The Authority has distributed various projects under different financing programs, such as the In-Country Value Programme, Industrial Projects Financing Programme, Service Projects, Working Capital Financing Programme, Incubated Institutions and Business Accelerators Financing Programme, Handicraft Products Financing Programme, Home and Production Works, Street Vendor Works, mobile commercial activities, contract financing program, and financing for small and medium enterprises awarded contracts by companies affiliated with Oman Investment Authority.

Out of the 244 projects, 161 were industrial, commercial, and service projects, and 44 were contract projects.

The contract financing program specializes in financing contracts (tenders or purchases) based on the work award letter from the awarding entity.

Meanwhile, 29 projects were working capital financing projects, which cover the daily needs of an organization’s operational expenses.

This includes costs such as purchasing raw materials, semi-manufactured goods, merchandise, warehouses, spare parts, salaries and wages, transportation expenses, and other costs necessary to maintain the continuity of the production process from purchasing raw materials to selling the product.

Most of the funded projects were in Muscat Governorate, with 108 projects worth more than OMR 10 million.

This was followed by North Al Batinah Governorate, which financed 31 projects worth more than OMR 3 million, and South Al Batinah Governorate, which financed 19 projects with a total value exceeding OMR 1 million.

The Dhofar Governorate had 19 funded SME projects, South Al Sharqiyah Governorate had 15, Al Dhahirah Governorate had 18, Al Dakhiliyah Governorate had 13, North Al Sharqiyah, Al Wusta, and Buraimi Governorates had six projects each, and Musandam Governorate had three projects.

The post The SME Development Authority has financed more than 200 projects in Oman appeared first on ByMENA.

The Abu Dhabi Projects and Infrastructure Centre (ADPIC) has approved a budget of AED 66 billion (USD 17.96 billion) for 2024.

The budget will be utilized across 144 projects in various sectors, including housing, education, tourism, natural resources, and quality of life.

The Abu Dhabi Media Office announced that over AED 59 billion has been assigned for housing and public facilities, including the development of communities.

AED 4 billion has been allocated to education and human capital, and over AED 1.1 billion has been designated for boosting tourism.

Additionally, AED 50 million will be used for projects focused on enhancing the emirate’s natural resources.

According to ADPIC, nearly 13,000 housing units will be developed for UAE citizens in Abu Dhabi, Al Ain and Al Dhafra.

The investments will also focus on developing social spaces, such as mosques, community and sports centers, retail offerings, police and civil defense facilities, parks, public spaces, walk lanes, playgrounds, and specialized cycle tracks.

ADPIC has also announced investments in the vocational training and education sectors, including capacity expansions of schools and training centers, renovations, and launching projects that support early childhood learning and human capital development.

The budget also includes allocations for creating and maintaining cultural destinations and buildings to support the emirate’s tourism sector.

To strengthen food security, a series of investments in diverse aquaculture farms, including breeding, raising, and harvesting fish and shellfish, has also been planned.

The post Capital projects in Abu Dhabi receive $17.9 billion from ADPIC. appeared first on ByMENA.

The Ministry of Industry and Mineral Resources reported a 10 percent increase in industrial body units in Saudi Arabia, rising to 11,549 in 2023.

Jarrah bin Mohammed Al-Jarrah, spokesman for the Minister of Industry and Mineral Resources stated:

As per the statement by the spokesperson of the ministry, 11,549 factories have received new licenses for 25 industrial activities.

The total estimated investment in these activities is SAR1.541 trillion (USD 399 billion).

The top four activities that received licenses are food products manufacturing, non-metallic mineral products manufacturing, formed metal products manufacturing, and rubber and plastic products manufacturing.

The highest number of industrial licenses totaling 1,043 were issued to National establishments.

licenses were issued to joint and foreign investments 336 with 142 and 194 respectively.’

The Ministry of Industry and Mineral Resources releases industrial indicating data monthly through the National Industrial and Mining information center.

SMEs accounted for the overwhelming majority of the licenses issued accounting for the kingdom’s efforts to support rising businesses which totaled to:

The number of licenses depending on enterprise size:

• Micro-sized enterprises: 15 licenses.
• Small-sized establishments: 1,203 licenses.
• Medium-sized establishments: 158 licenses.
• Large-sized establishments: 3 licenses.

licenses per region:

• Riyadh region: the region had the highest number of licenses issued at 479.
• Eastern region: the second highest number of licenses issued at 340.
• Makkah region: the second highest number of licenses issued at 269.
• Qassim region: the fourth highest number of licenses issued at 87.
• Madinah region: the least number of licenses issued at 79.

The post The number of factories in Saudi Arabia increased by 10%. appeared first on ByMENA.

Seeking to empower Start-ups in Jordan and to protect young businesses in Jordan, ISSF invested $5 million in MSA Capital’s venture fund.

ISSF said “[This investment] unlocks new opportunities for Jordanian start-ups, providing them with the financing needed to scale and thrive in the competitive global market.”

Mohamed al Muhtaseb, CEO of ISSF said that “MSA Novo is an emerging markets-focused venture fund under MSA Capital, a global multi-stage investment firm. The investment firm has shown “strong commitment” to support start-ups in Jordan.”

He added that “Through this strategic investment, our objective is not just to infuse vital equity capital but also to effectively open doors for Jordanian start-ups, providing them with accelerated access to global markets through the expertise of a key international player in the venture space,”

Jordan’s Innovative Startups and SMEs Fund was founded in 2017, aiming to support Jordanian businesses it was established following the recommendation of the Jordanian Economic Policy Council,

The Fund ISSF received $50 million funding from the World Bank and it also received $48 million from the Central Bank of Jordan.

According to Middle East Investment Initiative, Jordan currently has over 100,000 SMEs which is (97%) of all companies, making up more than 50% of the country’s GDP and employing 60% of the Jordanian workforce.

When the covid pandemic hit, the European Investment Bank is partnering with the Housing Bank to support the Jordanian economy with a line of credit amount to $107 million to local private sector business that have been impacted.

Jordan got recognized by the World Bank as one of the economies with the most notable improvements, currently being ranked as 75 out of 185 opposed to being ranked at 167 of 185 in 2013.

The post Jordan’s Innovative Startups and SMEs Fund (ISSF) invests $5M in MSA Capital’s Venture Fund. appeared first on ByMENA.