Oman’s Authority for Small and Medium Enterprises Development (ASMED) has launched a financing program to encourage small and medium enterprises (SMEs) to win tenders and employment opportunities.
The project, which focuses on SMEs, spans all industries and activities and helps receive funding from both public and private organizations.
The program seeks to enhance technical practices that contribute to the sustainability of projects, right from the stage of foundation to the stages of development and risk management.
As part of the initiative, an entrepreneur passes a preparedness program, submits a financing application from the project’s website via the link provided by Oman Development Bank (ODB) and fills in the required data.
On its electronic website, the ASMED dedicated a port for all information related to its 6 funding programs, conditions for financing and the applicable procedures. It also circulates a familiarization document via social media platforms.
In July this year, ASMED unveiled terms and conditions for those who wish to register to the land usufruct ownership system. It was a step forward prior to the publication of the advertisement, for SMEs, to contest opportunities made available via the land usufruct system.
According to the statistics issued by the National Centre for Statistics and Information (NCSI), The number of SMEs registered with the Authority for Small and Medium Enterprises Development rose by 46.8 percent to reach 81,460 at the end of July 2022 compared to 55,491 during the same period in 2021.
The increase in registrations reflects the interest of the Omani youth in establishing their own projects at the time the statistics showed appreciable growth in the economic activities following the impacts of the COVID-19 pandemic and on account of the attention accorded to the SMEs sector by the various government departments and local banks financing the sector.