Oman Business News: Importance of SMEs
SMEs are gaining increased credibility in business via the IT industry in Oman. This is having a positive impact on the region’s economy. Forecasts for Oman business as recorded in the Oman IT Market Report may be worth $410m, an increase of 6.5 percent from the estimated 2012 figure which was $385m. It is also expected that the Omani government will be a substantial motivator of Omani IT spending over the next five years.
SMEs will also benefit from the recent MoUs signed between SAP and Gulf Business Machines under the PTPA. These should be able to offer work experience to those looking for jobs. For SMEs it helps them in leading technologies through corporations with IT firms and their partners. IT industry leaders believe that SMEs have the capacity to make a significant contribution to Oman’s economic growth, establishing jobs and thus helping the nation’s overall development.
Further, in a recent article in The Times of Oman, it was recorded that SMEs are the “lifeline of any economy.” This belief was behind the establishment of Sharakah, an initiative backed by the government offering financial support to local entrepreneurs, help build them up, advocate policies that they will benefit from and spread awareness about entrepreneurship. Since 1998 when it was first set up, Sharakah has sought to support Oman’s Vision 2020.
Sharakah has also supported many start-ups and business owners in different regions, from different sectors. It has sought to ensure business sustainability and establish job opportunities. It has supported 70 projects to date. According to Sharakah’s GM Abdullah Al Jufaili, Sharkah seeks out competitive projects that have a committed entrepreneur with plenty of growth opportunities.