MUSCAT: The small and medium enterprises (SMEs) sector in the Sultanate of Oman recorded accelerated growth during the first half of 2026, driven by an expanding base of businesses, increased funding and support programmes, and a strengthened entrepreneurship ecosystem. This reflects the growing role of this sector as a key driver of economic diversification and the achievement of the goals of Oman Vision 2040.
Data from the Small and Medium Enterprises Development Authority, based on statistics from the National Centre for Statistics and Information, showed that the total number of SMEs in the Sultanate of Oman reached approximately 267,535. The number of businesses registered in the Authority's database reached 136,459 by the first half of 2026, distributed as follows: 116,195 micro enterprises, 19,196 small enterprises, and 1,068 medium enterprises.
Economic indicators confirmed the growing contribution of the sector to the national economy, reaching approximately RO 9.2 billion, equivalent to 21.8 per cent of GDP. This reflects the increasing importance of small and medium enterprises (SMEs) in supporting economic activity and enhancing private sector participation.
As part of efforts to empower entrepreneurs, the first half of 2026 saw the issuance of 19,267 new entrepreneurship cards, bringing the total number of cardholders to 32,103. The card offers several supportive benefits, including easier access to business opportunities and access to training, consulting, and government incentive programmes.
The Authority also continued to support innovation- and technology-based start-ups, registering 321 start-ups for the Start-up Card, while 17,755 businesses benefited from specialised workshops in entrepreneurship and innovative financing. On the capacity-building front, the Entrepreneurship Readiness Programme contributed to developing the skills of entrepreneurs in management, marketing, and finance. A total of 8,200 trainees benefited from the programme, and 7,601 participants received readiness certificates.
The financing sector witnessed significant expansion in cooperation with the Development Bank. The Authority received 555 financing applications totaling approximately RO 48.9 million. These loans covered industrial projects, franchises, working capital, incubated companies, and the "Daman" programme.
Regarding supporting the innovation and incubation environment, 132 incubation contracts were signed, and 16 new business incubators were opened, contributing to the creation of 284 job opportunities.
The graduation rate from entrepreneurship centres reached 14.5 per cent, reflecting the progression of several projects to more advanced and sustainable stages. This rapid growth in the small and medium enterprises (SMEs) sector is attributed to a range of factors, most notably ongoing government support, the development of financing programmes, and the strengthening of training and incubation systems.
This growth is further bolstered by increased business opportunities, the expansion of e-commerce, and an improved investment climate, all aligned with the objectives of Oman Vision 2040.
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