Musandam – The Development Bank has reinforced its role in fostering entrepreneurship and small and medium enterprises (SMEs) in Musandam, contributing to Oman Vision 2040’s goals of economic diversification and strengthening local economies.

By the end of 2024, the bank had provided over RO6.1mn in financing across 1,192 loans, prioritising projects that leverage Musandam’s unique resources and competitive advantages.

According to the bank, the fisheries sector received the largest share of financing, with RO4.9mn disbursed through 1,032 loans. The tourism sector followed with RO412,900 allocated to 23 loans, while the agriculture and livestock sector secured RO345,000 for 29 loans.

The service sector received RO222,000 for 26 loans, and the manufacturing sector was allocated RO192,000 for 76 loans. The education sector, though a smaller focus, received RO59,000 through six loans.

During a meeting at the Oman Chamber of Commerce and Industry’s (OCCI) Musandam branch on Wednesday, the bank reviewed its lending activities for 2024. The session, chaired by Mahmoud bin Abdullah al Awini, Secretary-General of the Ministry of Finance and Chairman of the Development Bank’s Board, and attended by the bank’s CEO, Hussein bin Ali al Lawati, provided a platform for local business owners and entrepreneurs to share feedback and discuss financing needs.

Raed bin Mohammed al Shehi, a member of the OCCI Board and head of its Musandam branch, highlighted the bank’s pivotal role in financing economic projects that support self-sufficiency and job creation for citizens. “The Development Bank encourages entrepreneurs to launch their projects while contributing to the local economy. Discussions during the meeting focused on enhancing development lending to meet future requirements and offering greater support to SMEs,” he said.

The Development Bank’s efforts aim to sustain and grow Musandam’s economy by aligning its initiatives with the needs of entrepreneurs and SMEs, paving the way for long-term development.