Tuesday 22 / October / 2024
Muscat: Dr. Ali bin Masoud al-Sunaidi, Minister of Commerce and Industry, Board Chairman of Riyada, issued a ministerial decision, on Wednesday, amending the classification of small and medium enterprises (SMEs) in accordance with their workforce and revenue.
According to the new classification, a micro establishment shall have 1-10 workers and its annual revenues stand at less than OMR 150,000; a small establishment shall have 11-50 workers and an annual revenue ranging between OMR 150,000 and OMR 1,250,000; a medium establishment shall have 51-150 workers and annual revenue ranging between OMR 1,250,000 and OMR 5 million.
Earlier, the classification was as follows: Micro-establishment 1-5 workers, less than RO 100,000 of revenue; Small establishment had 6-25 workers, OMR 100,000 - OMR 500,000 of revenue; Medium establishment had 26-99 workers, OMR 500,000 to less than OMR 3 million.
The amendment of classification takes into account the classification of such establishments in other GCC states and the prospects of growth of this sector in the Sultanate, which will enhance the role of these establishments in the next phase of the national economy.
Riyada database shows that the number of small and medium establishments stood at 44,000. As many as 13,000 of these establishments are run by Riyada cardholders (owners who engage in full-time management of their establishments).
These are expected to contribute directly to augmenting local products (in the national economy) and to increase the number of employment opportunities for national job seekers.
