Oman Launches Strategic Initiatives to Empower SMEs and Advance Vision 2040

Oman, 6 January, 2025 : The Ministry of Finance in Oman has introduced a comprehensive set of initiatives to strengthen the private sector, support small and medium enterprises (SMEs), and drive sustainable growth under Oman Vision 2040.

Key measures include allocating RO 10 million from the 2024 development budget to integrate job-seekers into the private sector and directing 10% of procurement invoices in the oil and gas sectors to private enterprise initiatives. Additionally, 17% of government contracts will be reserved for SMEs, with Tender Board registration fees waived to reduce financial burdens.

To bolster local industries, a mandatory procurement list has been introduced, ensuring public entities source goods and services domestically. The Authority for Small and Medium Enterprises Development has also allocated RO 25 million to finance innovation and growth among entrepreneurs.

The government has raised the tender ceiling for SMEs holding the Entrepreneurship Card, further promoting local content and reducing import reliance. These steps aim to diversify the economy, enhance industrial capabilities, and improve the trade balance.

Oman’s initiatives underscore its commitment to economic resilience and innovation, positioning the country as a leader in sustainable development and entrepreneurship, aligned with Vision 2040.