Dr. Ali bin Masoud al- Sunaidy, Minister of Commerce and Industry, Chairman of ‘Riyada’ Board of Directors issued a decision to amend the classification of micro, small and medium enterprises based on the number of workers and annual sales.
The classification comes as follows: Micro Enterprise with 1-5 workers and annual sales of less than RO100000, small enterprise with 6-25 workers and RO100000-500000 annual sales, while Medium Enterprise with (26-99) workers and RO 500000-less than 3000000, based on the Royal Decree No. 36/2013 on the establishment of the Public Authority for Development of Small and Medium-sized Enterprises “and ‘Riyada” Board of Directors” and on the decision or Riyada Board of Directors at its third meeting held on October 6th, 2015 .
The decision came after taking into account the views and proposals of all concerned parties, including government agencies and private sector companies, commercial banks and entrepreneurs through the seminar organized by Riyada in March 2015, as well as the recommendations of the consultant, in charge of the preparation of Riyada strategy. The decision identified the classification of micro, small and medium-sized enterprises to meet the next stage to support and develop these institutions.
It is worth mentioning that the previous classification was as follows: Micro Enterprise, with 1-4 workers and up to RO25000 annual sales; Small Enterprise, with 5-9 workers and RO25000-250000 annual sales, and medium-sized Enterprise with 10-99 workers and RO250000-1500000 annual sales.