Muscat: 'Riyada', the Authority for the Development of Small and Medium Enterprises (SMEs), today announced the launch of the executive plan of the SME sector for the period 2026-2030. The plan aligns with national efforts to strengthen the role of the SME sector, a key driver of domestic growth and economic diversification, in accordance with the objectives of Oman Vision 2040 and the 11th Five Year Plan.
According to Oman News Agency, the plan aims to create a motivating and sustainable business environment that enhances the competitiveness of SMEs, increases their contribution to the gross domestic product (GDP), and opens up opportunities for SMEs to enter local, regional, and global markets. It also supports innovation and entrepreneurship, fostering a shift towards a knowledge-based economy.
The plan is based on several strategic pillars, including market access and value chains, financing and investment, and in-country value (ICV). These pillars were developed using a participatory approach with input from both government and private sectors, drawing on benchmarking and international best practices.
The plan comprises a series of programs and initiatives tailored to different stages of SME growth. These include programs to enhance SMEs' capacity for expansion and export, integrated financing programs, and initiatives to support craft industries.
Riyada confirmed that implementing the executive plan will boost SME sustainability, create quality employment opportunities, and enable entrepreneurs to develop projects capable of growth and expansion. This will, in turn, enhance the competitiveness of the national economy and align with the aspirations for the upcoming phase.