The number of small and medium-sized enterprises (SMEs) operating in Oman through to the end of August this year stood at 56,687, an increase of 24 percent compared to the amount recorded over the same period 12 months previously.
According to data released by the National Centre for Statistics and Information (NCSI), there were 45,706 SMEs registered in the Authority for Small and Medium Enterprises Development (ASMED) in August 2020.
Among the governorates, Muscat topped the list, marking an increase by 25.2 percent compared to the same period in 2020 to reach 19,187, followed by North Al Batinah with a rise by 23.7 percent to stand at 8,945 SMEs.
In terms of other governorates across the sultanate, there was a marked increase: A’Dakhiliyah by 20.1 percent to reach 6,961; Dhofar by 23.8 percent to 4,737; South Al Batinah by 28.1% to 4,341; North A’Sharqiah by 21.2 percent to 3,751; South A’Sharqiah by 27.5 percent to 3,392; A’Dhahira by 17.4 percent to 3,156; Al Buraimi by 23.9 percent to 1,207; Al Wusta by 37.5 percent to 755; and Musandam by 44.9 percent to 255.
In its recent announcement, Moody’s changed the outlook on Oman’s credit rating to stable from negative and affirmed its rating at Ba3.
According to Moody’s, the change in outlook reflected the significant easing of pressures on government liquidity and external financing. It came as a result of the ongoing implementation of the Medium Term Fiscal Plan and a relative rise in oil prices since the middle of 2020, which led to a steady decline in the direct government debt burden to around 60 percent of GDP by 2024.
Moody’s expects that oil prices will average above $60-a-barrel during the coming years, increasing the likelihood that these pressures will remain under control.
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