Oman’s Small and Medium Enterprises Development Authority, known as Riyada, is set to host the “Riyadi Growth 2025” forum, a comprehensive national event designed to bolster the country’s innovation-driven economy. Ahmed bin Salem Al-Asmi, Director of the In-Country Value Department at Riyada, announced that the forum will serve as a critical platform connecting SMEs and startups with significant opportunities in both the public and private sectors.
Fostering National Partnerships
The primary objective of the “Riyadi Growth 2025” forum is to enhance integration between emerging Omani businesses and established government and corporate entities. Al-Asmi highlighted that the event aims to create new business opportunities and commercial partnerships across various economic sectors, showcasing national efforts to support entrepreneurship as a key driver of economic growth, job creation, and local productivity.
A key feature is the “Local Content Corner,” where over 18 public and private organizations, including major players from the oil and gas sector and companies affiliated with the Oman Investment Authority, will present contracts and business opportunities specifically for Riyada card-holding enterprises. The forum will also facilitate direct networking sessions between entrepreneurs and government companies.
Access to Collateral-Free Funding
Addressing one of the most significant hurdles for new entrepreneurs, Al-Asmi emphasized a major shift in funding accessibility. The forum’s financing and investment section will feature 24 entities, including banks and funds, offering a diverse range of financial products.
Crucially, Riyada’s financing portfolio has been structured to support startups without requiring real estate collateral or other physical assets. Instead, funding approval will be based on the project’s operational efficiency and economic viability. This initiative aims to ensure fair and streamlined access to capital for promising new ventures. The financing options range from traditional loans via the Development Bank to non-traditional funding from entities like the Oman Future Fund.
A Hub for Innovation and Ideas
The two-day event, held at the Oman Convention and Exhibition Centre, will include a variety of interactive segments to spark innovation. These include “Souk Al-Afkar” (Market of Ideas), “Safqat Riyada” (Riyada Deal), and a specialized AI hackathon organized by Omantel. The hackathon will bring together university students and job seekers to develop tech-based solutions for key economic sectors.
Al-Asmi concluded by stressing that Oman’s entrepreneurial ecosystem is open to all, inviting students, employees, and the general public to explore the extensive government support and financing systems available.
About Riyada
Riyada is Oman’s Small and Medium Enterprises Development Authority. It is a government entity tasked with developing, supporting, and promoting the SME sector in the Sultanate of Oman. Riyada works to create a conducive environment for entrepreneurship by providing a range of services including training, mentorship, funding facilitation, and market access opportunities to foster a competitive and sustainable national economy.
Source: Al Wisal
