Muscat – The Authority for Small and Medium Enterprises Development (ASMED) held a press gathering today to review its achievements in 2024 and outline key initiatives for 2025 aimed at further supporting SMEs, startups, and entrepreneurs.

The event underscored ASMED’s commitment to transparency and active engagement with the community. During the gathering, Halima Rashid Al Zar’ai, Chairperson of ASMED, reaffirmed the authority’s dedication to empowering SMEs by enhancing access to finance and fostering innovation. She highlighted ASMED’s collaboration with key entities such as the Development Bank, Oman Investment Authority’s Oman Future Fund, and the Financial Services Authority (FSA) to facilitate alternative financing solutions.

Incentives and Growth Initiatives

ASMED introduced a package of incentives designed to encourage entrepreneurship and innovation, aligning with Oman’s strategic vision for economic diversification. These include:

• Allocating at least 10% of government tenders to SMEs.
• Exempting SMEs from temporary insurance (1%) when bidding for tenders.
• Reducing registration fees for SMEs with the Tender Board by 50%.

Abdullah Ali Al Sunaidi, Director of Development and Empowerment at ASMED, revealed that the total national workforce in the SME sector reached 192,714, while the number of SMEs holding the Entrepreneurship Card in the second half of 2024 stood at 64,436.

He further highlighted ASMED’s Entrepreneur Readiness Program, which provided specialised training to 5,222 entrepreneurs in 2024. Additionally, 209 training programs benefited over 28,853 entrepreneurs through consultations, feasibility studies, and business mentorship.

SME development and expansion

A total of 123 small enterprises transitioned into medium-sized enterprises in 2024, while five medium-sized businesses expanded into large enterprises. ASMED also facilitated 3,844 businesses through supplier development programs and provided business opportunities for 2,071 enterprises, alongside 70 ready-to-use factory spaces in collaboration with Madayn.

Financial support and international recognition

Qais Rashid al Tobi, ASMED Deputy Chairman for Finance and Investment, stated that ASMED aims to finance at least 300 enterprises in 2025 across various economic sectors. The Azm lending portfolio approved 400 financing requests, amounting to over OMR 37.6 million as of September 2024.

ASMED’s initiatives have positioned Oman 11th in the ‘Global Entrepreneurship Monitor Report 2023’, and among the top 10 countries for attracting talent, as per the ‘Startup Genome Report for the Middle East and North Africa 2023’. These rankings reflect Oman’s robust business environment and growing appeal to entrepreneurs and investors.