Tuesday 07 / April / 2026
Muscat: The Youth and Human Resources Committee of the Shura Council met on Tuesday with the Deputy Chairman of the Small and Medium Enterprises Development Authority (Riyada), along with several officials, as part of its efforts to review the Authority’s roles and enhance institutional integration in supporting the SME sector.
The meeting focused on Riyada’s initiatives to empower SMEs, highlighting key financing and complementary programmes aimed at supporting entrepreneurs and ensuring the sustainability of their businesses.
At the outset, Committee Head Younis Ali Al-Mandhari welcomed Sayyid Mazin bin Saif Hamad Al Busaidi, Deputy Chairman of Riyada, commending the Authority’s vital role in strengthening the national economy by enabling SMEs and enhancing their growth and competitiveness.
He emphasised that the sector is a key driver of job creation and youth employment, and stressed the importance of closer coordination between the Committee and the Authority to develop effective, evidence-based policies that support entrepreneurship in Oman.
Riyada officials gave a presentation outlining the Authority’s strategy and implementation programmes, detailing its integrated support system, including financing schemes, training and capacity-building programmes, incubation and mentorship initiatives, as well as market access support locally and internationally.
The presentation also highlighted efforts to improve the entrepreneurial ecosystem by enabling SMEs to tap into investment opportunities, increase participation in government projects, and advance innovation and digital transformation in services.
They also reviewed its performance indicators and achievements, noting the expansion and diversification of its financing tools.
Riyada funds hundreds of projects annually through flexible financing programs aligned with market needs, with a focus on high-potential sectors, local value addition, and support for startups and traditional crafts enterprises to enhance their competitiveness domestically and globally reflecting a clear strategic direction toward a diversified, innovation- driven economy.
Committee members engaged in extensive discussions on the Authority’s role in fostering entrepreneurship and its economic impact, reviewing program outcomes such as the number of beneficiaries, funding allocations, and sectoral focus.
They also examined mechanisms for tracking SME development, enabling access to government procurement opportunities, addressing financing challenges, and future plans to enhance funding initiatives in line with evolving economic conditions.
Discussions further addressed the importance of shifting toward institutional support rather than individual assistance, prioritizing promising sectors such as tourism and agriculture, streamlining procedures, and addressing delays in disbursements.
Members also stressed strengthening project evaluation processes, leveraging regional comparative advantages, enhancing digital systems to accelerate transactions, and launching initiatives targeting home-based businesses, Omani crafts, and aquaculture projects.
The meeting was chaired by Younis Ali Al-Mandhari, Head of the Committee, and attended by committee members.
