tarik for the Royal support for entrepreneurs and the government for its packages of incentives, facilities and exemptions. Al Zaree praised the ASMED officials, partners in the government and private sectors for scoring better raking. She also mentioned University of Nizwa’s research team’s inputs for the remarkable achievement.

ASMED said the sector in Oman is witnessing progress at a rapid pace as the number of SMEs increased by 30 per cent in 2023 at 135,064 SMEs compared to 104,141 in 2022.

The number of entrepreneurship cards reached more than 29,000 by the end of 2023, representing 22 per cent of the total number of registered SMEs.

During the past year, the Authority issued legislation on regulations to prepare an integrated register for small and medium enterprises in the Sultanate of Oman. It also provides a regulatory environment that encourages the growth and development of SMEs and strengthens partnerships between the government and private sectors.

ASMED introduced five categories eligible for the entrepreneurship card to maximise the sector’s impact on the national economy and raise its contribution to the gross domestic product. Among the new categories is an SME with GCC partner, where the Omani partnership should not be less than 30 per cent.

In financing, the Authority issued amendments to the regulatory regulations for financing SME and artisans and cancelled administrative fees on loans whose ceiling reaches RO 20,000.

Qais al Tobi, General Supervisor of the Promising Omani Start-ups Programme, said, “The Authority completed the crisis management work methodology during the year 202 for those wishing to establish their own projects, and decision makers. It also targets researchers and those interested in entrepreneurship.” The Authority strengthened its communication to listen to the challenges facing SMEs like financing, land, usufruct, development, empowerment, training and find appropriate solutions through a series of meetings and brainstorming sessions.

The Authority’s business incubators provided the appropriate environment and technical support. The number of incubated enterprises reached 103 institutions, which provided 382 jobs for Omani youths and generated RO 4 million in revenues.

To maximise the local added value and support the sustainable growth of SMEs, many initiatives have been launched.

The total number of small enterprises that grew into medium enterprises during the past year reached 167 while the number of medium enterprises that grew into large enterprises reached 31. It also launched a supplier development programme, which aims to develop enterprises to increase their opportunities.

The Authority aims to implement 36 training programmes for more than 900 entrepreneurs in various governorates of Oman.

In handicrafts, ASMED said it received 2,064 applications from artisans of governorates last year, and the total beneficiaries of the training reached 597 craftspeople. It also helped more than 529 artisans in marketing their products. During this year, it will focus on introducing modern technologies and innovative machines in the production of handicraft. This year, ASMED plans to launch the Itqan platform which is AI enabled, and revamp its website with better services.

Last year, the number of Sanad Service Centers touched 902 and transactions topped more than centres, and the number of transactions topped more than one million. These centres now employ 2,619 Omanis. This year, ASMED plans to license 70 new Sanad service centres and add 20 new services.

During the past two years, the Authority, in cooperation with Development Bank, launched seven financing programmes for entrepreneurs and job seekers. It is planning to finance 300 SMEs in various sectors.

The Promising Omani Start-ups Programme also aims to foster the culture of start-ups in educational institutions in line with Oman Vision 2040 goals of economic diversification and financial sustainability. The programme is chaired by His Highness Sayyid Bilarab bin Haitham bin Tarik al Said. It is supervised by the Authority in cooperation with the Ministry of Transport, Communications and Information Technology, the Ministry of Higher Education, Research and Innovation, the Ministry of Economy, and ITHCA Group.