MUSCAT : This initiative aligns with the Bank’s ongoing efforts to support the industrial sector, focusing on enhancing self-sufficiency, increasing local content, and advancing the nation’s industrial base to contribute to the diversification of the national economy.

The Bank aims to promote the growth of small and medium-sized enterprises (SMEs) and entrepreneurs, facilitate the localization of industries, and improve the manufacturing sector’s capacity.

The industrial projects accounted for 18 percent of the total number of loans financed by the Bank in 2024, contributing to a broader effort to support the economic vision of the Sultanate.

A total of 7,398 loans worth RO 235 million were approved by the Development Bank during the year, with the industrial sector receiving significant attention. The financed projects span a range of areas, including food security, foreign direct investment, self-sufficiency, and export support, which collectively generated 1,330 job opportunities. The Omanisation rate for these positions stands at 43 percent.

The loans were distributed across several governorates, with North and South Al Batinah leading the way. The region received 369 loans totalling RO 45.8 million, while Muscat followed with 156 loans worth RO 22.6 million. North and South Al Sharqiyah received 313 loans amounting to RO 6.9 million.

The food products industry received the most significant share of funding, totalling more than RO 12 million through 259 loans. Other sectors such as coke and petroleum products, the manufacture of mineral products, and pharmaceuticals also received substantial support. The bank also provided funding to industries like chemical manufacturing, motor vehicles, plastics and rubber, and basic metals, with loan amounts ranging from RO 9.4 million to RO 988,000. On the other hand, sectors like furniture, printing, and transportation equipment received lower amounts, ranging from RO 528,000 to RO 15,000.

Supporting both large companies and microenterprises, the Development Bank allocated RO 44.2 million in loans for large companies and RO 33.5 million for working capital needs of businesses. In addition, 73 loans worth RO 9.3 million were extended to SMEs, while 735 loans valued at RO 4.2 million were granted to micro enterprises.

In line with Oman Vision 2040, the Development Bank is committed to strengthening the industrial sector and fostering economic diversification by supporting national industries, attracting foreign investments, and promoting innovation. The initiatives aim to ensure long-term sustainability for the national economy and strengthen the role of the industrial sector.

For all the latest news from Oman and GCC, follow us on Twitter, Instagram and LinkedIn, like us on Facebook and subscribe to our YouTube page, which is updated daily.