Khasab: Sayyid Ibrahim Said Al Busaidi, the Governor of Musandam, presided over the signing ceremony for two agreements and two memorandums of cooperation facilitated by the Development Bank.
These agreements are aimed at providing developmental financing for initiatives in the fisheries and tourism sectors, alongside the introduction of the Economic and Green Horticulture Initiative, which seeks to bolster entrepreneurship across various economic activities and support hospitality ventures.
This initiative is in line with the bank’s commitment to fostering economic growth within the governorate and motivating businesses to invest in both productive and service-oriented sectors.
The Development Bank entered into an initial agreement with an aquaculture firm to fund a project valued at OMR4 million for the creation of a marine aquaculture farm at Khasab’s seaport. This facility is projected to produce 7,000 metric tonnes of fish annually.
The agreement was executed by Hussain Ali Al Lawati, CEO of the Development Bank, and Raed Mohammed Al Shehhi, the company’s Chairman.
The project is designed to satisfy local market needs, facilitate exports to international markets, enhance food security, and support Oman Vision 2040 by advancing economic diversification and sustainable development.
Additionally, the Bank signed an agreement with Ras Al Amoud Company to finance the development of a luxury tourist resort in Khasab, which will include 32 private villas constructed to seven-star standards, along with a wellness club, at a total investment of OMR5 million.
The agreement was executed by Hussain Ali Al Lawati representing the bank and Saleh Abdullah Al Dhahouri representing the company. This initiative is part of the bank's commitment to enhancing the tourism sector in Musandam.
Furthermore, the Development Bank entered into a memorandum of cooperation with the Office of the Governor of Musandam, Omran Group, and Oman Tourism College to create eco-friendly lodges. The bank will provide funding for these sustainable lodges situated within existing farms in Musandam, aiming to improve the hospitality infrastructure in the region.
The memorandum was signed by Sayyid Ibrahim Said Al Busaidi, while Mahmood Abdullah Al Aweini, Secretary General of the Ministry of Finance and Chairman of the Development Bank’s Board of Directors, signed on behalf of the bank.
Additionally, another memorandum of cooperation was established between the Development Bank, the Musandam branch of the Oman Chamber of Commerce and Industry, and a local company to launch the Economic Horticulture Initiative. This initiative is designed to foster local economic growth by supporting and developing medium-sized enterprises, allowing them to expand and contribute to the national economy. It also aims to boost economic activities in the governorate, enhance economic diversification, create job opportunities, improve entrepreneurial skills, and ensure project sustainability. The initiative will encompass sectors such as tourism, fisheries, agriculture, manufacturing, and logistics.
On this occasion, the Governor of Musandam praised the Development Bank’s efforts in financing development projects throughout the Sultanate of Oman, particularly in Musandam, in alignment with economic diversification policies under Oman Vision 2040. He highlighted the significance of promoting investment in vital economic sectors to enrich local content, especially in achieving self-sufficiency and localizing national industries. He also acknowledged the Development Bank’s initiatives in launching specialized financing programs in Musandam aimed at enhancing entrepreneurship and self-employment.
The Secretary General of the Ministry of Finance and Chairman of the Development Bank expressed his gratitude for the dedication shown by the Office of the Governor of Musandam towards the development of the governorate. He emphasized the importance of developmental financing and the establishment of specialized programs aimed at supporting various economic sectors. He reiterated the bank’s commitment to backing the governorate’s initiatives, affirming that the bank is focused on financing economic projects and implementing programs that enhance local value and foster economic growth.
Additionally, the event celebrated the introduction of a luxury yacht tourism project, funded by the Development Bank. This yacht is designed to function as a floating hotel, providing a comprehensive hospitality experience with 14 fully equipped hotel rooms, including 8 with balconies and 6 interior rooms. It is the first of its kind in the Khor Sham area of Khasab, a well-known tourist spot favored for camping, sightseeing, and dolphin watching. The floating hotel will also offer marine and recreational activities such as kayaking, jet skiing, and diving, along with 24/7 hospitality services and a multi-purpose hall.
The project is owned by Abdul Fattah bin Ahmed Al-Shehhi, who runs a tourism company that operates a fleet of seven vessels.
