The number of small and medium enterprises (SMEs) in Oman reached 141,126 by the end of June 2024, according to the latest bulletin from the Authority of Small and Medium Enterprises Development (ASMED).
The bulletin also revealed that the number of micro enterprises exceeded 120,000, while the number of small enterprises crossed 19,000. Meanwhile, the number of medium enterprises reached more than 1,100.
The number of institutions that have obtained the entrepreneurship card for the first time during the first half of 2024 reached 10,388, raising the total to over 28,000. Oman’s entrepreneurship card enables SMEs to obtain many facilities in various sectors from relevant authorities by providing a set of privileges by some government and private entities.
Strategic SME vision
Earlier this year, ASMED launched a strategic vision for 2024, with plans to finance 300 SMEs across various sectors in Oman. Further supporting growth across the country, the authority established 15 business incubators and plans to roll out 36 training programs for over 900 entrepreneurs, enhancing their financial and business development skills.
During the first half of the year, the authority launched 18 incubators that hosted 85 institutions, provided 198 job opportunities for Omani youth in various sectors, and recorded revenues of more than OMR800,000.
Notably, the number of SMEs in Oman registered with the authority increased 30 percent to 135,064 by the end of 2023.
Read: Popular UAE, Saudi Arabian companies shine on LinkedIn’s 2024 startups list
Entrepreneur Readiness Program
The authority’s bulletin also noted that the number of trainees participating in the Entrepreneur Readiness Program reached 830 during the first half of 2024, 786 of whom passed. Since its launch, the cumulative number of trainees enrolled in the program in all its tracks amounted to 3,555 trainees, of whom 3,314 trainees passed.
The Entrepreneur Readiness Program is an integrated specialized training program that seeks to enhance and develop the cognitive and entrepreneurial skills of entrepreneurs to keep pace with the rapid changes in the entrepreneurship system. Moreover, it aims to enhance technical and technological practices that contribute to the sustainability of projects.
The program also aims to raise the efficiency of entrepreneurs and develop their skills by introducing them to laws, providing them with financial and administrative skills, marketing skills, and skills to prepare an economic feasibility study, among others.
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