Oman unveils 2026–2030 SME plan as fiscal position strengthens
Oman has launched a five-year plan to expand its small and medium-sized enterprise (SME) sector, aiming to boost private-sector growth while consolidating recent fiscal gains and maintaining its newly restored investment-grade status.
The 2026–2030 SME Sector Implementation Plan, announced by the Small and Medium Enterprises Development Authority (Riyada), seeks to improve market access, enhance SME competitiveness, and increase the sector’s contribution to the national economy. The plan also supports innovation and entrepreneurship, fostering the transition toward a knowledge-based economy.
The initiative forms part of Oman Vision 2040 and the Eleventh Five-Year Development Plan, which emphasize private-sector development, economic diversification, and job creation.
The launch follows Fitch Ratings’ recent upgrade of Oman’s long-term foreign-currency rating to investment grade (BBB-), citing stronger public finances, reduced government debt, and an improved external position.
According to Riyada, the implementation plan rests on strategic pillars including market access and value chains, financing and investment, enhancing local content, and cultivating a culture of entrepreneurship, skills, and innovation. These pillars were developed through consultation with government and private-sector stakeholders and are grounded in international best practices and benchmarking studies.
The plan introduces specialized programs targeting SMEs at different stages of growth, including initiatives to improve readiness for expansion and exports, integrated financing schemes, support for handicrafts and the creative economy, and the establishment of a network of entrepreneurship centers across Oman’s governorates.
Riyada said the plan aims to strengthen SME sustainability, create quality jobs, and empower entrepreneurs to develop scalable businesses, enhancing the competitiveness of Oman’s economy.
Oman has made significant fiscal progress in recent years, reducing government debt to around 36 percent of GDP in 2025, down from 68 percent in 2020. Fitch forecasts the budget deficit will remain around 1 percent of GDP in 2026 and 2027, assuming an average Brent crude price of $63 per barrel. The fiscal breakeven oil price is estimated at $67 per barrel over the same period.
