Oman’s Small and Medium Enterprises Thrive with Over $63 Million in Funding
In a bid to support the growth of small and medium enterprises (SMEs) in Oman, the country’s Small and Medium Enterprises Development Authority has provided a significant funding boost of over 24.6 million Omani rials ($63.9 million) as of February.
Projects Galore: 224 SMEs Benefit from Funding
The Oman News Agency reported that a total of 224 projects have been financed by the authority, with the industrial, commercial, and service sectors emerging as the top beneficiaries with 161 projects receiving funding. Following closely behind are 44 contract projects.
Specialized Financing Programs Cater to SME Needs
The authority’s contract financing program focuses on supporting projects by financing contracts, whether it be tenders or purchases. Capital financing, ranking third in terms of projects funded, specializes in covering daily operational expenses like purchasing raw materials, goods, and salaries.
The main goal is to ensure the smooth flow of the production process from raw material acquisition to product sale.
Regional Distribution of Funding
The Muscat governorate leads the pack in funding, with 108 projects receiving support valued at over 10 million rials. Al-Batinah North and Al-Batinah South governorates follow suit, financing 31 and 19 projects respectively.
Additionally, projects in Dhofar, Al-Sharaqiyah South, Al-Dhahirah, and Al-Dakhiliyah have also received funding from the authority.
Diverse Financing Programs Offered
The funded projects are spread across various financing programs provided by the authority, including the “In-Country Value Program,” the “Industrial Projects Financing Program,” and the “Working Capital Financing Program.”