Khasab – The Development Bank has signed two agreements and two memoranda of cooperation (MoCs) to provide development financing for projects in the fisheries and tourism sectors and to launch the Economic Horticulture Initiative.

This initiative aims to promote entrepreneurship in various economic activities and support accommodation facilities as part of the bank’s efforts to boost economic development in Musandam Governorate and encourage investment in both productive and service sectors.

The first MoC, signed between the Development Bank, the Office of the Governor of Musandam, Omran Group, and Oman Tourism College, focuses on financing the establishment of eco-lodges on existing farms in Musandam to enhance the hospitality sector in the governorate. The memorandum was signed by H E Ibrahim bin Said al Busaidi, Governor of Musandam, and Mahmood bin Abdullah al Aweini, Chairman of the Development Bank.

The second MoC, signed between the Development Bank, the Oman Chamber of Commerce and Industry’s Musandam branch, and a local investment company, aims to implement the Economic Horticulture Initiative. This initiative is designed to stimulate local economic growth by supporting and developing medium-sized enterprises across the tourism, fisheries, agriculture, manufacturing, and logistics sectors. The memorandum was signed by Hussein bin Ali al Lawati, CEO of the Development Bank; Raed bin Mohammed al Shehhi, Chairman of the Oman Chamber of Commerce and Industry in Musandam; and Abdulrazzaq bin Abdulwahid al Balushi, CEO of Musandam Global Investment Company.

The first financing agreement, signed between the Development Bank and an aquaculture company, involves financing a RO4mn project to establish a fish farming facility with an annual production capacity of 7,000 metric tonnes at the maritime port of Khasab. The agreement was signed by Lawati, on behalf of the Development Bank, and Balushi on behalf of Musandam Global Investment Company.

The second agreement, signed between the Development Bank and Ras Al Amoud Company, involves financing the construction of a luxury tourist resort in Khasab valued at RO5mn. The resort will feature 32 private villas built to seven-star standards, along with a health club, contributing to the growth of Musandam’s tourism sector. The agreement was signed by Lawati and Saleh bin Abdullah al Dhahouri, representing Ras Al Amoud Company.

H E Ibrahim al Busaidi, Governor of Musandam, commended the Development Bank’s efforts in financing development projects across Oman, particularly in Musandam Governorate, to support economic diversification policies in line with Oman Vision 2040. He emphasised the importance of investing in key economic sectors that contribute to local content enrichment, self-sufficiency, and the localisation of national industries.