12-05-2025
Oman: $96mln financing programmes to boost entrepreneurs' diversity, sustainability
Muscat: Ten diverse financing programmes have been launched by the SME Development Authority (SMEDA) to empower entrepreneurs and meet their needs, ultimately enhancing their financial stability and capacity for expansion and development.
The financing programmes cover essential areas such as financing industrial projects, developing working capital, supporting craft and productive enterprises, and financing incubators and accelerators. Additionally, there are programmes for contracts and emergency projects. The programmes have been well-received, with a total of 400 loan approvals, amounting to over RO 37,690,085.
In order to enhance the innovation and entrepreneurship environment, the Authority has launched the Promising Omani Startups Programme in strategic partnership with various government agencies. This programme aims to promote the culture of startups in educational institutions, raise community awareness of their importance in supporting the national economy, empower individuals with innovative ideas, support the establishment of startups based on innovation and technology, and connect them to business, investment, and financing opportunities to enhance their competitiveness locally and globally.
RO 37m financing programmes to boost entrepreneurs' diversity, sustainability
As a result, 146 innovative startups have been established, and 62 entrepreneurs have received training in investment readiness and alternative financing in the past year (2024). Over 12,624 participants have benefited from programmes promoting a culture of entrepreneurship and alternative financing mechanisms.
According to the Authority's statistics, 67 per cent of job opportunities created by financing programmes are for men, while 33 per cent are for women. The initiatives and programmes offered by the Authority reflect Oman Vision 2040, aiming to achieve sustainable development by boosting the entrepreneurship environment through financing, advisory solutions, and innovative programmes that contribute to building an integrated economic system supporting diversification and sustainability.
The SME sector is expected to play a crucial role in strengthening Oman's position on the global economic map, fostering a culture of innovation and productivity. Entrepreneurs often require financial resources to turn their ideas into viable commercial projects, covering expenses like product development, market research, legal fees, and operational costs.
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