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JEDDAH: Oman Development Bank has financed more than 20,000 small projects across the country, with total lending surpassing 100 million Omani rials ($260 million) by the end of September, it has been revealed.

The fisheries sector led the portfolio with 8,761 loans worth about 38.5 million rials, followed by agriculture and livestock with 3,805 loans, representing 19 percent of the total, and handicrafts with 2,898 loans, or 10 percent, the Oman News Agency reported. 

These sectors are prioritized due to their role in national food security and cultural heritage, providing sustainable income, particularly in rural and coastal areas.

The milestone underscores the bank’s role in supporting small enterprises as part of the government’s broader effort to foster balanced development and self-employment under Oman Vision 2040. 

Mahmoud bin Abdullah Al-Owaini, chairman of the development bank, said the government prioritizes small projects as a means to enhance economic and social development, empower citizens, and ensure household stability. 

“He noted that the bank offers interest-free loans for full-time entrepreneurs to support continued production, and highlighted initiatives that create employment, increase production, and contribute to self-sufficiency,” the news agency reported, citing Al-Owaini. 

The chairperson noted that small projects form the nucleus of the economy and are a driver of development, serving as the foundation of entrepreneurship. 

“He emphasized the government’s direct support and sustainable empowerment of beneficiary groups, highlighting the importance of economic enablement for priority groups, such as youth seeking opportunities to build their professional futures,” the ONA report added. 

The bank operates under the supervision of the Ministry of Finance, which covers interest costs for full-time entrepreneurs and guides lending policies toward priority sectors. 

It offers flexible and accessible financing models, including interest-free loans of up to 15,000 rials covering 90 percent of project costs for full-time entrepreneurs, accounting for 68 percent of the portfolio. 

The financial organization also provides loans at 3 percent interest for part-time entrepreneurs, covering up to 80 percent of project costs and representing 32 percent of the portfolio. 

Additionally, working capital financing is available for up to 20 percent of the loan value, with flexible grace periods depending on the nature of the project and its cash flows. 

RIYADH: ��������’s mortgage financing portfolio has exceeded SR900 billion ($240 billion) so far in 2025, reflecting the Kingdom’s accelerating real estate transformation under Vision 2030, the minister of municipalities and housing said.

Speaking during a ministerial session at the third Qatar Real Estate Forum in Doha, where �������� served as the guest of honor, Majid Al-Hogail reviewed the sector’s progress driven by regulatory reforms, digital transformation, and new investment models. 

The surge in mortgage lending is a direct result of ongoing reforms and institutional strengthening under Vision 2030, which targets a 70 percent homeownership rate for citizens. 

In a release, the ministry stated: “Al-Hogail stressed that real estate financing has become the cornerstone for the success and sustainability of real estate development, noting that its volume in the Kingdom has increased from about SR200 billion to more than SR900 billion in 2025.” 

He added that it now accounts for 27 percent of Saudi banks’ portfolios, supported by the Saudi Real Estate Refinance Co., which has issued sukuk on the London Stock Exchange to deepen capital market integration. 

The minister noted that the government has built a comprehensive real estate ecosystem that integrates landowners, developers, service providers, and facility managers into a more efficient and collaborative system. 

According to the statement, Al-Hogail attributed this growth to a shift in the sector, driven by the Kingdom’s Vision 2030. He added that the challenge in the past was to provide housing. “Today, the challenge is to provide happiness for those living within these communities,” the statement added. 

Highlighting the institutional framework behind the boom, Al-Hogail detailed the pivotal role of the National Housing Co., established in 2016 as the primary executive arm for urban development. 

Alongside the regulatory “Wafi” program for off-plan sales, these initiatives have enabled over 100 national developers to execute massive projects to global standards. 

The minister also confirmed a new agreement with Qatar’s Diyar Co. to expand its presence in the Saudi market, underscoring a strategic push for Gulf partnerships. 

Al-Hogail also outlined the “Saudi Architecture” initiative, launched by the Crown Prince, which marks a transition from physical construction to building a national identity. The initiative has formulated 19 distinct architectural identities reflecting the cultural diversity of the Kingdom’s regions. 

Furthermore, Saudi cities are making significant strides in digital transformation, with six now ranked among the top 100 smart cities globally, according to the IMD Index. 

This robust digital infrastructure has enabled the complete digitization of real estate transactions, transforming property into a liquid investment and savings asset. 

The minister emphasized that Gulf integration in the real estate sector is a fundamental pillar for building a more mature and sustainable regional market, praising Qatar for organizing the forum as a platform for enhanced cooperation.