Muscat: The Small and Medium Enterprises Development Authority, known as "Riyada," has presented its strategic plan for 2026, outlining support policies, enabling programs, and specific indicators designed to foster the growth of small and medium enterprises (SMEs) in Oman.
According to Oman News Agency, the annual media briefing revealed that the authority's plan is built on more than 700 initiatives and training programs categorized under eight main strategic pillars. These include promoting entrepreneurship culture, scaling up enterprises for regional and global expansion, maximizing local content, broadening financing options, expanding incubators, supporting craft industries, and fostering innovative and technology-based startups.
Halima Rashid Al Zar'ee, Chairperson of Riyada, announced the completion of the SME Sector Strategy, which has significantly contributed to the national economy, with the sector accounting for approximately 21% of Oman's GDP by the end of 2024. Al Zar'ee disclosed that by December 2025, 130,359 SMEs were registered, with 58,388 obtaining the Riyada Entrepreneurship Card, facilitating access to various sectoral facilities.
Furthermore, she highlighted the participation of 7,453 trainees in the Entrepreneurial Readiness Program aimed at enhancing entrepreneurial skills. Riyada's involvement in 413 events last year benefited 23,794 enterprises, with significant outcomes in e-marketing and handicraft support.
The authority has also launched initiatives to add local value, such as the SME Scaling Program, which elevated 294 small enterprises to medium-sized status and 41 medium-sized enterprises to large enterprises. Oman ranks 8th in the Global Entrepreneurship Monitor report and is among the top countries for startup growth and talent attraction, as per the "Startup Genome" report.
Sayyid Mazin Saif Al Busaidi, Deputy Chairman of Riyada, confirmed ongoing initiatives and training programs, which have benefited over 29,513 entrepreneurs. The "Growth Entrepreneurship" forum saw contracts exceeding RO 44 million and facilitated 340 bilateral meetings. New "Craft House" outlets have been established, supporting 175 craft enterprises and showcasing 1,744 products.
Qais Rashid Al Toubi, Deputy Chairman for Finance and Investment, stated Riyada's goal to finance at least 200 projects this year. The "Al-Azm" lending portfolio approved 514 requests, totaling RO 44,385,764 in value. Business centers have incubated 137 SMEs, creating 231 jobs with revenue over RO 3 million.
Riyada aims to incubate more SMEs and innovation-based startups, which reached 205 companies by the end of last year, employing 825 individuals with a market value of RO 395 million. Land approvals for industrial use and through the "Tatweer" platform further bolster SME development across Oman.