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Muscat Daily
15-02-2025
- Business
- Muscat Daily
Development Bank signs financing agreements for projects in Musandam
Khasab – The Development Bank has signed two agreements and two memoranda of cooperation (MoCs) to provide development financing for projects in the fisheries and tourism sectors and to launch the Economic Horticulture Initiative. This initiative aims to promote entrepreneurship in various economic activities and support accommodation facilities as part of the bank's efforts to boost economic development in Musandam Governorate and encourage investment in both productive and service sectors. The first MoC, signed between the Development Bank, the Office of the Governor of Musandam, Omran Group, and Oman Tourism College, focuses on financing the establishment of eco-lodges on existing farms in Musandam to enhance the hospitality sector in the governorate. The memorandum was signed by H E Ibrahim bin Said al Busaidi, Governor of Musandam, and Mahmood bin Abdullah al Aweini, Chairman of the Development Bank. The second MoC, signed between the Development Bank, the Oman Chamber of Commerce and Industry's Musandam branch, and a local investment company, aims to implement the Economic Horticulture Initiative. This initiative is designed to stimulate local economic growth by supporting and developing medium-sized enterprises across the tourism, fisheries, agriculture, manufacturing, and logistics sectors. The memorandum was signed by Hussein bin Ali al Lawati, CEO of the Development Bank; Raed bin Mohammed al Shehhi, Chairman of the Oman Chamber of Commerce and Industry in Musandam; and Abdulrazzaq bin Abdulwahid al Balushi, CEO of Musandam Global Investment Company. The first financing agreement, signed between the Development Bank and an aquaculture company, involves financing a RO4mn project to establish a fish farming facility with an annual production capacity of 7,000 metric tonnes at the maritime port of Khasab. The agreement was signed by Lawati, on behalf of the Development Bank, and Balushi on behalf of Musandam Global Investment Company. The second agreement, signed between the Development Bank and Ras Al Amoud Company, involves financing the construction of a luxury tourist resort in Khasab valued at RO5mn. The resort will feature 32 private villas built to seven-star standards, along with a health club, contributing to the growth of Musandam's tourism sector. The agreement was signed by Lawati and Saleh bin Abdullah al Dhahouri, representing Ras Al Amoud Company. H E Ibrahim al Busaidi, Governor of Musandam, commended the Development Bank's efforts in financing development projects across Oman, particularly in Musandam Governorate, to support economic diversification policies in line with Oman Vision 2040. He emphasised the importance of investing in key economic sectors that contribute to local content enrichment, self-sufficiency, and the localisation of national industries.
Times of Oman
15-02-2025
- Business
- Times of Oman
Development Bank inks agreements to fund projects in Musandam Governorate
KHASAB: The Development Bank signed two agreements and two memoranda of cooperation today to provide developmental financing for projects in the fisheries and tourism sectors and to launch the Economic Horticulture Initiative. This initiative aims to promote entrepreneurship in various economic activities and support accommodation facilities as part of the bank's efforts to boost economic development in Musandam Governorate and encourage investment in productive and service sectors. The first memorandum of cooperation, signed between the Development Bank, the Office of the Governor of Musandam, Omran Group, and Oman Tourism College, focuses on financing the establishment of eco-lodges on existing farms in Musandam to enhance the hospitality sector in the governorate. The memorandum was signed by H.E. Ibrahim bin Said Al Busaidi, Governor of Musandam, while it was signed on behalf of the Development Bank by H.E. Mahmood bin Abdullah Al Aweini, Secretary-General of the Ministry of Finance and Chairman of the Bank's Board of Directors. The second memorandum of cooperation, signed between the Development Bank, the Oman Chamber of Commerce and Industry's Musandam branch, and a local investment company, aims to implement the Economic Horticulture Initiative, designed to stimulate local economic growth by supporting and developing medium-sized enterprises. The initiative covers tourism, fisheries, agriculture, manufacturing, and logistics sectors. The memorandum was signed by Hussein bin Ali Al Lawati, CEO of the Development Bank, Raed bin Mohammed Al Shehhi, Chairman of the Oman Chamber of Commerce and Industry in Musandam, and Abdulrazzaq bin Abdulwahid Al Balushi, CEO of Musandam Global Investment Company. The first agreement, signed between the Development Bank and an aquaculture company, involves financing a RO 4 million project to establish a fish farming facility with an annual production capacity of 7,000 metric tons in the maritime port of Khasab. The project will meet local market demands and export fish to international markets, contributing to food security and aligning with Oman Vision 2040 by supporting economic diversification and sustainable development. The agreement was signed by Hussein bin Ali Al Lawati, CEO of the Development Bank, and Abdulrazzaq bin Abdulwahid Al Balushi, CEO of Musandam Global Investment Company. The second agreement, signed between the Development Bank and Ras Al Amoud Company, involves financing the construction of a luxury tourist resort in Khasab valued at RO 5 million. The resort will feature 32 private villas built to 7-star standards and a health club, contributing to the development of Musandam's tourism sector. The agreement was signed by Hussein bin Ali Al Lawati, CEO of the Development Bank, and Saleh bin Abdullah Al Dhahouri, representing the company. H.E. Ibrahim Al Busaidi, Governor of Musandam, commended the Development Bank's efforts in financing developmental projects across Oman, particularly in Musandam Governorate, to support economic diversification policies in line with Oman Vision 2040. He emphasized the importance of investing in key economic sectors that contribute to local content enrichment, self-sufficiency, and the localization of national industries. H.E. Mahmood bin Abdullah Al Aweini, Secretary-General of the Ministry of Finance and Chairman of the Development Bank, expressed appreciation for the Office of the Governor of Musandam's dedication to developing the governorate through targeted developmental financing programs that support various economic sectors. He reaffirmed the bank's commitment to financing economic projects and supporting initiatives that enhance local added value and drive economic growth. .
