Muscat – Development Bank provided 7,398 loans across various sectors in Oman’s governorates in 2024, with total financing exceeding RO235mn. The funding aimed to drive industrial growth, support small and medium enterprises (SMEs), and strengthen key economic sectors in line with the sultanate’s development goals.

The industrial sector received a significant share of the financing provided by Development Bank. The bank issued 1,318 loans for industrial projects in Oman during 2024, supporting industrial activities across different governorates with a total value of RO91.2mn.

This initiative is part of Development Bank’s ongoing efforts to support the industrial sector by providing essential financing to achieve self-sufficiency, enhance local production, localise industries, and support SMEs. The bank also places great emphasis on empowering promising entrepreneurs and expanding industrial production to enable the sector to play a vital role in diversifying the national economy.

Development Bank aims to provide support and attractive facilities to the manufacturing sector in alignment with the government’s strategy to strengthen national industries and generate in-country value. The manufacturing sector remains a top priority for financing as part of Development Bank’s annual plans.

According to statistics issued by Development Bank, the bank financed 14 projects in the food security sector and four projects under the category of foreign direct investment. Additionally, it funded 13 projects aimed at achieving self-sufficiency and nine projects supporting exports. These projects contributed to the creation of 1,330 job opportunities, with an Omanisation rate of 43%.

Industrial loans were distributed across various Omani governorates. The North and South Al Batinah governorates topped the list, receiving 369 loans worth RO45.8mn, followed by Muscat governorate with 156 loans worth RO22.6mn. The North and South Al Sharqiyah governorates ranked next, securing 313 loans worth RO6.9mn.

Several industrial sectors received significant funding from Development Bank. The food products industry led the list, receiving over RO12mn through 259 loans. It was followed by the coke and petroleum products industry, which secured RO11.7mn through 75 loans. Funding for the manufacture of mineral products and other metals totalled approximately RO11.3mn through 35 loans.

The pharmaceutical and medical products industry received RO11mn in funding through four loans. Additionally, Development Bank provided financing to several other industrial sectors, including chemicals, motor vehicles, fabricated metal products, plastics and rubber, wood, beverages, and basic metals.

As part of its commitment to supporting the growth and sustainability of the private sector, Development Bank provided loans to large companies amounting to RO44.2mn across 27 loans. Furthermore, the bank granted 483 loans worth RO33.5mn for working capital and 73 loans totalling RO9.3mn for SMEs. Additionally, 735 loans worth RO4.2mn were provided to micro-enterprises.