Development Bank finances 1,318 projects
Published: 03:02 PM,Feb 09,2025 | EDITED : 07:02 PM,Feb 09,2025
The initiative aligns with the government's push for economic diversification, self-sufficiency, and increased local manufacturing capacity.
MUSCAT: Oman’s industrial sector received a major boost in 2024, with the Development Bank financing 1,318 industrial projects across the country with loans totalling RO 91.2 million. The initiative aligns with the government's push for economic diversification, self-sufficiency and increased local manufacturing capacity.
The industrial sector accounted for 18 per cent of the bank’s total financing, with 7,398 loans granted across multiple sectors, amounting to RO 235 million. These loans supported industries such as food production, petroleum products, pharmaceuticals and manufacturing, reinforcing Oman’s commitment to strengthening its industrial base.
“The Development Bank plays a vital role in empowering local industries, supporting SMEs and driving innovation,” a bank official stated. “Our focus is on sustainable financing that enhances economic value and supports national priorities.”
According to the bank’s latest data, its funding facilitated the establishment of 14 food security projects, four foreign direct investment ventures and 13 self-sufficiency initiatives. Additionally, nine projects received funding to boost Omani exports. The financed projects created 1,330 job opportunities, with an Omanisation rate of 43 per cent.
Al Batinah North and South Governorates emerged as the top recipients of industrial loans, securing 369 loans worth RO 45.8 million, followed by Muscat Governorate with 156 loans amounting to RO 22.6 million. The Al Sharqiyah North and South Governorates received 313 loans valued at RO 6.9 million.
The food products industry received the highest funding, exceeding RO 12 million across 259 loans. The petroleum products sector followed with RO 11.7 million in funding, while mineral and metal product manufacturers secured RO 11.3 million. The pharmaceutical sector also received RO 11 million in financing, supporting the growth of Oman's medical production capabilities.
The bank’s efforts align with Oman Vision 2040, which prioritises economic diversification and industrial growth. “By providing targeted financing, we are not only strengthening local industries but also attracting foreign investments and enhancing Oman’s global competitiveness,” the official added.
With continued support for manufacturing, SMEs and large enterprises, the Development Bank remains a key driver of industrial expansion, contributing to Oman’s long-term economic sustainability. — ONA
The industrial sector accounted for 18 per cent of the bank’s total financing, with 7,398 loans granted across multiple sectors, amounting to RO 235 million. These loans supported industries such as food production, petroleum products, pharmaceuticals and manufacturing, reinforcing Oman’s commitment to strengthening its industrial base.
“The Development Bank plays a vital role in empowering local industries, supporting SMEs and driving innovation,” a bank official stated. “Our focus is on sustainable financing that enhances economic value and supports national priorities.”
According to the bank’s latest data, its funding facilitated the establishment of 14 food security projects, four foreign direct investment ventures and 13 self-sufficiency initiatives. Additionally, nine projects received funding to boost Omani exports. The financed projects created 1,330 job opportunities, with an Omanisation rate of 43 per cent.
Al Batinah North and South Governorates emerged as the top recipients of industrial loans, securing 369 loans worth RO 45.8 million, followed by Muscat Governorate with 156 loans amounting to RO 22.6 million. The Al Sharqiyah North and South Governorates received 313 loans valued at RO 6.9 million.
The food products industry received the highest funding, exceeding RO 12 million across 259 loans. The petroleum products sector followed with RO 11.7 million in funding, while mineral and metal product manufacturers secured RO 11.3 million. The pharmaceutical sector also received RO 11 million in financing, supporting the growth of Oman's medical production capabilities.
The bank’s efforts align with Oman Vision 2040, which prioritises economic diversification and industrial growth. “By providing targeted financing, we are not only strengthening local industries but also attracting foreign investments and enhancing Oman’s global competitiveness,” the official added.
With continued support for manufacturing, SMEs and large enterprises, the Development Bank remains a key driver of industrial expansion, contributing to Oman’s long-term economic sustainability. — ONA