Latest news with #Development Bank
Zawya
3 hours ago
- Business
- Zawya
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
20 hours ago
- Business
- Zawya
Development Bank loan approvals rise 13% to RO 110mln in H1 2025
Muscat – Development Bank has approved 3,716 loans worth RO 110 million (US$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 RO38 million (US$99 million) reflecting the sector's important role in reducing import dependence. General professional services attracted RO19 million (US$49 million) while traditional sectors also saw strong support with fisheries receiving RO14 million (US$36 million), agriculture RO9 million (US$23 million) and mining RO8 million (US$21 million). This sector-focused approach was matched by broad geographical reach across Oman. Muscat Governorate received RO25 million (US$65 million) while regional development was supported through considerable allocations to North Al Batinah at RO18 million (US$47 million) and South Al Sharqiyah at RO14 million (US$36 million). South Al Batinah received RO11 million (US$29 million) and Al Wusta Governorate RO8 million (US$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.' About Development Bank 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. By funding MSME development, DB plays an important role in fostering entrepreneurship, promoting regional development that aligns with national and global sustainability goals. For more information, visit: For Press Enquiries Mohammed Al Saqlawi Marketing Department Development Bank PO Box 3077 Ruwi, 112 Sultanate of Oman
