Muscat – The Authority for Small and Medium Enterprises Development (ASMED) has outlined its strategic vision for 2024, with plans to finance 300 SMEs across various sectors.

Announced at a media briefing on Sunday, the authority’s plans for 2024 underscore a significant push to bolster the SME sector in Oman.

Halima bint Rashid al Zaria, Chairperson of ASMED, highlighted the authority’s recent achievements, noting that SMEs received funding totalling RO165mn in 2023 from government companies under Oman Investment Authority and an additional RO47mn from public agencies in line with Tender Board requirements.

She highlighted the substantial growth of the sector, with the number of SMEs registered with the authority increasing 30% to 135,064 at the end of 2023.

A total of RO200mn has been allocated for the Future Fund for emerging companies over the next five years. This move is part of a broader strategy to support SMEs in all governorates in partnership with public and private sector entities.

The authority has established 15 business incubators and plans to roll out 36 training programmes for over 900 entrepreneurs in 2024, enhancing their financial and  business development skills.

Ishaq bin Khalifa al Shukaili, Director of In-Country Value at ASMED, detailed the regulatory strides made in 2023 for an environment conducive for SME growth. This includes the introduction of entrepreneurship cards, leading to an integrated register for SMEs and encouraging public-private sector partnerships. The entrepreneurship card initiative has seen a 22% growth, with more than 29,000 enterprises benefiting and approved loans surpassing RO22mn.

ASMED’s achievements extend to the crafts sector, with over 2,064 applications approved for craft support and significant participation in training and marketing services. Furthermore, 167 small enterprises transitioned to medium-sized enterprises, and 31 medium enterprises evolved into large businesses. The Supplier Development Programme, aiming to qualify 80 SMEs for increased business opportunities, is one among other  innovative projects launched to empower local enterprises.

Training remains a key focus, with 57 specialised and public training programmes conducted in 2023, benefiting 1,383 employers. In collaboration with the Ministry of Labour, 2,330 on-the-job training opportunities were approved for SMEs.

On the digital transformation front, Radha Ahmed al Lawati, Director of Information Technology Department at ASMED, outlined plans for 2024. These include activating a communication centre, launching the Itqan platform for internal business enhancements, developing an electronic application and upgrading ASMED’s website. These technological advancements aim to streamline services and adapt to the evolving digital landscape, ensuring ease of access for Oman’s growing SME community.