Allocation of RO 33 million to boost SMEs

MUSCAT: In a move that underscores Oman’s continued commitment to strengthening its entrepreneurial ecosystem, the 'Inma Fund' has announced the allocation of RO 33 million to finance small and medium enterprises (SMEs) during 2026, aiming to enhance their contribution to economic growth, job creation and diversification.

The funding package is part of national efforts to empower Omani entrepreneurs and support SMEs as a key driver of sustainable development, in line with the objectives of Oman Vision 2040, which places strong emphasis on private sector growth and economic diversification.

According to the fund, the allocated financing will be distributed through flexible and tailored funding solutions designed to meet the needs of both emerging and established enterprises. Priority will be given to projects with high value-added potential, scalability, and long-term sustainability across a range of sectors, including manufacturing, services, logistics and technology and food industries.

For business owners, access to finance remains one of the most critical factors in determining the success and continuity of their ventures. The new allocation has been welcomed by entrepreneurs as a positive step toward easing financial pressures and enabling expansion.

Salim bin Hamad, owner of a small industrial project specialising in plastic products, said the announcement sends a strong message of confidence to the SME community. “Financing is the backbone of any business,” he said. “This allocation by the Inma Fund reassures entrepreneurs that there is institutional support behind them. Many promising projects struggle not because of weak ideas, but due to limited access to capital. This support will help transform ideas into competitive products.”

For business owners, access to finance remains one of the most critical factors in determining the success and continuity of their ventures. — File photo

Maryam bint Abdullah al Hinai, founder of a food processing startup, said access to structured financing allows entrepreneurs to focus on improving quality and expanding operations rather than being constrained by cash flow challenges. "Targeted funding programmes help emerging projects grow with confidence,” she noted. “They create a more stable entrepreneurial environment and encourage women to invest in productive and sustainable ventures.”

Dr Khalid bin Nasser, a financial and economic expert, said the RO 33 million allocation represents a strategic investment in Oman’s economic future. “Supporting SMEs is not short-term spending; it is long-term economic investment,” he explained.

“Small and medium enterprises are more agile and adaptable to market changes. When supported effectively, they become a significant source of employment, innovation and economic resilience.”

The funding initiative aligns with government policies aimed at improving the business environment, enhancing Oman’s competitiveness and fostering entrepreneurship as a sustainable development pathway.

It also reflects efforts to channel funding toward promising sectors that support localisation, environmental sustainability and technological advancement, strengthening the private sector’s role in economic diversification.

Observers note that continued institutional backing for SMEs is essential to building investor confidence and encouraging greater participation in entrepreneurial activities, particularly among youth. With SMEs positioned at the heart of Oman’s diversification strategy, the RO 33 million allocation is expected to play a key role in strengthening the sector’s capacity to contribute meaningfully to the national economy.