Stakeholders reaffirm support for Oman’s SMEs

02/06/22

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

Riyada is offering funding options with flexible repayment terms for amounts between OMR 15 thousand (USD 39 thousand) to OMR 250 thousand (USD 650 thousand). The repayment period can be up to ten years and is provided with low administration fees. Its funding options are segregated into five categories, which are determined by the entities business activities as detailed below.

The In Country Value (ICV) creation program targets partnerships between public and private institutions and businesses that contribute to the empowerment of SMEs with additional opportunities and possibilities. This pathway offers the highest funding value of up to OMR 250 thousand (USD 650 thousand) subject to approval from the committee at Riyada.

The financing of industrial, manufacturing and service projects provides up to OMR 250 thousand (USD 650 thousand) and covers new or existing projects for expansion. The target segments include tourism, mining, commercial concessions, agriculture and fishing.

Another program provides up to OMR 100 thousand (USD 260 thousand) for working capital and fixed assets. The funding will be provided to cover daily operational costs including purchasing of raw materials or semi-manufactured goods, spare parts, salaries and business-related transport costs.

Benefits are also offered to SMEs who intend to operate incubators and accelerators to assist innovative start-ups and scale-ups in the fields of technology, information and communication, cybersecurity, food, logistics, services and consulting. Funding is available up to OMR 70 thousand (USD 180 thousand).

The final option provides funding of up to OMR 15 thousand (USD 40 thousand) to facilitate entrepreneurship. It is focused on creative sectors, productivity entrepreneurship, domestic services and mobile businesses including street vendors and food trucks.

Business Start Up Oman has a network of subject matter experts and specialists to assist with activities throughout the lifecycle of a business in the Sultanate of Oman. The activities include Market Research & Assessment Oman, Oman Business Case, Oman Business Model Development, Feasibility Study / Business Plan Oman, Organizational & Operational Structuring Oman, Oman Sponsorship & Partnership, Company Formation Oman and many others.

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

Other News

News 21 - Thumb

Madayn to develop waste-to-hydrogen plan in Oman

Oman’s Public Establishment for Industrial Estates (Madayn) and H2 Industries recently signed a memorandum of understanding (MoU) to develop a waste-to-hydrogen...

Read more
News 20 - Thumb

Oman Investment Authority presents priorities

Oman Investment Authority (OIA) operated businesses will invest OMR 6.7 billion (USD 17.4 billion) in projects over the next five years.

The sovereign wealth fund anticipates returns of OMR 2.6 billion...

Read more
News 19 - Thumb

Sohar Freezone with new incentives for more tenants

Sohar Freezone has introduced new incentives to attract more international investors and create additional jobs in line with the Oman Vision 2040.

The incentives allow new businesses to register online...

Read more
News 18 - Thumb

Oman’s Madayn launches incubator at Sur Industrial City

The Public Establishment for Industrial Estates also known as Madayn recently launched the Sur Oasis Incubator at Sur Industrial City in Al Sharqiyah governate.

The Sur Oasis incubator is represented...

Read more
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 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

Page Break