Thursday 13 / February / 2025
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.