Observer
13-02-2025
- Business
- Observer
Pacts signed to finance projects in Musandam
Khasab: Sayyid Ibrahim Said Al Busaidi, Governor of Musandam, presided over the the signing ceremony of two agreements and two memorandums of cooperation by the Development Bank in Khasab on Thursday. These agreements focus on developmental financing for projects in the fisheries and tourism sectors, as well as the launch of the Economic and Green Horticulture Initiative to support entrepreneurship in various economic activities and finance hospitality establishments. This initiative aligns with the bank's efforts to enhance economic development in the governorate and encourage companies to invest in productive and service sectors. The Development Bank signed an initial agreement with an aquaculture company to finance a project worth RO 4 million for the establishment of a marine aquaculture farm in Khasab's seaport. The farm will have an annual production capacity of 7,000 metric tonnes of fish. The agreement was signed by Hussain Ali Al Lawati, CEO of the Development Bank, and Raed Mohammed Al Shehhi, Chairman of the company. The project aims to meet local market demand, export to international markets, contribute to food security, and align with Oman Vision 2040 by promoting economic diversification and sustainable development. The Bank also signed an agreement with Ras Al Amoud Company to finance the construction of a luxury tourist resort in Khasab, featuring 32 private villas built to seven-star standards and a wellness club, at a cost of RO 5 million. The agreement was signed by Hussain Ali Al Lawati on behalf of the bank and by Saleh Abdullah Al Dhahouri on behalf of the company. This project is part of the bank's role in boosting the tourism sector in Musandam. Additionally, the Development Bank signed a memorandum of cooperation with the Office of the Governor of Musandam, Omran Group, and Oman Tourism College to establish green lodges. The bank will finance these eco-lodges within existing farms in Musandam to enhance hospitality infrastructure in the governorate. The memorandum was signed by Sayyid Ibrahim Said Al Busaidi, while on behalf of the bank, it was signed by Mahmood Abdullah Al Aweini, Secretary General of the Ministry of Finance and Chairman of the Development Bank's Board of Directors. Another memorandum of cooperation was signed between the Development Bank, Oman Chamber of Commerce and Industry's Musandam branch, and a local company to implement the Economic Horticulture Initiative. This initiative aims to stimulate local economic growth by supporting and developing medium-sized enterprises, enabling them to expand and contribute to the national economy. It also seeks to enhance economic activities in the governorate, increase economic diversification, create job opportunities, improve entrepreneurial skills, and ensure the sustainability of projects. The initiative will cover activities in tourism, fisheries, agriculture, manufacturing industries, and the logistics sector. On this occasion, the Governor of Musandam commended the Development Bank's efforts in financing development projects across the Sultanate of Oman, particularly in Musandam, in support of economic diversification policies aligned with Oman Vision 2040. He emphasized the importance of encouraging investment in key economic sectors to enrich local content, particularly in achieving self-sufficiency and localizing national industries. He also appreciated the Development Bank's initiatives in launching special financing programs in Musandam aimed at enhancing entrepreneurship and self-employment. On his turn, the Secretary General of the Ministry of Finance and Chairman of the Development Bank, expressed appreciation for the Office of the Governor of Musandam's commitment to the governorate's development. He highlighted the focus on developmental financing and the creation of specialized programs to fund various economic sectors. He reaffirmed the bank's support for the governorate's initiatives, stating that the bank is committed to financing economic projects and adopting programs that enhance local added value and contribute to economic prosperity. The event also marked the launch of a luxury yacht tourism project, financed by the Development Bank. The yacht is designed as a floating hotel offering a full hospitality experience, featuring 14 fully equipped hotel rooms, including 8 rooms with balconies and 6 interior rooms. This is the first of its kind in Khasab's Khor Sham area, a popular tourist destination known for camping, sightseeing, and dolphin watching. The floating hotel will also provide marine and recreational activities such as kayaking, jet skiing, and diving, in addition to round-the-clock hospitality services and a multi-purpose hall. The project is owned by Abdul Fattah bin Ahmed Al-Shehhi, who operates a tourism company with a fleet of seven vessels. — ONA
