Many SMEs registered in Oman in sign of recovery

30/09/21

The country has witnessed an increase in new registrations of small and medium enterprises (SMEs) in a sign of recovery from the pandemic.

The number of new listings at Riyada, the Public Authority for Small and Medium Enterprises Development, amounted to 53,166 at the end of May 2021 compared to 44,197 at the end of May 2020.

The most recent data from the National Centre for Statistics and Information (NCSI) confirms that the Governorate of Muscat has seen a 20.3 percent increase in new registration while five other Governorates in Oman recorded an increase of over 20 percent.

The highest increase was recorded in the Governorate of Al-Wusta with 39 percent, followed by South Al Sharqiyah with 25.5 percent and South Al Batinah with 23.6 percent. The Governorate of Al-Buraimi saw an increase of 22.3 percent and North Al Batinah of 20.4 percent.

The statistics indicate that the Governorate of Muscat has the highest number of registered SMEs with a total of 17,927.

According to the Ministry of Commerce, Industry & Investment Promotion (MoCIIP), the Invest Easy Portal and “Sanad” have recorded 24,664 submissions for licence approval since the launch of the gateway at the beginning of April 2021.

The service was introduced by the MoCIIP and other key stakeholders in the (business) ecosystem in Oman and allows investors to obtain a business licence in less than 24 hours. It extends to approvals for over 1,500 economic activities including the sectors of agriculture, fishing, manufacturing, electrical supplies, water, construction, wholesale and retail and transportation and warehousing. The key stakeholders hope that the streamlined service will encourage entrepreneurship and attract foreign direct investment to contribute to the country`s diversification.

The development and implementation of the applications and the latest data emphasize the impact of digitisation on the improvement of the ease of doing business in Oman.

Please click on the link and reach out to learn more about the latest developments in the Sultanate of Oman as well as the initiatives of Business Start Up Oman.

Other News

News 17 - Thumb

More industrial lands available in Oman’s Port of Duqm

Oman`s Special Economic Zone at Duqm (Sezad) announced that land is now available as part of its industrial project masterplan.

Sezad offers land to attract commercial,...

Read more
News 16 - Thumb

Madayn attracts more multi-million projects for Oman

Oman`s Public Establishment for Industrial Estates (Madayn) announced that it has registered 130 commercial and service projects during the first quarter of 2022.

The projects have a total value of...

Read more
News 15 - Thumb

Oman to use budget surplus for priority projects

Oman recorded a budget surplus of OMR 300 million (USD 780 million) during the first quarter of 2022 according to official figures.

The numbers suggest that the country is recovering from the pandemic...

Read more
News 14 - Thumb

Stakeholders reaffirm support for Oman’s SMEs

Oman’s Public Authority for SME Development (Riyada) and other key stakeholders are continuing their support of small and medium enterprises (SMEs).

Riyada...

Read more
News 13 - Thumb

New reforms in the financial sector in Oman

The Sultanate of Oman`s Capital Markets Authority (CMA) has licensed Ethis Investments as the first global Islamic crowdfunding operator.

Recently, the CMA updated crowdfunding...

Read more
News 12 - Thumb

Oman is planning to supercharge its economy

The Sultanate of Oman recently unveiled several mega construction projects as part of the Vision 2040. The developments offer new investment opportunities for national and international investors in line...

Read more
News 11 - BSUO - Thumb

AgriTech can address food security issues in GCC

The countries in the Gulf Cooperation Council (GCC) are increasing their efforts to address issues related to food security by investing in domestic production and embracing innovative agri-tech (or agricultural...

Read more
News 10 - Thumb

Oman registers over 62,000 SMEs in November

Oman’s Authority for Small and Medium Enterprises Development (Riyada) registered 62,335 small and medium enterprises (SMEs) in November 2021. The figures released by the [National Centre for Statistics...

Read more

Page Break