BankDhofar Joins Forces with Riyada to Boost Oman’s Startup Ecosystem

BankDhofar has stepped up its efforts to back Oman’s growing startup scene, signing a cooperation agreement with the SME Development Authority, better known as Riyada. The move is designed to strengthen the country’s entrepreneurship ecosystem and give small and medium enterprises a firmer footing as they scale.

The agreement was signed during a ceremony held under the patronage of His Excellency Ahmed bin Jaafar Al Musalmi, Governor of the Central Bank of Oman. Symbolically, it sends a clear message: the banking sector and government bodies are expected to pull in the same direction when it comes to SME development. And, to be fair, that alignment has been a bit of a faff in many markets, so seeing it formalised matters.

At its core, the partnership focuses on improving access to finance and easing SMEs’ path to banking services. It also includes plans for joint programmes and initiatives aimed at nurturing innovation and encouraging sustainable growth. All this ties neatly into Oman’s broader strategy to diversify income sources and boost the contribution of SMEs to GDP.

Ahmed bin Said Al Ibrahim, Chief Retail and Government Banking Officer at BankDhofar, signed the agreement on behalf of the bank. He noted that SMEs represent a fundamental pillar of economic growth, not only because they generate jobs but also because they inject fresh ideas into the market. Through the partnership with Riyada, he said, the bank aims to provide flexible financial solutions to help entrepreneurs expand and build long-term sustainability.

That long-term angle is key. Access to finance is often the make-or-break factor for founders in the region. I’ve seen promising startups stall simply because cashflow became a daily headache. On the flip side, when the right banking partner steps in with tailored products rather than one-size-fits-all loans, the difference can be spot on.

Both BankDhofar and Riyada described the agreement as a milestone for the SME financing ecosystem in Oman. Beyond pure economics, the expectation is that stronger SMEs will deliver social impact too, more employment, a more competitive private sector, and a business environment that feels dynamic rather than dependent on a single revenue stream.

BankDhofar, for its part, continues to position itself as a strategic ally to entrepreneurs, rolling out specialised banking products and financial solutions aimed at supporting business expansion. I reckon this kind of collaboration is not just helpful but necessary if Oman wants to seriously diversify its economy. Policies alone won’t do the trick; founders need practical tools, accessible support and, yes, patient capital.

For readers at Arageek who follow the pulse of MENA’s startup ecosystem, this partnership in Muscat is another reminder that the region’s financial institutions are slowly but surely leaning into entrepreneurship. It may not be a dramatic overnight shift, but it’s buildng momentum, and that, in this space, can make all the difference.

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