Times of Oman
13-02-2025
- Business
- Times of Oman
Agreements inked to finance development projects in Musandam
Khasab: Sayyid Ibrahim Said Al Busaidi, Governor of Musandam, sponsored the signing ceremony of two agreements and two memorandums of cooperation by the Development Bank. These agreements focus on developmental financing for projects in the fisheries and tourism sectors, as well as the launch of the Economic and Green Horticulture Initiative to support entrepreneurship in various economic activities and finance hospitality establishments. This initiative aligns with the bank's efforts to enhance economic development in the governorate and encourage companies to invest in productive and service sectors. The Development Bank signed an initial agreement with an aquaculture company to finance a project worth OMR4 million for the establishment of a marine aquaculture farm in Khasab's seaport. The farm will have an annual production capacity of 7,000 metric tonnes of fish. The agreement was signed by Hussain Ali Al Lawati, CEO of the Development Bank, and Raed Mohammed Al Shehhi, Chairman of the company. The project aims to meet local market demand, export to international markets, contribute to food security, and align with Oman Vision 2040 by promoting economic diversification and sustainable development. The Bank also signed an agreement with Ras Al Amoud Company to finance the construction of a luxury tourist resort in Khasab, featuring 32 private villas built to seven-star standards and a wellness club, at a cost of OMR5 million. The agreement was signed by Hussain Ali Al Lawati on behalf of the bank and by Saleh Abdullah Al Dhahouri on behalf of the company. This project is part of the bank's role in boosting the tourism sector in Musandam. Additionally, the Development Bank signed a memorandum of cooperation with the Office of the Governor of Musandam, Omran Group, and Oman Tourism College to establish green lodges. The bank will finance these eco-lodges within existing farms in Musandam to enhance hospitality infrastructure in the governorate. The memorandum was signed by Sayyid Ibrahim Said Al Busaidi, while on behalf of the bank, it was signed by Mahmood Abdullah Al Aweini, Secretary General of the Ministry of Finance and Chairman of the Development Bank's Board of Directors. Another memorandum of cooperation was signed between the Development Bank, Oman Chamber of Commerce and Industry's Musandam branch, and a local company to implement the Economic Horticulture Initiative. This initiative aims to stimulate local economic growth by supporting and developing medium-sized enterprises, enabling them to expand and contribute to the national economy. It also seeks to enhance economic activities in the governorate, increase economic diversification, create job opportunities, improve entrepreneurial skills, and ensure the sustainability of projects. The initiative will cover activities in tourism, fisheries, agriculture, manufacturing industries, and the logistics sector. On this occasion, the Governor of Musandam commended the Development Bank's efforts in financing development projects across the Sultanate of Oman, particularly in Musandam, in support of economic diversification policies aligned with Oman Vision 2040. He emphasised the importance of encouraging investment in key economic sectors to enrich local content, particularly in achieving self-sufficiency and localizing national industries. He also appreciated the Development Bank's initiatives in launching special financing programs in Musandam aimed at enhancing entrepreneurship and self-employment. On his turn, the Secretary General of the Ministry of Finance and Chairman of the Development Bank, expressed appreciation for the Office of the Governor of Musandam's commitment to the governorate's development. He highlighted the focus on developmental financing and the creation of specialized programs to fund various economic sectors. He reaffirmed the bank's support for the governorate's initiatives, stating that the bank is committed to financing economic projects and adopting programs that enhance local added value and contribute to economic prosperity. The event also marked the launch of a luxury yacht tourism project, financed by the Development Bank. The yacht is designed as a floating hotel offering a full hospitality experience, featuring 14 fully equipped hotel rooms, including 8 rooms with balconies and 6 interior rooms. This is the first of its kind in Khasab's Khor Sham area, a popular tourist destination known for camping, sightseeing, and dolphin watching. The floating hotel will also provide marine and recreational activities such as kayaking, jet skiing, and diving, in addition to round-the-clock hospitality services and a multi-purpose hall. The project is owned by Abdul Fattah bin Ahmed Al-Shehhi, who operates a tourism company with a fleet of seven vessels.
