Oman’s Development Bank invests over RO 6.1 million in Musandam projects

MUSCAT : The Development Bank has been instrumental in supporting the growth and sustainability of entrepreneurship and small and medium enterprises (SMEs) in Musandam Governorate, aligning with Oman Vision 2040’s goals of economic diversification and strengthening local economies.

By the end of 2024, the bank had provided more than RO 6.1 million in financing loans to projects in the Musandam Governorate, facilitating 1,192 loans. The bank’s primary focus is on financing projects that capitalise on Musandam’s unique comparative advantages, particularly in sectors where the region holds significant potential.
According to data from the Development Bank, the fisheries sector has been the largest recipient of financing, with a total of RO 4.9 million allocated to 1,032 loans. Following fisheries, the tourism sector received RO 412.9 thousand for 23 loans, while the agriculture and livestock sector secured RO 345,000 across 29 loans.

The services sector received RO 222,000 for 26 loans, and the manufacturing sector was allocated RO 192,000 across 76 loans. The education sector, which is also a focus of the bank’s initiatives, received RO 59,000 for 6 loans.

In a meeting held at the Oman Chamber of Commerce and Industry (OCCI) branch in Musandam, the Development Bank reviewed its supported lending activities in the governorate during the year 2024. The meeting, attended by His Excellency Mahmoud bin Abdullah Al Awini, Secretary-General of the Ministry of Finance, Chairman of the Development Bank’s Board of Directors, and Hussein bin Ali Al Lawati, CEO of the bank, aimed to engage local business owners, entrepreneurs, and SMEs in discussions about their financing needs and feedback on the bank’s services.