• | 11:00 am

Oman SMEs thrive: $62 million funding powers 244 projects, Muscat takes the lead

Industrial, commercial, and service projects ranked highest among the most funded by the Small and Medium Enterprises Development Authority.

Oman SMEs thrive: $62 million funding powers 244 projects, Muscat takes the lead
[Source photo: Anvita Gupta/Fast Company Middle East]

Small and medium enterprises (SMEs) in the Sultanate of Oman have been kicking off strong. By the end of February 2024, 244 projects were financed through the Small and Medium Enterprises Development Authority’s lending portfolio, amounting to a total value of $62 million.

Among the most funded projects were industrial, commercial, and service ventures, totaling 161 projects. This was closely followed by contract projects, which reached 44 projects.

Meanwhile, projects involved in the working capital financing program, which specializes in covering the daily needs of the organization’s operational expenses, ranked third, with 29 projects. This financing helps maintain the continuity of the production process, from purchasing raw materials to selling the final product.

Muscat Governorate led in funded projects, with 108 financed projects worth over $25 million. The North Al Batinah Governorate closely followed, financing 31 projects worth more than $7 million, followed by the South Al Batinah Governorate, which financed 19 projects with a total value exceeding $2.5 million.

The funded projects were obtained through various financing programs provided by SMEDA, including the In-Country Value Program, Industrial Projects Financing Program, Service Projects, Working Capital Financing Program, Incubated Institutions and Business Accelerators Financing Program, Handicraft Products Financing Program, Home and Production Works, Street Vendor Works, mobile commercial activities, contract financing program, and financing for SMEs awarded contracts by companies affiliated with the Oman Investment Authority.

The Innovation By Design Summit is in Doha on April 24. Attendance at the summit is by invitation only. Delegates can register here to receive their exclusive invite.

More Top Stories: