Overview
Small and medium enterprise policy in Oman is designed to cultivate a vibrant entrepreneurial ecosystem that drives job creation, innovation, and economic diversification. The Public Authority for Small and Medium Enterprise Development, known as Riyada, leads national efforts to support entrepreneurs through business registration, training, mentorship, and access to finance. SMEs are recognised as the backbone of a sustainable economy, contributing to local value chains and reducing dependence on government employment.
Key Points
Riyada provides one-stop-shop services for business registration, licensing, and regulatory compliance. A national SME financing guarantee scheme reduces the risk for banks lending to small enterprises, improving credit access. Incubator and accelerator programmes operated by government and private partners offer workspace, mentorship, and networking opportunities. Government procurement policies reserve a percentage of contracts for SMEs, providing a reliable revenue stream and growth opportunities for smaller firms.
Current Status
The number of registered SMEs has grown significantly, with particularly strong activity in technology, tourism, and food processing sectors. Access to finance remains a challenge for early-stage enterprises, though the guarantee scheme and new venture capital initiatives are addressing this gap. Digital tools enable SMEs to access government services, manage compliance, and reach customers online. Several Omani startups have attracted regional venture capital investment and expanded into neighbouring markets.
Vision 2040 Context
Vision 2040 envisions SMEs contributing a much larger share of GDP and employment. The strategy calls for a comprehensive ecosystem that supports entrepreneurs from ideation through growth and internationalisation. By removing barriers, providing targeted support, and fostering a culture of innovation, Oman creates conditions for a dynamic private sector that generates prosperity and opportunity for all citizens.