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Merge 104.8 | 25 June 2020
A new ministerial decision has amended the classification of Small and Medium Enterprises (SMEs) in Oman based on workforce and revenue.
As Oman News Agency (ONA) reports, Dr. Ali bin Masoud al-Sunaidi, Minister of Commerce and Industry, and Board Chairman of Riyada, issued a ministerial decision for the amendment on Wednesday [June 24].
According to the new classification, a micro-establishment shall now have 1-10 workers and its annual revenues should stand at less than OMR 150,000. A small establishment shall have 11-50 workers and an annual revenue ranging between OMR 150,000 and OMR 1,250,000; a medium establishment shall have 51-150 workers with an annual revenue ranging between OMR 1,250,000 and OMR 5 million.
Earlier, the classification was as follows: Micro-establishments consisted of 1-5 workers, and less than OMR 100,000 in revenue. Small establishments had 6-25 workers, and OMR 100,000 to OMR 500,000 of revenue. Medium establishments had 26-99 workers, and between OMR 500,000 to less than OMR 3 million in revenue.
The amendment takes into account the classifications of such establishments in other GCC states, and the prospects of growth in this sector in the Sultanate — which will enhance the role of these establishments in the next phase of the national economy.
The Riyada database shows that the number of SMEs in Oman stood at 44,000. As many as 13,000 of these establishments are run by Riyada Card holders (owners who engage in full-time management of their establishments). These SMEs are expected to contribute directly to augmenting local products in the national economy, and increase the number of employment opportunities for national job-seekers.
Source: ONA
(Also read: Oman: His Majesty issues orders for emergency, interest-free loans for SMEs.)
