ASMED finances 244 projects with RO24.6mn till February

ASMED finances 244 projects with RO24.6mn till February

The Authority for Small and Medium Enterprises Development (ASMED) has significantly contributed to the economy by financing 244 projects, with a total investment of RO24.645mn till the end of February 2024Muscat – The Authority for Small and Medium Enterprises Development (ASMED) has significantly contributed to the economy by financing 244 projects, with a total investment of RO24.645mn till the end of February 2024.

These projects cover a broad spectrum of sectors, demonstrating the authority’s commitment to diversifying economic activities and supporting the growth of SMEs in Oman.

A substantial portion of the funded projects falls within the industrial, commercial, and service sectors, accounting for 161 of the total projects. Additionally, 44 were contract-based projects, closely followed by 29 projects that received working capital financing.

Muscat governorate emerged as the leading recipient of ASMED’s funding, hosting 108 projects with investments surpassing RO10mn. North and South Batinah governorates followed, with 31 and 19 projects receiving over RO3mn and RO1mn, respectively.

Additionally, 19 projects were funded in Dhofar, 15 in South Sharqiyah, 18 in Dhahirah, 13 in Dakhiliyah, and six each in North Sharqiyah, Al Wusta, and Buraimi governorates. Musandam governorate received funding for three projects.

ASMED’s financial support is distributed through various specialised programmes, designed to meet