MUSCAT, Feb 9
The Small and Medium Enterprises Development Authority (SMEDA) held its annual media meeting to review its achievements for 2024 and outline its strategic vision for 2025, reinforcing its commitment to sustainable empowerment.
For 2025, SMEDA has developed 481 initiatives across eight strategic axes, focusing on policies and programmes that support and enable SMEs.
Halima Al Zar’i, Chairman of the Authority, highlighted a notable increase in key indicators aligned with Oman Vision 2040, emphasizing the Authority’s participatory approach with economic sectors and entrepreneurs.
A series of incentives were announced to boost SME growth, including: Allocating at least 10 per cent of government tenders to SMEs.
Exempting SMEs from temporary insurance (1 per cent) in tenders.
Reducing registration fees for SMEs at the Tender Board by 50 per cent.
Paying SME invoices within 15 to 28 days for government projects.
Providing financing programs up to RO 500,000 without guarantees.
Expanding international marketing and e-commerce support.
The SME sector has seen rapid expansion, with registered enterprises reaching 145,750 by the end of 2024, employing 192,714 workers. The number of active Entrepreneurship Cards issued stood at 26,948, granting SMEs access to business advantages across various industries.
SMEDA continues to implement training and funding initiatives, including the Entrepreneur Readiness Programme, which benefitted 5,222 participants last year. Additionally, 877 land usufruct plans were made available for SME projects, and a new export financing program was launched to help businesses expand into regional and global markets.
The Authority also emphasised its role in developing the creative handicraft sector by introducing modern technologies, supporting home businesses, and establishing a National Center for Creative Crafts Industries within Sultan Haitham Creative City.
As part of its investment drive, SMEDA aims to finance at least 300 institutions in 2025, following the approval of 400 loans worth RO 37.69 million under the Azm lending portfolio. The Omani startup ecosystem has also witnessed significant growth, with 146 startups employing 549 workers and achieving a market value of RO 343 million.
With a clear vision for 2025, SMEDA is set to drive economic diversification, strengthen SME competitiveness, and enhance Oman’s position as a hub for entrepreneurship and innovation.
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