ASMED sets ambitious goals for SME development in 2024

ASMED sets ambitious goals for SME development in 2024

ASMED has outlined its strategic vision for 2024, with plans to finance 300 SMEs across various sectors.Muscat – The Authority for Small and Medium Enterprises Development (ASMED) has outlined its strategic vision for 2024, with plans to finance 300 SMEs across various sectors.

Announced at a media briefing on Sunday, the authority’s plans for 2024 underscore a significant push to bolster the SME sector in Oman.

Halima bint Rashid al Zaria, Chairperson of ASMED, highlighted the authority’s recent achievements, noting that SMEs received funding totalling RO165mn in 2023 from government companies under Oman Investment Authority and an additional RO47mn from public agencies in line with Tender Board requirements.

She highlighted the substantial growth of the sector, with the number of SMEs registered with the authority increasing 30% to 135,064 at the end of 2023.

A total of RO200mn has been allocated for the Future Fund for emerging companies over the next five years. This move is part of a broader strategy to support SMEs in all governorates in partnership with public and private sector entities.

The authority has established 15 business incubators and plans to roll out 36 training programmes for over 900 entrepreneurs in 2024, enhancing their financial and  business development skills.

Ishaq bin Khalifa