Khasab,
The Development Bank has contributed to supporting the growth and sustainability of entrepreneurship and small and medium-sized enterprises (SMEs) in Musandam Governorate, in line with its role in achieving the objectives of Oman Vision 2040, which aims for economic diversification alongside enhancing the local economy.
The Development Bank focuses on financing projects that maximize the comparative advantage of Musandam Governorate. By the end of 2024, the total value of financing loans provided by the bank to projects in Musandam exceeded 6.1 million Omani Rials, with a total of 1,192 loans issued.
Data released by the Development Bank indicated that the fisheries sector accounted for the largest share of the bank’s total loan portfolio in Musandam, valued at over 4.9 million Omani Rials with a total of 1,032 loans. This was followed by the tourism sector, which received loans worth 412.9 thousand Omani Rials across 23 loans, and the agriculture and livestock sector, which received loans totaling 345 thousand Omani Rials through 29 loans.
The total value of loans for the services sector reached 222 thousand Omani Rials through 26 loans, while the manufacturing sector received loans totaling 192 thousand Omani Rials across 76 loans, and the education sector received 59 thousand Omani Rials through 6 loans.
On another note, the Development Bank reviewed the supported lending activities in Musandam during 2024 in a meeting with several business owners, SMEs, and entrepreneurs at the Oman Chamber of Commerce and Industry branch in Musandam, attended by His Excellency Mahmoud bin Abdullah Al-Awaini, Secretary-General of the Ministry of Finance and Chairman of the Development Bank, along with Hussein bin Ali Al-Lawati, the bank’s CEO, and several executive management officials.
Hussein bin Ali Al-Lawati, the CEO of the Development Bank, emphasized that the bank places significant importance on Musandam Governorate as part of its role in developing the provinces and enhancing economic development through financing productive and service projects with local added value. He noted that the meeting with SMEs aims to understand their financing needs for the upcoming phase and their views on the procedures and facilities provided by the bank and ways to improve them.
For his part, Raed bin Mohammed Al-Shuhi, a member of the Board of Directors of the Oman Chamber of Commerce and Industry and Chairman of the Chamber’s branch in Musandam, stated that the Development Bank plays a vital role in financing economic projects aimed at achieving self-sufficiency and providing jobs for citizens, in addition to encouraging entrepreneurs to start their own projects.
He added that during the meeting, discussions were held regarding the developmental financing provided by the bank to SMEs and how to enhance it to meet the requirements of the upcoming phase, as well as to provide more facilities for developmental lending.
