The SME Development Authority has financed more than 200 projects in Oman
The Small and Medium Enterprises Development (SME) Authority, also known as Al Azm, financed 244 projects with a value of OMR 24,064,510 as of the end of February 2024.
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.
