MUSCAT: Development Bank’s lending portfolio has surpassed $1 billion (approximately RO 385 million), a milestone the state-backed lender says reflects its role in supporting businesses and driving economic growth across every governorate of the Sultanate of Oman.
Announcing the achievement, the bank described the figure as “a billion steps towards a more prosperous economy”, underscoring its mandate to provide development financing in support of Oman Vision 2040 goals of economic diversification, entrepreneurship and balanced regional development.
The industrial sector accounted for the largest share of financing at around $287.7 million, consistent with the bank’s focus on localising manufacturing and strengthening domestic value chains. Tourism followed with $179.7 million, while the logistics, professional and public services sector received $172.2 million.
Fisheries a priority sector for food security and coastal livelihoods, attracted $135.4 million in financing, with agriculture and livestock rounding out the top five sectors at $119.1 million. Together, the five leading sectors account for roughly $894 million — close to 90 per cent of the total portfolio.
Muscat Governorate led with $260.1 million in financing, followed by South Al Sharqiyah with $127.3 million and North Al Batinah with $126.3 million. Dhofar received $111.1 million, while South Al Batinah accounted for $88.9 million. The bank emphasised that its branch network spans all governorates, “from the north of Oman to its south”, enabling it to reach communities, support businesses and, in its words, empower the future.
Development Bank, established by Royal Decree 18/97 as the successor to Oman Development Bank (1976) and Oman Bank for Agriculture and Fisheries (1981), provides subsidised long-term development loans, including interest-free financing of up to RO 15,000 for full-time small investors and loans at 3 per cent for SMEs, with the Ministry of Finance covering interest costs for priority groups.
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