Number of SMEs registered in Oman rises by 46.8% to 81,460

Muscat: 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, according to the statistics issued by the National Centre for Statistics and Information (NCSI).

The current year has seen an increased registration of SMEs with the Authority for Small and Medium Enterprises (SME) Development as to benefit from the facilities offered for the owners of SMEs by the government departments and major companies in the private sector.

NCSI data showed that the number of small and medium enterprises (SMEs) in the first seven months of the current year increased to 16,800 against 6,822 during the same period in 2021 and from 2,396 registered in 2020.

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 COVID-19 pandemic and on account of the attention accorded to SMEs sector by the various government departments and local banks financing the sector. 

The SMEs avail from the government facilities offered to the sector and the return of economic activities back to growth and the government endeavours to increase spending at the time the government allocated 10 percent of the value of government tenders to SMEs.

The data showed that the number of SMEs exceeded 81, 0000 at the end of July 2022.

The number of SMEs in Muscat Governorate amounted to 27,400, representing 33.6 percent of the total SMEs registered. Followed by North Al Batinah Governorate at 12, 538 , Al Dakhiliayh Governorate at 9,104, Dhofar Governorate at 8,584, South Al Batinah Governorate (5,975), North Al Sharqiyah (5,563), South Al Sharqiyah Governorate (4,928), Al Dhahirah Governorate (4,110) and Al Buraimi Governorate at 1,617 SMEs, respectively.

Al Wusta Governorate came in the tenth place at 1,234 SMEs and Musandam Governorate in the 11th place at 408 enterprises.