The Sultanate of Oman is undergoing a remarkable transformation in its support for entrepreneurship, establishing itself as a prominent global destination for start-ups and innovative ventures. These efforts have resulted in Oman being ranked among the top 15 countries worldwide for start-up growth, as well as securing 11th place on the Global Entrepreneurship Index. These milestones reflect not only the success of governmental policies but also Oman’s strategic approach to building a dynamic and competitive business sector that can adapt to global economic challenges.
At the heart of Oman’s entrepreneurial transformation is the Small and Medium Enterprises Development Authority, which serves as a driving force for the nation’s vision in this domain. Through its annual media briefings, the Authority provides detailed insights into the progress made up until the end of 2024.
For 2025, it announced 481 initiatives distributed across eight key strategic pillars:
1. Promoting an entrepreneurial culture: The Authority is reshaping societal perceptions of small businesses, emphasising the significance of entrepreneurship as a key economic driver.
2. Regional and global expansion: Efforts are being made to empower Omani SMEs to penetrate international markets, creating new export opportunities and enhancing competitiveness.
3. Maximising in-country value: The initiatives aim to leverage local resources more effectively, reducing reliance on imports and fostering self-sufficiency.
4. Innovative financing and digital transformation: The Authority encourages the adoption of creative financing solutions while focusing on digitising processes to improve operational efficiency.
5. Developing the governorates and localising digital manufacturing: Expanding economic activities to Oman’s governorates and promoting high-value-added technological industries domestically are among the key objectives.
6. Supporting start-ups: Start-ups receive special attention as primary drivers of creativity and economic rejuvenation in Oman.
Achievements that inspire the future
The figures released by the Authority paint a compelling picture of the progress achieved so far. By the end of 2024, there were 145,750 registered SMEs, providing 192,714 jobs. In addition, 64,436 entrepreneurship cards were issued, streamlining market entry for young entrepreneurs and investors. On the financing front, 400 applications worth a total of RO 37.6 million were approved, underscoring the country’s commitment to turning innovative ideas into thriving businesses.
Craft industries: A model of economic diversification
Beyond tech-driven entrepreneurship, Oman’s artisanal industries have also benefited from substantial investment. The establishment of the National Centre for Creative Craft Industries, spanning 10,000 square metres, and the support extended to more than 4,000 artisans highlight the dedication to preserving Omani heritage while fostering its growth as a viable economic sector.
Training and consulting: The cornerstone of development
The Authority’s initiatives go beyond financial support to include training and consultancy programmes aimed at enhancing entrepreneurs’ capabilities. More than 28,000 entrepreneurs benefited from training courses, while over 7,800 consultations and feasibility studies were conducted. These programmes equip business owners with the knowledge and tools needed to transform their ideas into successful, profitable ventures.
Incentives and financing: A sustainable strategy
The incentives offered to entrepreneurs in Oman set a regional and global benchmark. Highlights include financing of up to RO 500,000 without guarantees, reserving 10% of government tenders for SMEs, and exemptions from registration and classification fees for tenders. In addition, plots of land are allocated on usufruct terms to support various projects. These measures create a favourable environment for investment and innovation in Oman.
Looking ahead: Toward a diverse and sustainable economy
These achievements and initiatives illustrate that Oman has successfully laid a solid foundation for a diversified and sustainable economy driven by entrepreneurial spirit and innovation. With strong governmental support, economic reforms, and a range of incentives, the Sultanate is well-positioned for a brighter and more prosperous future, ensuring that entrepreneurship remains at the heart of national development.
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