Monday 10 / February / 2025
Muscat: The number of loans granted by the Development Bank during 2024 to industrial projects in various governorates of the Sultanate of Oman amounted to 1,318 industrial loans worth OMR 91.2 million .
This comes within the framework of the efforts made by the Development Bank to support the industrial sector by providing the necessary financing with the aim of achieving self-sufficiency, enhancing the value of local content, localising industries, supporting small and medium enterprises and entrepreneurs, and expanding the industrial production base to enable the sector to play its role in diversifying the national economy.
The Development Bank seeks to provide attractive support and facilities for the manufacturing sector in line with the government's orientation towards strengthening national industries and achieving local added value, placing the sector at the top of the ladder of sectors targeted for financing within the framework of its annual plans.
The industrial sector accounted for 18 percent of the total number of loans, which the bank financed during 2024, about 7,398 loans in various sectors and governorates, worth OMR 235 million .
The bank's statistics also indicated that the developmental impact of the financed projects in the industrial sector amounted to 14 projects in the food security sector, 4 projects falling under the category of foreign direct investment, 13 projects in the context of achieving self-sufficiency, and 9 projects to support exports, in addition to creating 1,330 job opportunities with an Omanization rate of 43 percent.
The industrial loans were distributed across the various governorates, with North Al Batinah and South Al Batinah Governorates topping the list with 369 loans worth OMR 45.8 million , followed by Muscat governorate with 156 loans worth OMR 22.6 million , then North Al Sharqiyah and South Al Sharqiyah Governorates with 313 loans worth OMR 6.9 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 OMR 12 million distributed over 259 loans, followed by the coke and petroleum products industry, which received funding of OMR 11.7 million through 75 loans, while the financing of the manufacture of mineral products and other metals amounted to about OMR 11.3 million for 35 loans.
The pharmaceutical products and medical preparations industry also received funding of OMR 11 million for 4 loans. In addition, funding was provided to several other industrial sectors such as the chemical industry, motor vehicles, manufactured metal products, plastics and rubber, wood, beverages, and basic metals. The funding values ranged between OMR 9.4 million and OMR 988 thousand. While projects such as furniture manufacturing, printing, transportation equipment, leather, electronics, and machinery received less funding, ranging between OMR 528,000 and OMR 15,000.
In terms of supporting the growth and sustainability of the private sector, the total value of loans to large companies amounted to OMR 44.2 million with 27 loans, in addition to 483 loans worth OMR 33.5 million for working capital and 73 loans worth OMR 9.3 million for small and medium enterprises and 735 loans worth OMR 4.2 million for micro enterprises.
It is worth noting that the Development Bank is working to provide support to economic sectors in accordance with the objectives of Oman Vision 2040 aimed at enhancing economic diversification policies, attracting foreign investments, and providing the necessary support for national industries based on innovation, believing in the importance of the role of the industrial sector in the sustainability of the national economy and diversifying its sources, along with other economic sectors.
