MUSCAT: Fresh from hosting 300+ finance leaders at the 48th ADFIAP Annual Meeting in Muscat, Development Bank CEO Hussain Al Lawati talks exclusively to The Arabian Stories in a three-part interview by sharing insights on advancing Oman Vision 2040.

Al Lawati discusses how the bank is boosting local business success and explains the concept of Economic Gardening – a targeted approach that helps second-stage Omani companies scale-up using sophisticated tools typically reserved for large corporations.

Excerpts from the interview

The 48th ADFIAP Annual Meeting just wrapped up in Muscat. How did Development Bank use this opportunity to advance Oman Vision 2040?

The conference came at just the right time for us and we were delighted to welcome over 300 attendees. We focused on three things that tie directly into Vision 2040 – helping our established SMEs grow through Economic Gardening, expanding green finance options and building stronger connections with ADFIAP members.

What I found especially valuable were the conversations around making finance more inclusive and building economic resilience. These are fundamental principles – not merely industry terminology – that are essential if we want sustainable growth throughout Asia-Pacific. By bringing financial institutions from more than 20 countries to Oman, we had the opportunity to showcase our sustainable finance initiatives. Indeed, the connections we made with ADFIAP colleagues will undoubtedly help support our work in climate-related finance projects, particularly in renewable energy infrastructure and environmental conservation efforts that align with both our national priorities and global sustainability goals.

For those who aren’t familiar, what exactly does Development Bank do?

The Development Bank was established by the government back in 1976 and we’ve been standing shoulder to shoulder with Oman’s business community ever since. We’re not just another bank – we offer financial products and services specifically tailored to help create a fairer, more sustainable economy. Whether you’re just starting out and need that initial seed capital, or you’re an established business looking to grow, we’re here to support your ambitions.

Last year alone we provided US$608 million in financing across key sectors like manufacturing, logistics, fisheries, agriculture, mining and tourism. What sets us apart is that we’re focused on long-term economic development, not just chasing quarterly returns. We work with businesses of all sizes – from small family operations to large corporations – helping them grow and contribute to Oman’s economic diversification.

I think what really makes our approach different is how we adapt our support to match where a business is in its journey. The needs of a start-up are clearly different from those of an established company looking to expand internationally. That’s why Economic Gardening resonates so deeply with our mission – it’s all about providing the right resources at the right time to help Omani businesses reach their full potential.

This approach isn’t unique to Oman, though. Development Bank is part of a global network – national development finance institutions exist in virtually every country with about 500 across 155 territories worldwide. Combined, we channel roughly 10% of all global investment annually. But what makes institutions like ours particularly effective is an intimate understanding of the domestic market. This on-the-ground knowledge lets us create solutions that don’t just support national goals but also tackle the specific challenges businesses face right here at home.

*To be continued