Small and Medium Enterprises (SMEs) Development in Oman: Current Trends, Challenges, Opportunities and Future Prospects

Oman has become an attractive destination for both local and international entrepreneurs, aiming to support economic growth and provide benefits to business owners. The Small and Medium Enterprise (SME) sector is expected to play a vital role in ensuring the country’s economic sustainability and growth. This is due to several positive factors, including strong government support, access to funding, economic diversification, digital transformation, international partnerships, infrastructure development and strong international relations. However, the SME sector in Oman faces two main types of challenges: internal (micro-level) and external (macro-level). Both the government and the private sector in Oman have taken several initiatives to address these challenges and create a supportive environment for entrepreneurship. In addition, Oman Vision 2040—originally developed under the wise leadership of the late Sultan Qaboos Bin Said and now continued by His Majesty Sultan Haitham Bin Tarik—aims to overcome these challenges through its core pillars, guiding the country's development in the coming years. Ramo Palalić is Associate Professor of entrepreneurship and family business and MBA Director at the Management Department, College of Economics and Political Science, Sultan Qaboos University, Oman. His academic background is in entrepreneurship and family business fields. Dr Palalić has authored and co-authored many articles in globally recognized journals like Management Decision, International Journal of Entrepreneurial Behavior & Research, International Entrepreneurship and Management Journal and alike. Additionally, he has co-authored and co-edited several books and many book chapters in the field of entrepreneurship and family businesses published with globally established publishers (Springer, Routledge, World Scientific). Moreover, Dr. Palalić is currently serving as Co-Editor in Chief of Gestion 2000 Journal, Associate Editor of Journal of Enterprising Communities (JEC), Asia Pacific Management Review (APMR) and Heritage and Sustainable Development (HSD) journal. Additionally, Dr Palalic is an active reviewer and editorial board member in several well-established international journals. Said Al Riyami obtained his PhD in international Business Administration from the University of Texas at El Paso specializing in organizational behaviors. He taught a wide range of courses at different institutions including UTEP and different colleges in Oman. Prior to joining academia, Said held different managerial positions in various public sector institutions in Oman. He has different publications in the area of social support seeking, management education and biculturalism. He published his work at the Human Resources Management Journal and the Higher Education Studies Journal. He also has presented at different international conferences including the Annual Meeting of the Academy of Management and the National Communication Association. He is currently working in the area of job embeddedness, attitudes toward diversity and organizational citizenship behaviors. Waheed Umrani is accomplished Academic and Researcher with a PhD in Management and extensive experience in organizational behavior, leadership and sustainability. He has held leadership roles including Head of Case Research Centers and MBA Program Director, and is widely recognized for his case study expertise, with multiple peer-reviewed cases published. Dr. Umrani has conducted executive training and academic workshops across the Middle East, Malaysia and the USA. With a strong publication record in high-impact journals, editorial board roles and a commitment to research supervision, he continues to make significant contributions to academia and professional development.