Muscat: As of the conclusion of June 2024, the Authority of Small and Medium Enterprises Development (ASMED) reported that the registry of Small and Medium Enterprises (SMEs) had expanded to 141,126 entities, as detailed in a recent bulletin.
This report further highlighted that the count of micro enterprises surpassed 120,000, with the number of small enterprises exceeding 19,000. Concurrently, the tally of medium enterprises exceeded 1,100.
The bulletin meticulously examined key indicators and statistics pertaining to the SME sector within the Sultanate of Oman, emphasizing the importance of community engagement and the enhancement of entrepreneurial knowledge.
It was also noted that the number of institutions securing the Entrepreneurship Card, which affords its holder access to numerous facilities across various sectors from relevant authorities, has increased to 10,388. Furthermore, the aggregate count of small and medium enterprises possessing an active Entrepreneurship Card has surpassed 28,000.
The bulletin detailed the ongoing services and initiatives by the Authority, including the expansion of public and specialized business incubators in Oman during the current year. As of now, 18 incubators have been established, hosting 85 institutions, generating 198 job opportunities for Omani youth across various economic sectors, and amassing revenues exceeding OMR800,000 during the first half of the year.
These business incubators and centers are dedicated to fostering an environment and providing technical support for entrepreneurs and innovators, encouraging investment in the incubator sector for small and medium enterprises. They also offer comprehensive support in transforming investment, commercial, economic, and other business ideas into successful SMEs, providing administrative, advisory, legal, accounting, and marketing services. This includes periodic follow-up, assistance in preparing feasibility studies and business plans, and facilitating financing for incubated projects in accordance with established procedures.
Additionally, the bulletin shed light on the provision of usufruct lands, which are allocated to small and medium enterprises with an entrepreneurship card for industrial purposes across the majority of Oman's governorates. These lands are granted at a nominal annual fee, with a waiver of payment for the initial two years.
During the initial half of the year, a total of 44 approvals were conferred upon usufruct land projects, as per the compilation of plans for usufruct lands announced by the Authority. This announcement was disseminated across various governorates of the Sultanate of Oman through the Tatweer platform of the Ministry of Housing and Urban Planning. The package of plans offered several benefits to entrepreneurs, including fixed nominal annual fees tailored for small and medium-sized enterprises, a grace period permitting the project owner to finalize the project's planning phase, and a priority status in accessing facilities from the Authority for the Development of Small and Medium Enterprises in key areas such as financing, marketing, training, and qualification.
Review of Entrepreneur Readiness Programme
This section presents an analysis of the Entrepreneur Readiness Programme, which saw a total of 830 beneficiaries over the span of six months, beginning in January and extending until June. Among these, 786 entrepreneurs hailing from various governorates successfully completed the programme. From its inception to June 2024, the programme attracted a cumulative enrollment of 3,555 trainees across its various tracks, namely foundation, enhancement, advanced, and contracts. A remarkable achievement of the programme was the successful completion rate, with 3,314 trainees graduating.
The Entrepreneur Readiness Program stands as a comprehensive, specialized training initiative designed to augment and refine the cognitive and entrepreneurial abilities of individuals in entrepreneurship. It strives to equip entrepreneurs with the necessary skills to adapt to the swiftly evolving entrepreneurship ecosystem, alongside enhancing technical and technological methodologies to ensure the project's sustainability across its lifecycle, including the founding, development, and crisis management phases.
The program is structured to elevate entrepreneurs' efficiency, develop essential skills, foster an understanding of the legal framework governing the business environment, improve financial and administrative capabilities, enhance marketing strategies for crisis management, facilitate the preparation of economic feasibility studies, and integrate emerging technologies into entrepreneurial ventures.
