Oman Development Bank Signs Key Agreements to Boost Tourism and Fisheries in Musandam

MUSCAT, 11 Feb – In a significant push for economic diversification and growth in Musandam, Oman Development Bank (ODB) has sealed four major agreements to enhance tourism and fisheries, two of the region’s most vital sectors. These initiatives aim to foster local businesses, improve infrastructure, and strengthen food security while promoting sustainable economic development.

Strategic Partnerships for Economic Growth

ODB signed two Memoranda of Cooperation (MoCs) with key stakeholders to drive economic progress in Musandam:

1. Eco-Friendly Farm Lodges Initiative
   • Signed by Sayyid Ibrahim bin Saeed Al Busaidi, Governor of Musandam, in collaboration with Omran Group and Oman Tourism College, this initiative seeks to develop sustainable lodges on existing farms. The goal is to enhance tourism offerings while preserving Musandam’s natural beauty.
   • On behalf of ODB, the MoC was signed by His Excellency Mahmoud bin Abdullah Al Awaini, Secretary General of the Ministry of Finance and Chairman of ODB.
2. Economic Gardening Initiative
   • This MoC, signed with the Oman Chamber of Commerce and Industry (Musandam Branch) and a local company, focuses on medium-sized enterprise development. It supports tourism, fisheries, agriculture, manufacturing, and logistics, empowering entrepreneurs and strengthening local economic activity.

Major Investments in Fisheries and Tourism

In addition to these MoCs, ODB has committed significant financial resources to two large-scale projects in aquaculture and luxury tourism:

1. Aquaculture Expansion in Khasab
   • ODB has allocated OMR 4 million to develop a high-yield aquaculture farm in Wilayat of Khasab, expected to produce 7,000 metric tons of fish annually.
   • The agreement was signed between ODB CEO Hussain bin Ali Al Lawati and Raed bin Mohammed Al Shehhi, Chairman of the Fish Farming Company.
   • This project aims to enhance food security, increase fish exports, and support Oman’s vision for a diversified economy.
2. Ultra-Luxury Resort in Khasab
   • ODB is investing OMR 5 million to build a 32-villa, seven-star resort in Khasab, further positioning the region as a high-end tourist destination.
   • The agreement was signed between Hussain bin Ali Al Lawati and Saleh bin Abdullah Al Dhahouri, representing Ras Al Amoud Company.
   • The resort promises a blend of luxury, comfort, and sustainability, elevating Musandam’s tourism profile.

Innovative Tourism Projects on the Horizon

ODB also announced a unique floating hotel yacht as part of its latest tourism investment. Owned by Abdul Fattah bin Ahmed Al Shehi, the luxury yacht will feature 14 fully equipped hotel rooms, offering scenic cruises, dolphin watching, and overnight camping experiences. This first-of-its-kind project in Khasab is expected to attract both local and international tourists, highlighting Musandam’s breathtaking coastal scenery.

Leaders Praise Development Initiatives

His Excellency Sayyid Ibrahim Al Busaidi, Governor of Musandam, emphasized the importance of these projects in strengthening the governorate’s economic landscape. He noted that these investments align with Oman’s vision for economic diversification, encouraging sustainable development across both service and production sectors.

His Excellency Mahmoud bin Abdullah Al Awaini, Chairman of ODB, reaffirmed the bank’s commitment to financing high-impact projects that generate long-term value for Musandam. He highlighted the importance of tailored financing programs that promote regional economic prosperity.

A New Era for Musandam’s Economy

With these strategic agreements, Oman Development Bank is paving the way for a more prosperous Musandam, supporting tourism, fisheries, and local entrepreneurship. The initiatives are expected to generate jobs, boost investments, and enhance the region’s appeal as a premier economic and tourist hub.

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