ODB launches new identity

Oman Development Bank (ODB) on Tuesday launched a new identity and strategy as it marked 40 years since foundation.

The celebration was held at the Sheraton Oman Hotel under the auspices of Darwish bin Ismaeel al Balushi, Minister Responsible for Financial Affairs.

Speaking at the event, Abdulsalam bin Nasser al Kharousi, Vice-Chairman of the Board of Directors of ODB said that the bank, since its establishment 40 years ago, undertook a vital role in funding valueadded projects within the framework of sustainable development despite the difficulties particularly that the bank places the accent on the funding of small and mid-sized enterprises (SMEs).

In his speech, Sheikh Dr Abdulaziz bin Mohammed al Hinai, CEO of ODB said that the new institutional strategy (201820122) seeks to meet the development plans set by the government as well as finance and develop five major promising sectors: tourism, manufacturing, mining, transport and logistics beside other four sectors: education, healthcare, IT and banking services.

He affirmed that the bank will focus on supporting SMEs, updating the bank’s institutional identity through providing financial and technical services and supporting entrepreneurs.

The total finance provided by the bank during the past ten years stood at RO 428 million of which RO 187 million (46 per cent) went to the industrial sector.

The bank is endeavouring to provide job opportunities for Omani youth while reinforcing self-employment opportunities, Al Hinai said noting that the bank has funded 41,000 projects creating an estimated 103,400 self-employment opportunities.

The CBO expects the bank’s loan portfolio to double reaching RO 411 million in 2022 from RO 137 million in 2017.