MUSCAT : The first memorandum of cooperation (MoC) was signed by His Excellency Sayyid Ibrahim bin Saeed Al Busaidi, Governor of Musandam, on behalf of the Office of the Governor, with Omran Group and Oman Tourism College. It aims to finance the establishment of eco-friendly lodges on existing farms across Musandam, enhancing the quality and variety of housing facilities for visitors. On behalf of Oman’s Development Bank, the MoC was signed by His Excellency Mahmoud bin Abdullah Al Awaini, Secretary General of the Ministry of Finance and Chairman of the Bank’s Board of Directors.

The second memorandum of cooperation—inked with the Oman Chamber of Commerce and Industry (Musandam Branch) and the National Company in the Governorate—launches the Economic Gardening Initiative, designed to foster local economic growth by developing medium-sized enterprises in tourism, fisheries, agriculture, manufacturing, and logistics sectors.

Reinforcing the fisheries sector, the first agreement sees the Development Bank committing 4 million Omani riyals to establish an aquaculture farm with 7,000 metric tons of annual fish production in the seaport of Wilayat of Khasab. The agreement was signed by Hussain bin Ali Al Lawati, CEO of the Development Bank, and Raed bin Mohammed Al Shehhi, Chairman of the Board of Directors of the Fish Farming Company. Beyond meeting local market needs and expanding exports, the project aims to bolster food security and contribute to economic diversification.

Meanwhile, the second agreement, also signed by Hussain bin Ali Al Lawati and Ras Al Amoud Company’s representative, Saleh bin Abdullah Al Dhahouri, is dedicated to the construction of a 32-villa luxury tourist resort following 7-star standards in Khasab. With an investment of 5 million Omani riyals, this venture underscores the bank’s pivotal role in strengthening Musandam’s tourism appeal.

Lauding the Development Bank’s role in financing Musandam’s growth, His Excellency Sayyid Ibrahim Al Busaidi, Governor of Musandam, noted that the projects align with efforts to expand economic diversification and encourage investments in productive and service sectors.

His Excellency Mahmoud bin Abdullah Al Awaini, Secretary General of the Ministry of Finance and Chairman of the Development Bank’s Board, highlighted the importance of special financing programs that propel economic aspects of the governorate. He reaffirmed the bank’s commitment to supporting the Governor’s Office in launching initiatives that boost local added value.

Concluding today’s announcements, the Development Bank introduced its latest funded project: a tourist yacht designed in the style of a floating hotel. Featuring 14 fully equipped hotel rooms, the ship—owned by Abdul Fattah bin Ahmed Al Shehi—offers scenic cruises, camping, dolphin watching, and other recreational activities. This first-of-its-kind venture in Khasab is expected to become a unique attraction, showcasing Musandam’s natural beauty and expanding the region’s tourism horizon.

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