Development Bank appoints new CEO

Muscat: Development Bank has announced the appointment of Hussein bin Ali Al Lawati as its new CEO, effective from Sunday, 25 February 2024.

Al Lawati brings with him over 18 years of experience in the banking and finance sector with expertise in planning, innovation, growth and strategic partnerships.

His most recent role was as the Chief Executive Officer of Muscat Finance Company. Prior to that, Al Lawati held senior management positions at Bank Dhofar, serving as Deputy General Manager and Chief Corporate Banking Officer.

In these roles, he managed substantial assets and fostered strong relationships with partners and customers.

In response to the new appointment, Eng. Mohamed bin Abu Bakr Al Ghassani, Chairman, Development Bank, highlighted Al Lawati’s extensive banking experience, particularly in project finance, asset management and corporate transition.

Eng. Al Ghassani emphasised Al Lawati has the depth of experience to lead Development Bank during a period of breakthrough in finance, management and operations.

The Board conveyed their trust in Al Lawati and underlined their confidence in his ability to lead the bank at this important time.

Noting the significant trust placed in the bank by His Majesty Sultan Haitham bin Tariq, Al Lawati thanked the Board for their confidence and expressed his absolute commitment to the bank’s goals and objectives as well as to the ambitions of Oman Vision 2040.

In this regard, he highlighted in particular the importance of increasing lending activity and diversifying financial services in alignment with the objectives defined in Royal Decree No. 84/2023 as Development Bank builds on its 47-year track record of success and leverages the considerable experience and expertise of its staff.

Development Bank (DB) is at the forefront of financing development and economic diversification in the Sultanate of Oman.

Through the provision of tailored business loans and working capital for start-ups, SMEs and large enterprises in sectors key to Oman Vision 2040, DB plays a vital role in promoting sustainable economic growth and prosperity across the nation.