Oman SME Summit 2015: Opportunities galore

As the Gulf nation presses ahead with diversifying its oil-dependent economy, be there on September 13-14 to see what’s in it for you

In today’s fast-paced and dynamic market environment, SMEs undoubtedly play a vital role. Though the term needs no explanation, for the sake of clarity, Small and Medium-sized Enterprises (SMEs) are non-subsidiary, independent firms which employ anywhere between 50 and 250 employees (as per European Union). Small firms are generally those with fewer than 50 employees. The turnover of medium-sized enterprises (50-250 employees) is around €50 million and that of small enterprises (10-49 employees) around €10 million.

The definition of an SME is also relative to how developed the economy is and subject to local factors.

As an economy that has heavily depended on its oil sector, the Sultanate of Oman is now actively pursuing a development plan focusing on diversification, industrialisation and privatisation, with special attention being paid to encourage young Omanis to enter the workforce and contribute to its GDP. Growing and dynamic SMEs are essential to the growth and sustainability of any economy, as they provide a myriad of opportunities and value addition. A high-income economy like Oman, whose SME sector is still in its nascent stages, is yet to come to a stage where the SME sector is the primary contributor to the nation’s GDP. In Oman, the percentage of workforce employed in the SME sector is 40% and its contribution to the economy stands at about 15-20%.

In comparison, a World Bank survey of 47,745 businesses across 99 countries revealed that firms with between 5 and 250 employees accounted for 67% of the total permanent and full-time employment. The contribution of SMEs to economic fundamentals varies substantially across countries from 16% of GDP in low-income countries (where the sector is typically large but informal) to 51% of GDP in high-income countries.

This conference will not only showcase various best practices of economies such as the US and members of the EU, which benefit from significant contributions from their mature SME sector, but also initiate a dialogue on ways in which the Omani economy can bring about regulatory changes and incorporate some of these practices into their own system.

It is certain that given the right support, access to financing and infrastructure, this sector holds tremendous potential for growth and value addition to the Omani economy.

OSMES 2015

Features 36 speakers and 150 delegates

Showcases

# key regulatory developments

# product innovation & enhancements

# risk management

Will highlight myriad possibilities and prospects for the SME sector

Showcase options before the Omani economy and businesses to spur growth in SME sector

Confirmed speakers: