BankDhofar has partnered with the Development Bank to launch a Financing Guarantee Program that expands access to finance for small and medium enterprises (SMEs) in Oman.
The agreement was signed by Ahmed bin Said Al Ibrahim, Chief Retail and Government Banking Officer at BankDhofar, and Hamad bin Salem Al Harthi, Chief of Business at the Development Bank.
The initiative reflects the shared commitment of both organizations to supporting and strengthening the SME sector, which remains an important contributor to Oman’s economy and economic diversification.
According to the two organizations, the program facilitates financing for businesses operating across strategic sectors, including industry, tourism, logistics, renewable energy, agriculture, and technology.
The Financing Guarantee Program is designed to provide financing guarantees that improve access to funding for startups and growing enterprises.
The program supports businesses in implementing new projects, expanding their operations, and creating long-term economic value.
It is also intended to reduce credit risks and strengthen the confidence of financial institutions in extending finance to SMEs, contributing to a greater role for the sector in Oman’s gross domestic product.
Ahmed bin Said Al Ibrahim Chief Retail and Government Banking Officer – BankDhofar
“This agreement marks an important milestone in BankDhofar’s ongoing efforts to support the SME sector, which is a key engine of economic growth and diversification. Through this program, we seek to empower entrepreneurs by facilitating access to financing, enabling businesses to grow, innovate, and compete more effectively across a wide range of sectors.”
The Financing Guarantee Program forms part of broader national efforts to encourage entrepreneurship, increase private sector investment, and strengthen the resilience of the SME ecosystem.
By reducing financing barriers and supporting business expansion, the initiative contributes to job creation, innovation, and sustainable economic development.
BankDhofar stated that the program supports the objectives of Oman Vision 2040, particularly those related to economic diversification, private sector development, and the creation of a more sustainable economy.
