MUSCAT – The Oman Development Bank approved loans for projects in the manufacturing, tourism, health and entertainment sectors, which will contribute to the creation of more than 700 new job opportunities, with an Omanization rate of up to 40%.

The Bank witnessed a remarkable growth in the first quarter of this year in the area of lending, which exceeded 77% compared to the same period last year. Eng. Muhammad bin Abu Bakr Al-Ghassani, Chairman of the Board of Directors of the Oman Development Bank, said, “The loans come as a translation of the Royal Orders of His Majesty Sultan Haitham bin Tarik to raise the Bank’s lending ceiling to OMR 5 million, while giving a comparative advantage to projects implemented outside the Governorate of Muscat.”