SMEs drive growth and innovation in support of Oman Vision 2040
MUSCAT: Small and medium enterprises (SMEs) continue to play a pivotal role in advancing Oman's economic diversification agenda and realising the goals of Oman Vision 2040. The strategy prioritises the private sector, investment, and international cooperation as key enablers of an integrated economic system in which SMEs operate in synergy with larger corporate entities. This vision recognises the centrality of SMEs in stimulating economic growth, fostering innovation, generating employment opportunities, and contributing to technological development.
The SMEs Development Authority affirmed that the sector remains a fundamental pillar of the national economy, providing support to major institutions while also acting as a primary engine for sustainable development. In line with these priorities, Oman achieved notable progress in the global Business Entrepreneurship Index, climbing from 11th to 8th position in 2024. The sector also recorded a business growth rate of 5.7 per cent in 2024, up from 5.4 per cent in the previous year.
Official figures underscore the sector's growing contribution: a total of 145,750 small and medium enterprises are currently operating across the Sultanate. Additionally, 2,485 citizens have undergone specialised training programmes, while 400 funding approvals were issued to support business growth. The ecosystem also saw the emergence of 146 innovative start-ups and 2,071 identified investment opportunities, further reinforcing SMEs as a cornerstone of Oman's long-term economic vision.
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