MUSCAT: The Small and Medium Enterprises Development Authority (SMEDA) held its thirteenth dialogue session on enhancing opportunities for small and medium enterprises (SMEs) in the financial services sector. Abdullah bin Salem al Salmi, Chairman of the Financial Services Authority, presided over the event.
As part of the authority’s efforts to partner and integrate with relevant entities and improve the business environment and its attractiveness to SMEs, a dialogue session was held on the financial services sector and related activities.
Al Salmi said: “It is very important to have dialogue and consultation between institutions and beneficiaries of these sessions. We heard many challenges, questions and inquiries from entrepreneurs, many of which are solvable and we encourage entrepreneurs to participate in such sessions. Among the issues we addressed were that SMEs need funding, support and assistance in matters related to managing the enterprises until they reach a level that enables them to survive during the first three or four years. They require attention from all of us, to help and embrace them so that they can continue in their business.”
The session aimed to boost the role of SMEs in developing financial services by presenting innovative ideas and improving operational efficiency, encouraging government and private partnerships and cooperation with SMEs, and raising awareness of the importance of the sector as a vital component of supporting the national economy.
The session included several topics, including policies, legislation, licences and enablers that support SMEs in developing innovative solutions and partnerships in the financial services sector. Financial support is one of the most important factors for the success of SMEs and startups.
Recent efforts have contributed to providing various support factors for the growth of entrepreneurial activities. According to the authority’s latest statistics, there are 150,601 SMEs registered in the authority’s database, including 131,315 micro-enterprises, 18,222 small enterprises, and 1,064 medium enterprises. Of these, 27,724 have obtained an Entrepreneurship Card.
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