RIYADH: Oman has launched a five-year plan to expand its small and medium-sized enterprise sector, seeking to deepen private-sector growth as the sultanate consolidates recent fiscal gains and returns to investment-grade status.  

The 2026–2030 SME Sector Implementation Plan, unveiled by the Small and Medium Enterprises Development Authority, or Riyada, aims to improve market access, boost SME competitiveness and raise the sector’s contribution to the economy, according to the Oman News Agency. 

The plan supports innovation and entrepreneurship while promoting the transition to a knowledge-based economy, the Oman News Agency reported. 

The initiative forms part of Oman Vision 2040 and the Eleventh Five-Year Development Plan, which prioritize private-sector expansion, diversification and job creation. 

The launch follows Fitch Ratings’ decision earlier this month to upgrade Oman to investment-grade status, raising the country’s long-term foreign-currency rating to BBB- from BB+. Fitch cited stronger public finances, a sharper reduction in government debt and an improved external position. 

“The implementation plan is based on several key strategic pillars, most notably: market access and value chains, financing and investment, enhancing local content, and developing a culture of entrepreneurship, skills, and innovation,” the ONA report stated. 

It added: “These pillars were developed through a participatory approach with contributions from several government and private entities supporting the SME sector, and are based on studies, benchmarking, and international best practices.”  

The plan also includes a package of specialized programs and initiatives targeting different stages of SME growth. These include measures to improve readiness for expansion and exports, integrated financing programs, initiatives supporting handicrafts and the creative economy, and the development of a network of entrepreneurship centers across Oman’s governorates.

Riyada said implementation of the plan would help strengthen the sustainability of SMEs, create quality job opportunities and empower entrepreneurs to build viable and scalable businesses, enhancing the competitiveness of the national economy. 

Oman has made significant progress in strengthening fiscal discipline, reducing government debt to around 36 percent of GDP in 2025, down from about 68 percent in 2020. 

With the outlook remaining stable, Fitch expects the budget deficit to remain at a manageable level of 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 around $67 per barrel over the same period.