Free space, electricity, and water for small, medium enterprises in Oman

Muscat: Small and medium enterprises in Oman will be allocated space, and will be provided electricity and water connections for free, in certain branches of Oman Investment and Finance Company (OIFC) Khedmah outlets, to help promote their wares and generate awareness about their activities.

The provision comes after the signing of an agreement between Abdulaziz bin Saeed Al Raisi, the vice president of the SME Development Authority (SMEDA), and Saud bin Ahmed Al Siyabi, chief operating officer at OIFC Khedmah.

Furthermore, Khedmah will also open marketing outlets for SMEs by promoting their wares on the company’s media platforms, and enhance their capabilities by engaging them in technical and specialised development programmes in the financial and administrative field.

SMEDA will carry out field visits to follow up on the performances of those who have benefited from this scheme, while offering support and assistance in the form of marketing and technical skills to entrepreneurs.

“This cooperation comes as a translation of the authority’s strategy to develop SMEs, and to enhance integration and effective partnership with public and private sector institutions,” said Al Raisi.

“It will enhance the authority’s approach in providing facilities and support to SMEs by finding marketing outlets for them to expand their growth and reach different segments of society, along with various advantages and incentives.“We will also assist in providing programmes to develop the skills needed for them to expand the growth of their enterprises and ensure their sustainability,” he added.

Adding to this, Al Siyabi said, “the company seeks to enhance efforts to advance the SME sector and support many entrepreneurs to develop their businesses and enhance their chances of success through Khedmah branches located in all governorates of the Sultanate of Oman.” Some 62,335 small and medium enterprises operate in Oman, as of November 2021, according to figures from the National Centre for Statistics and Information. Nearly 15,000 SMEs were founded in the last 12 months, representing a 30 percent increase in the number of SMEs in the country since November 2020.

The vast majority of these are micro-enterprises in Oman. There are 50,133 micro-enterprises, 9,529 small businesses, and 2,673 medium-sized SMEs. Some 21,068 SMEs operate in Muscat Governorate, and there are nearly 10,000 based in North Al Batinah. Ad Dakhiliyah accounts for 12 percent of SMEs in the country, while the southern Dhofar region represents another eight percent.