Saturday 15 / February / 2025
KHASAB: The Development Bank signed two agreements and two memoranda of cooperation today to provide developmental financing for projects in the fisheries and tourism sectors and to launch the Economic Horticulture Initiative. This initiative aims to promote entrepreneurship in various economic activities and support accommodation facilities as part of the bank's efforts to boost economic development in Musandam Governorate and encourage investment in productive and service sectors.
The first memorandum of cooperation, signed between the Development Bank, the Office of the Governor of Musandam, Omran Group, and Oman Tourism College, focuses on financing the establishment of eco-lodges on existing farms in Musandam to enhance the hospitality sector in the governorate. The memorandum was signed by H.E. Ibrahim bin Said Al Busaidi, Governor of Musandam, while it was signed on behalf of the Development Bank by H.E. Mahmood bin Abdullah Al Aweini, Secretary-General of the Ministry of Finance and Chairman of the Bank’s Board of Directors.
The second memorandum of cooperation, signed between the Development Bank, the Oman Chamber of Commerce and Industry’s Musandam branch, and a local investment company, aims to implement the Economic Horticulture Initiative, designed to stimulate local economic growth by supporting and developing medium-sized enterprises. The initiative covers tourism, fisheries, agriculture, manufacturing, and logistics sectors. The memorandum was signed by Hussein bin Ali Al Lawati, CEO of the Development Bank, Raed bin Mohammed Al Shehhi, Chairman of the Oman Chamber of Commerce and Industry in Musandam, and Abdulrazzaq bin Abdulwahid Al Balushi, CEO of Musandam Global Investment Company.
The first agreement, signed between the Development Bank and an aquaculture company, involves financing a RO 4 million project to establish a fish farming facility with an annual production capacity of 7,000 metric tons in the maritime port of Khasab. The project will meet local market demands and export fish to international markets, contributing to food security and aligning with Oman Vision 2040 by supporting economic diversification and sustainable development. The agreement was signed by Hussein bin Ali Al Lawati, CEO of the Development Bank, and Abdulrazzaq bin Abdulwahid Al Balushi, CEO of Musandam Global Investment Company.
The second agreement, signed between the Development Bank and Ras Al Amoud Company, involves financing the construction of a luxury tourist resort in Khasab valued at RO 5 million. The resort will feature 32 private villas built to 7-star standards and a health club, contributing to the development of Musandam’s tourism sector. The agreement was signed by Hussein bin Ali Al Lawati, CEO of the Development Bank, and Saleh bin Abdullah Al Dhahouri, representing the company.
H.E. Ibrahim Al Busaidi, Governor of Musandam, commended the Development Bank's efforts in financing developmental projects across Oman, particularly in Musandam Governorate, to support economic diversification policies in line with Oman Vision 2040. He emphasized the importance of investing in key economic sectors that contribute to local content enrichment, self-sufficiency, and the localization of national industries.
H.E. Mahmood bin Abdullah Al Aweini, Secretary-General of the Ministry of Finance and Chairman of the Development Bank, expressed appreciation for the Office of the Governor of Musandam’s dedication to developing the governorate through targeted developmental financing programs that support various economic sectors. He reaffirmed the bank’s commitment to financing economic projects and supporting initiatives that enhance local added value and drive economic growth.
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