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Oman: Development Bank loan approvals rise 13% in H1 2025
Development Bank has approved 3,716 loans worth RO 110 million ($286 million) during the first six months of 2025, marking a 13% increase compared to the same period last year. This growth reflects the bank's commitment to supporting Oman Vision 2040 by promoting economic diversification and strengthening the private sector across the country. 'The loans and programs we provide contribute substantial added value to our national economy,' said Hamad al Harthi, MSME Chief & Portfolio Management, Development Bank. 'We're helping meet food security requirements, reduce reliance on imports and encourage entrepreneurs to pursue new opportunities.' The bank's success stems from its tailored approach that recognizes the unique needs of businesses at different stages of development. 'We craft solutions that align with their business strategies,' Al Harthi explained, enabling both start-ups and established companies to grow and expand their operations. Building on this comprehensive strategy, H1 financing was distributed across key economic sectors that drive national development. Manufacturing received the largest allocation at RO 38 million ($99 million) reflecting the sector's important role in reducing import dependence. General professional services attracted RO 19 million ($49 million) while traditional sectors also saw strong support with fisheries receiving RO 14 million ($36 million), agriculture RO9 million ($23 million) and mining RO8 million ($21 million). This sector-focused approach was matched by broad geographical reach across Oman. Muscat Governorate received RO 25 million ($65 million) while regional development was supported through considerable allocations to North Al Batinah at RO18 million ($47 million) and South Al Sharqiyah at RO 14 million ($36 million). South Al Batinah received RO 11 million ($29 million) and Al Wusta Governorate RO8 million ($21 million) ensuring development opportunities reach communities nationwide. The increased lending demonstrates the bank's commitment to supporting businesses of all sizes, from start-ups and SMEs to large corporates. This approach enables entrepreneurs to implement projects across growth-driving sectors while maximizing local value creation and contributing to Oman's strategic economic goals. As part of a broader ecosystem of government organizations aligned with Oman Vision 2040, Development Bank continues to provide support and incentives to strengthen national industries and promote in-country value. 'Our shared goal is sustainable and inclusive progress,' Al Harthi concluded. 'We're proud that our support is helping ambitious, growing companies fulfill their potential while driving economic transformation.' Development Bank (DB) is a key enabler of economic growth, providing innovative financing solutions to support Oman's Vision 2040 and the transition to a diversified, sustainable economy. DB offers tailored financial products and services to a wide range of sectors, including agriculture, fisheries, tourism, manufacturing, renewable energy, health, education and logistics, focusing on projects that drive in-country value and job creation. 2025 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Zawya
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Saudi's Canadian Medical Center seeks Tadawul transition
Saudi Arabia-based Canadian Medical Center Co. (CMC) has sought the approval from regulatory authorities to transition to the main market of Tadawul (Saudi Exchange). CMC shares debuted on the Saudi parallel market Nomu in August 2021. This past year, CMC has signed contracts with several projects backed by the $1.5 trillion Saudi sovereign investor, the Public Investment Fund, including a 93.67-riyal ($25 million) contract in May with the Saudi Arabian Mining Company (Ma'aden). (Writing by Bindu Rai, editing by Seban Scaria)
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Egypt: Midar partners with Adeer to develop Boulevard project in Mostakbal City with $1.43bln investment
Egypt - Midar for Investment and Urban Development, the master developer of Mostakbal City and MADA City in East Cairo, has announced the signing of a strategic revenue-sharing agreement with Adeer International, a subsidiary of Saudi-based Sumou Holding. The partnership will see the development of an integrated mixed-use urban project spanning over half a million square metres in Mostakbal City, with total investments exceeding EGP 70bn. Ayman ElKousey, CEO and Managing Director of Midar, highlighted the company's commitment to partnering with leading investors and developers who have proven track records in local and regional markets. He noted that Midar's cities—Mostakbal City and MADA—continue to position themselves as top investment destinations in New Cairo, attracting dozens of major investors over recent years thanks to their unique offering focused on sustainability, luxury, and smart infrastructure management. ElKousey added that the agreement reflects Sumou Holding's confidence in Midar's vision and projects. It comes as part of a broader investment alliance launched earlier this year, which brought together Midar, Sumou Investment, Adeer International, and Hassan Allam Properties to develop luxury hospitality and entertainment projects across premium Nile-front locations and within Midar's cities, with total investments of $2bn as announced in the memorandum of understanding signed at the start of the year. He also noted that unveiling the new project during a meeting between the leadership of Sumou Holding Group and Midar, alongside Egypt's Prime Minister Mostafa Madbouly, demonstrates the high level of official attention the project is receiving, as well as the extensive government coordination aimed at ensuring the successful completion of all its phases. ElKousey stressed that the meeting reflected the Egyptian state's commitment to supporting serious investments and overcoming any challenges that might slow progress in key projects. Commenting on the announcement, Bassel El Serafy, CEO of Adeer International, said: 'Our partnership with Midar is built on a shared strategic vision and deep mutual trust in Egypt's real estate and investment potential. Boulevard is not just a flagship development; it represents a long-term ambition to redefine modern living in Egypt through fully integrated, sustainable, and smart urban planning.' El Serafy also announced the establishment of a new joint venture between Adeer International and Paragon Developments to lead the Boulevard project. This step forms part of Sumou Holding's wider strategy—executed through Sumou International Investment—to foster impactful Egyptian-Saudi partnerships, transfer expertise, and deliver flexible, future-ready urban models aligned with the sustainable development goals of both countries. © 2025 Daily News Egypt. Provided by SyndiGate Media Inc. (
