In a recent report from the Sultanate of Oman, the Small and Medium Enterprises Development Authority has unveiled some remarkable statistics that shed light on the state of small and medium-sized enterprises (SMEs) in the region. By the end of June 2023, the Authority’s records indicated a significant milestone, with a total of 104,574 thousand SMEs registered, signifying the growing entrepreneurial spirit in the country.
Diving deeper into the data, the statistics reveal a diverse landscape of enterprises. Micro-enterprises, comprising the majority of these businesses, exceeded a staggering 89,000 in number. In addition, there were 14,000 small enterprises, highlighting the dynamic nature of the SME sector. Notably, over 1,000 medium-sized enterprises were recorded, underlining their contribution to the economic fabric of Oman.
A key highlight of this report is the active engagement of these businesses, with approximately 30,000 enterprises holding active business cards as of June 2023. Furthermore, over 4,000 small and medium-sized business owners successfully obtained an active business card in the year 2023, marking their commitment to growth and development.
Concurrently, the report also highlights the importance of sustainability and continuity in the SME sector. It notes that around 13,000 small and medium-sized business owners sought card renewal services in 2023, reaffirming their dedication to maintaining their enterprises’ status.
The report also celebrates the nurturing of entrepreneurship through the establishment of eight public and specialized business incubators. These incubators have played a crucial role in supporting and fostering the growth of SMEs in various fields. The statistics proudly show that a total of 91 small and medium-sized enterprises have been incubated within these facilities. Notably, these incubators have also contributed to the creation of 377 employment opportunities for the young workforce of Oman across diverse economic sectors.
Additionally, the Ministry of Labor in the Sultanate of Oman played a pivotal role in supporting SMEs by providing training opportunities. The data from the Ministry revealed that a total of 684 training opportunities were approved. These opportunities proved beneficial for 299 small and medium-sized enterprises, imparting essential skills and knowledge, further strengthening the SME ecosystem.
In conclusion, the report paints a vibrant picture of the SME landscape in Oman, reflecting a thriving and dynamic sector. With a focus on growth, sustainability, and continuous improvement, these statistics demonstrate the dedication of small and medium-sized business owners and the collaborative efforts of various government entities in propelling the SME sector forward. The Sultanate of Oman is undoubtedly on the path to fostering innovation and entrepreneurship, paving the way for a brighter economic future.