The Development Bank’s lending portfolio saw a 4 percent increase in the first quarter of 2024, reaching OMR245.8 million compared to the end of December 2023. This growth was driven by the approval of 1,499 loans amounting to OMR33.6 million, marking a 26 percent increase from the first quarter of 2023. Loan approvals were spread across different governorates, with Muscat Governorate leading with 136 loans worth OMR11.1 million, followed by Dhofar Governorate with 182 loans worth OMR3 million.
Additionally, the Development Bank extended loans in various sectors, including agriculture and livestock with 245 loans worth OMR4.1 million, fisheries with 600 loans worth OMR6 million, industrial with 292 loans worth OMR12.3 million, and mining with three loans worth OMR200,000. Loans were also granted to sectors like education, health, tourism, professional, and public services, totaling 359 loans worth OMR11 million. The bank’s commitment to supporting diverse sectors highlights its contribution to economic development in the region.
The distribution of loans across different governorates showcases the Development Bank’s efforts to reach a wide range of businesses and entrepreneurs. For instance, in the Governorate of North Al Batinah, the bank approved 215 loans worth OMR3.5 million, while in the South Al Batinah Governorate, 136 loans worth OMR3.5 million were granted. Similar distributions were seen in other governorates, indicating a strategic approach to promoting economic growth and entrepreneurship in various regions.
The Bank’s focus on sectors like agriculture, fisheries, industry, and mining underscores its commitment to supporting key industries that drive economic growth in the region. By providing financial assistance to businesses in these sectors, the Development Bank is playing a crucial role in fostering innovation and sustainability. Additionally, the approval of loans in sectors like education, health, tourism, professional services, and public services reflects the bank’s dedication to promoting diverse economic activities.
Overall, the Development Bank’s strong performance in the first quarter of 2024 highlights its role as a key player in Oman’s economic development. The increase in loan approvals and the growth of the lending portfolio demonstrate the bank’s commitment to supporting businesses and entrepreneurs across various sectors and regions. With a strategic focus on key industries and a wide range of economic activities, the Development Bank is poised to continue driving growth and innovation in the region.
