Development and Business Opportunities Forum in North Sharqiyah

Ibra: Oman Development Bank (ODB) in partnership with the Governor of North Al Sharqiyah organized the Development and Business Opportunities Forum in the Wilayat of Ibra in the North Al Sharqiyah Governorate. The forum was sponsored by HE Mahmoud bin Yahya Al Dhahli, Governor of North Al Sharqiyah.

Dhahli stressed the importance of the forum in presenting business opportunities and investment projects in various sectors, targeting entrepreneurs and owners of small and medium enterprises in the governorate, noting that the working papers presented at the forum today gave an indication of growth. Investment economics among a large segment of entrepreneurs.

The forum aimed to strengthen partnership between institutions related to the development of small and medium enterprises, and owners of investment projects, in addition to presenting the financing and technical services provided by the Development Bank to institutions and the investment opportunities enjoyed by the North Al Sharqiyah Governorate.

The forum witnessed the signing of many financing and investment agreements for the benefit of small and medium enterprises operating in the North Al Sharqiyah Governorate, with the Oman Chamber of Commerce and Industry in North Al Sharqiyah, and a number of projects in the industrial, tourism and agricultural sectors.

The Honorable Muhammad bin Abu Bakr Al-Ghassani, Chairman of the Board of Directors of the Development Bank, said in his speech about the mechanism of financing programs provided by the bank, including a special financing product for job seekers, in addition to the financing provided to entrepreneurs who own small and medium enterprises, stressing the role of small and medium enterprises in development.

The economic development and the importance of its development and sustainability to enhance its contribution to the national economy, indicating that the Development Bank is an enabler of development and a support for the governorates, to achieve the development goals of the priorities of Oman Vision 2040, noting that the size of the lending portfolio to finance the projects that will be implemented in the North Al Sharqiyah Governorate during the fiscal year 2024 has been increased by 15 percent to reach 15 million Omani riyals.

Hamad bin Salem Al Harithi, Acting CEO of the Development Bank, explained that the growth rate of loans granted by the bank during the last ten years amounted to 67 percent, reaching 10 million Omani riyals in 2022, stressing that the bank’s short operational plan aims to reach 18 million Omani riyals in total. Financing for projects in North Al Sharqiyah Governorate by 2025 The forum included the presentation of 8 working papers that reviewed investment opportunities in the governorate, the Development Bank’s services and financing programs, general indicators about Namaa for water services, and business opportunities available in North Al Sharqiyah.

The working papers also dealt with the heritage and tourism sectors and the most important available investment opportunities targeting entrepreneurs and owners of SMEs. It also discussed the investment mechanism in agricultural and livestock projects, general indicators for the two sectors in the governorate, investment opportunities at Carbon Services Management Company, and investment opportunities at Sharkia University.

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