SUHAR: The Development Bank's loan portfolio in North Al Batinah Governorate reached RO 37.378 million by the end of 2024, accounting for 13% of the bank’s total portfolio. A total of 3,016 loans were issued, representing 14% of all loans provided by the bank.
The bank prioritises financing projects that leverage the governorate’s comparative advantages. The manufacturing sector received the largest share, with loans totaling RO 13.191 million across 647 projects. This was followed by the tourism sector with RO 6.056 million (265 loans), the services sector with RO 5.596 million (651 loans), and the fisheries sector with RO 3.980 million (916 loans). Other key sectors included education (RO 3.234 million for 76 loans), agriculture and livestock (RO 3.185 million for 431 loans), and health (RO 2.124 million for 30 loans).
In a high-level meeting, Mahmoud bin Abdullah al Awini, Secretary General of the Ministry of Finance and Chairman of the Development Bank, along with CEO Hussain bin Ali al Lawati, met with Eng. Saeed bin Ali al Abri, Chairman of the Oman Chamber of Commerce and Industry’s North Al Batinah branch. Discussions centered on the bank’s role in financing productive and service-oriented projects with subsidized interest rates, flexible repayment terms, and initiatives to support investment and entrepreneurship in the governorate.
A presentation highlighted the bank’s lending activities, their economic impact, and the challenges faced by funded projects. It emphasized the role of development financing in promoting Omanisation, self-employment, and local product exports.
Hussain bin Ali al Lawati reaffirmed the bank’s commitment to addressing challenges faced by SMEs, emphasizing the strong demand for development financing. He noted that the bank offers repayment facilities of up to nine years, reinforcing its support for sustainable economic growth. — ONA
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