Muscat: As of the end of February 2024, the Small and Medium Enterprises Development (SMEs) Authority (Al Azm) has financed a total of 244 projects through its lending portfolio, amounting to OMR 24,064,510.
The majority of funded projects fall under the categories of industrial, commercial, and service projects, with a total of 161 projects. Following closely are contract projects, with 44 projects. The contract financing program specializes in providing financial support for contracts and tenders based on the work award letter from the awarding entity. Ranking third are working capital financing projects, with 29 projects. This program focuses on covering the daily operational expenses of organizations, including the costs of raw materials, merchandise, warehouses, salaries, transportation, and other necessary expenses to ensure the smooth production process from procurement to sales.
Among the governorates, Muscat Governorate has the highest number of funded projects, with the Authority financing 108 projects worth over OMR 10 million. North Al Batinah Governorate follows with 31 projects worth over OMR 3 million, and South Al Batinah Governorate with 19 projects exceeding OMR 1 million in value.
Other governorates that received funding include Dhofar Governorate with 19 projects, South Al Sharqiyah Governorate with 15 projects, Al Dhahirah Governorate with 18 projects, Al Dakhiliyah Governorate with 13 projects, and North Al Sharqiyah, Al Wusta, Buraimi, and Musandam Governorates with 6, 6, 6, and 3 projects respectively.
The funded projects are distributed across various financing programs offered by the Authority, including the In-Country Value Program, Industrial Projects Financing Program, Service Projects, Working Capital Financing Program, and Incubated Institutions and Business.
