Oman pushes $5.2bn plan to boost small business growth

Oman pushes $5.2bn plan to boost small business growth

Oman has launched a OR2 billion ($5.2 billion) fund to encourage more investment in local small and medium-sized enterprises, as the sultanate looks to capitalise on a growth in support for startup businesses. The funding plan by the Oman Investment Authority follows on from the announcement of the Future Fund Oman last May, which aimed […]

OR2 billion fund for SMEs

Startup funding up 39%

210,000 SMEs in Oman

Oman has launched a OR2 billion ($5.2 billion) fund to encourage more investment in local small and medium-sized enterprises, as the sultanate looks to capitalise on a growth in support for startup businesses.

The funding plan by the Oman Investment Authority follows on from the announcement of the Future Fund Oman last May, which aimed to increase participation by SMEs and private companies in government activity.

Research by the venture capital firm Wamda found startups in the Gulf state raised $4.8 million in eight deals last year, a year-on-year increase of 39 percent.

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This bucks the global outlook, with the business data company Crunchbase reporting a 38 percent year-on-year drop in startup funding worldwide. Investment totalled