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 site to describe about PASMED day to day operations

Riyada Mandates

​​The Public Authority for Small & Medium Enterprises Development (Riyada) is the Sultanate of Oman's arm for the development of small and medium enterprises and the strengthening of their contribution to the local economy through a wide range of business advisory services and training programs.

Riyada was established as the Public Authority for Small & Medium Enterprises Development as per Royal Decree No. 36/2013, whereby it enjoys financial and administrative autonomy and is headquartered in the Muscat Governorate with the right to establish branches in other governorates according to a resolution from its board of directors.​

  • Riyada Objectives​
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        ​​​​1. Develop small and medium enterprises, plan, coordinate and promote their deployment, and enable ‎them receive the finances and services required in coordination with the government and private ‎agencies concerned. ‎ 

        2. Instill a culture of entrepreneurship and self-employment among emerging and young people.  

        3. Strengthen the role of institutions by providing multiple renewable Omani youth employment ‎opportunities. ‎ 

        4. Assist pioneers and entrepreneurs in the initiative with the establishment and implementation of ‎their own projects and leadership in both management and development. ‎ 

        5. Enhance the competitiveness of existing institutions. ​
        6. Increase the capacity of institutions to bring added value to the national economy, contribute to ‎economic diversification, and support both innovation and the use of modern technologies.‎​
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    • Riyada Functions​
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          ​​1.​Prepare a long-term strategy that includes plans and policies for the development of institutions within the framework of the overall national development strategy formulated by the Supreme Council for Planning , and submit them to the Cabinet for approval.​

          ​2.Encourag the growth and development of institutions in coordination with the concerned authorities of the regulatory environment , and that by proposing relevant institutions activities bills , and review of laws and regulations and procedures in this regard.
          3.Prepare plans and executive programs necessary to achieve the objectives of Riyada in ‎coordination with the concerned authorities.‎
          4.Provide financial, technical, administrative and legal advice to institutions in order to develop and ‎enhance their competitiveness and enable them to provide high-quality products.‎
          5.​Monitor institutions with the necessary licenses to practice their activities and approvals , at the ‎request of the owners, with priority given in this regard to requests from institutions that devote ‎their owners to manage.‎
          6.Promote integration between institutions and large companies on one side and feeder industries and support services on the other.
          7.Work on marketing and promotion of products and services for institutions within and outside the Sultanate through organizing exhibitions and participate in coordination with the concerned authorities.
          8.Build an integrated electronic information system with a call center able to provide supporting ‎information for the activities of the institutions and the areas of work.‎
          9.Register institutions including size and economic activities and the number and quality of employment.
          10.Establish centers and business incubators in different governorates of the Sultanate , invested in ‎and managed by Riyada or the private sector, as determined by Riyada.‎
          11.Establish specialized centers to raise the competitive capabilities of enterprises and the ‎development of products and services in line with the best international standards.‎
          12.Organize training and rehabilitation courses for men and women entrepreneurs and managers of ‎institutions to provide them with basic skills to manage and operate their institutions according to ‎international best practices.‎
          13.Establish the necessary mechanism, in coordination with the Tender Board, to ensure the allocation ‎of a percentage of purchases from various government tenders and institutions, in a manner not ‎inconsistent with the provisions of the laws and agreements in force in the Sultanate.‎
          14.Coordinate with AlRafd fund to facilitate the pioneering of women entrepreneurs and business ‎owners in obtaining the necessary funding for the establishment and expansion of their institutions.‎
          15.Establish the necessary mechanism in coordination with the Central Bank of Oman to ensure increased credit facilities provided by the institutions, and the allocation of the approved rate of the Central Bank of Oman from commercial loans.
          16.Coordinate with stakeholders to develop all that is necessary for the development of venture capital ‎institutions in the future.‎
          17.Represent the Sultanate in regional and international meetings​

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