Monday 10 / February / 2025
Muscat: The Development Bank provided 1,318 loans for industrial projects in the Sultanate of Oman during 2024 to finance industrial activities in various governorates, with a value of OMR91.2 million.
This comes as part of the efforts made by the bank to support the industrial sector by providing it with the necessary financing with the aim of achieving self-sufficiency, enhancing the value of local production, localising industries, as well as supporting small and medium enterprises (SMEs).
The bank also pays great attention to empowering promising entrepreneurs, and expanding the industrial production sector in an attempt to enable the sector to play its role in diversifying the national economy.
The bank seeks to provide support and attractive facilities to the manufacturing sector in line with the government’s drive to strengthen national industries and generate in-country added value. It places the manufacturing sector at the top of the sectors targeted for financing as part of its annual plans.
During 2024, the bank granted 7,398 loans to various sectors and governorates, with a value of OMR235 million. The industrial sector had a significant share by receiving 1,318 loans, which constituted 18% of the total number of loans, with a value of OMR91.2 million, which accounted for 39% of the total financing granted.
The statistics issued by the bank also indicated that the bank financed 14 projects in the food security sector and 4 projects under the category of foreign direct investment. It also financed 13 projects to achieve self-sufficiency and 9 projects to support exports.
These projects contributed to generating 1,330 job opportunities with an Omanisation rate of 43%.
Industrial loans were distributed across the governorates. North Al Batinah and South governorates topped the list with 369 loans worth OMR45.8 million, followed by Muscat with 156 loans worth OMR22.6 million, then North Al Sharqiyah and South governorates with 313 loans worth OMR6.9 million.
Some industrial sectors received significant funding from the Development Bank.
The food products industry topped the list of funded sectors with a value exceeding OMR12 million through 259 loans. It was followed by the coke coal and petroleum products industry, which received OMR11.7 million through 75 loans. The funding granted for the manufacture of mineral products and other metals amounted to about OMR11.3 through 35 loans.
The pharmaceutical and medical products industry received funding worth OMR11 million through 4 loans.
The bank also provided funding to several other industrial sectors such as the chemical industry, motor vehicles, manufactured metal products, plastics and rubber, wood, beverages, and basic metals, with values ranging between OME9.4 million and OMR988,000. Projects such as furniture, printing, transportation equipment, leather, electronics, and machinery received less funding, ranging between OMR528,000 and OMR15,000.
As part of its endeavours to support the growth and sustainability of the private sector, the Development Bank provided loans to large companies with value of OMR44.2 million through 27 loans. Additionally, the bank granted 483 loans worth OMR33.5 million for working capital and 73 loans worth OMR9.3 million for small and medium enterprises.
Furthermore, the bank provided 735 loans worth OMR4.2 million for micro enterprises.
It is worth mentioning that the Development Bank seeks to provide support to the economic sectors in accordance with the objectives of Oman Vision 2040, which aims to enhance economic diversification policies, attract foreign investments, and provide the necessary support to national industries which adopt innovation.
The bank believes in the importance role of the industrial sector in enhancing the sustainability of the national economy and diversification of its resources, along with other economic sectors.
