Oman is preparing a new strategy for SME sec
Muscat – A strategy is being prepared for the Small and Medium
Enterprises (SMEs) sector in line with Oman Vision 2040 by the Authority
for Small and Medium Enterprises (ASMED).
The new strategy seeks to extend a supportive environment for SMEs
through the development of mechanisms and programmes that strengthen the
integration of all entities related to entrepreneurship.
It is also being prepared to augment the contribution of SMEs to the
gross domestic product (GDP), raising the Sultanate of Oman’s indicators
in the field of entrepreneurship and also to bring in new initiatives to
generate employment opportunities in the country.
The total number of SMEs registered at ASMED at the end of May 2022
increased by 46.9 per cent to reach 78,089 compared to 53,166 SMEs
during the same period in 2021, according to the data released by the
National Centre for Statistics and Information.
The Governorate of Musandam recorded the highest increase by 100.5 per
cent, followed by the Governorate of Dhofar by 77.7 per cent, the
Governorate of Al Wusta by 70.8 per cent and the Governorate of Al
Dhahirah by 32.8 per cent.
The Governorate of Muscat registered the largest number of SMEs till the
end of May 2022 reaching 26,374, followed by the Governorate of North Al
Batinah at 12,030 and the Governorate of Al Dakhiliyah at 8,821.
Earlier in June 2022, a raft of new measures was announced for the SME
sector. It provided an additional package of subsidies for SMEs,
entrepreneurs and insolvent persons. Also, to alleviate the impact of
the COVID-19 pandemic, the package included a number of subsidies and
payment of overdue fees by entrepreneurs.
These included waivers for entrepreneurs who are Riyada card holders
(for beneficiaries of emergency loans) issued by the Authority for Small
and Medium Enterprises, waivers from fines and fees payable by SMEs
against delays in loans to the Lender Portfolio (earlier called the Al
Raffd Fund) until the end of this year and waivers in payments of
overdue fees by entrepreneurs and SME owners who face prison charges
following prosecution on account of bad cheques drawn on insufficient
funds.
The measures also included postponement of lawsuits against individuals/
establishments not abiding by the provisions of loan agreements signed
with the Lender Portfolio until the end of 2022
