MUSCAT, APRIL 26
The Small and Medium Enterprises Development Authority (Riyada) signed on Sunday, April 26, 2026, a cooperation arrangement with a number of commercial banks in the Sultanate of Oman, as part of integrated efforts between the government and the banking sector to expand the scope of support provided to entrepreneurs.
The arrangement with commercial banks is aimed at strengthening the business environment and supporting the growth of SMEs, with the goal of enhancing access to finance and providing a comprehensive package of financial and non-financial solutions that support entrepreneurs and SMEs, thus contributing to their growth, expansion, and sustainability.
The event was held under the auspices of Ahmed bin Ja’afar bin Salim Al Musallami, Governor of the Central Bank of Oman, and in the presence of Halima bint Rashid Al Zari, Chairperson of Riyada, along with the CEOs of the participating banks and partners from the entrepreneurship ecosystem in the fields of finance and investment.
Participating banks include Bank Muscat, Sohar International, National Bank of Oman, Bank Dhofar, Oman Arab Bank, Ahli Bank, Ahli Islamic Bank, Bank Nizwa, Alizz Islamic Bank, and Standard Chartered Bank (Oman).
Abdul Salam bin Mubarak al Rawahi, Assistant Director of the Finance Department at Riyada, said: “The Authority, in partnership with leading commercial banks, has signed ten cooperation programmes focusing on promoting financial literacy among entrepreneurs, developing training programmes, and designing tailored financing programmes to support them and contribute to the empowerment of small and medium enterprises.”
Rashid bin Zayed al Ghassani, Head of the Financial Investment and Banking Supervision Sector, CBO, said: “The signing of these memoranda with commercial banks is a culmination of the banks’ efforts in supporting entrepreneurs, an area that has received considerable attention from the banking sector and the Central Bank of Oman. This began with allocating 5% of the total loan portfolio to finance the SME sector. The signing aims to further highlight the SME sector and the mechanisms for developing this vital sector to support the national economy and the growth of SMEs.”
Al Ghassani added: “The total loan portfolio allocated to this sector by the banking sector alone has reached approximately RO 1.2 billion, in addition to support from financing companies, the Development Bank, and other funds that support entrepreneurs. The lending portfolio grows annually at a steady pace.”
Meanwhile, Tariq bin Atiq, Acting CEO of Bank Nizwa, explained that signing the cooperation arrangement is important for the banking sector and for SMEs, with a greater focus on training and qualifying SMEs and entrepreneurs to empower and support them.
The cooperation programme intends to develop a more efficient and flexible financing system by designing customised financing products that meet the needs of SMEs across various sectors. Its phases include providing incentives and banking facilities, implementing joint training and awareness programmes, promoting financial literacy, exchanging expertise between the two sides, and developing joint guarantee and financing mechanisms to reduce risks and stimulate the expansion of financing for this vital sector.
This cooperation reflects the national trend towards empowering small and medium enterprises (SMEs) as a key driver of economic growth. The sector is witnessing increasing expansion in the Sultanate of Oman, with more than 270,000 registered SMEs, including over 130,000 registered with Riyada. Nearly 30,000 businesses hold the Riyada Entrepreneurship Card and are led by owners who are fully dedicated to their management.
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