Big boost for tourism, health and entertainment industries

Oman Monday 08/May/2023 22:15 PM
Big boost for tourism, health and entertainment industries

Muscat: Oman Development Bank (ODB) has endorsed 10 development loans to the tune of OMR23.18 million, among them three loans were worth more than OMR13.88 million.

The loans cover projects in various sectors, including the converting industries sector, tourism, health and entertainment.

The projects are expected to generate more than 700 new employment opportunities, with an Omanisation rate of up to 40 percent.

The loans were approved during the 4th meeting of ODB’s Board of Directors meeting for 2023. The meeting was chaired by Eng. Mohammed Abu Bakr Al Ghassani, Chairman of ODB Board of Directors.

The loans are authorised in implementation of the Royal orders of His Majesty Sultan Haitham bin Tarik to augment the lending ceiling of Oman Development Bank to OMR5 million, while at the same time according comparative advantage to projects to be implemented outside the Governorate of Muscat.

Al Ghassani affirmed that ODB saw remarkable growth in the first quarter of 2023 in terms of lending, which exceeded 77 percent, compared to the corresponding period in 2022.

Al Ghassani pointed out that the approval of the new set of loans will have a clear impact on the size and quality of funded projects and that it will bolster their contribution to economic diversification and employment of Omani youth.