Development Bank approves loans worth RO110mn during H1 2025

28/07/2025 04:55 AST

Oman's Development Bank approved 3,716 loans worth RO110mn during the first half of 2025, marking a 13% increase compared to the same period last year.

This growth reflects the bank's ongoing commitment to supporting Oman Vision 2040 by promoting economic diversification and strengthening the private sector across the country.

"The loans and programmes we provide contribute significant added value to our national economy," said Hamad al Harthi, MSME Chief & Portfolio Management at Development Bank. "We're helping to meet food security requirements, reduce reliance on imports, and encourage entrepreneurs to pursue new opportunities."

The bank's success stems from its tailored approach, which recognises the unique needs of businesses at various stages of development. "We craft solutions that align with their business strategies," Harthi explained, enabling both start-ups and established companies to grow and expand their operations.

As part of this comprehensive strategy, H1 2025 financing was distributed across key economic sectors driving national development. Manufacturing received the largest allocation at RO38mn, reflecting the sector's critical role in reducing import dependence. General professional services attracted RO19mn, while traditional sectors also received strong support, with fisheries receiving RO14mn, agriculture RO9mn, and mining RO8mn.

This sector-focused strategy was complemented by a broad geographical reach across Oman. Muscat Governorate received RO25mn, while regional development was supported through significant allocations to North Al Batinah at RO18mn and South Al Sharqiyah at RO14mn. South Al Batinah received RO11mn, and Al Wusta Governorate RO8mn-ensuring development opportunities reach communities nationwide.

The increased lending demonstrates the Development Bank's commitment to supporting businesses of all sizes, from start-ups and SMEs to large corporates. This inclusive approach enables entrepreneurs to implement projects across growth-driving sectors while maximising local value creation and contributing to Oman's strategic economic objectives.

As part of a broader ecosystem of government institutions aligned with Oman Vision 2040, Development Bank continues to provide support and incentives aimed at strengthening national industries and promoting in-country value.

"Our shared goal is sustainable and inclusive progress," Harthi said. "We're proud that our support is helping ambitious, growing companies fulfil their potential while driving economic transformation."

Muscat Daily