Muscat, Oman – Development Bank has reaffirmed its commitment to advancing Oman’s sustainable growth by supporting a groundbreaking business initiative designed to accelerate the country’s economic transformation.
Set to launch on February 5, the Duqm Now initiative, spearheaded by the Special Economic Zone at Duqm (Sezad), will serve as a premier platform connecting business leaders, policymakers, and industry experts. The initiative aligns with Oman Vision 2040, fostering opportunities in key sectors that drive sustainable development.
The inaugural session, themed “Up and Down the Green Stream,” will take place at the Crowne Plaza Hotel Duqm and focus on renewable energy opportunities for small and medium-sized enterprises (SMEs). Discussions will highlight emerging developments in solar, wind, and green hydrogen projects—critical components of Oman’s transition toward a low-carbon future.
Development Bank CEO Hussain Al Lawati underscored the bank’s strong backing for the initiative, emphasizing its potential to unlock new growth avenues for SMEs.
“We are delighted to support Duqm Now and the opportunities it presents, particularly for SMEs eager to leverage Sezad’s dynamic business environment. Development Bank remains steadfast in funding SME ambitions, with our lending portfolio expanding significantly—from OMR23.6 million in 2023 to OMR38.9 million in 2024, marking an impressive 64.8% increase,” Al Lawati said.
He further highlighted the bank’s focus on sustainable financing, stating: “Sustainable development is at the core of our strategy, and this session’s focus on renewable energy is especially significant. This sector is not only a pillar of Oman’s economy but also crucial to achieving the country’s 2050 Net Zero target. To drive this vision forward, Development Bank is actively securing sustainable financing for green projects through strategic partnerships, including collaboration with the Green Climate Fund.”
The Duqm Now “Up and Down the Green Stream” session will feature a distinguished panel of industry leaders, including:
• Musab Al Farsi, CEO, Nafath Renewable Energy
• Dr. Khalil Al Hanashi, Senior Advisor, Ministry of Energy & Minerals
• Dr. Firas Al Abduwani, Director General, Renewable Energy & Hydrogen, Ministry of Energy & Minerals
The discussion will be moderated by Dr. Mohammed Al Mugheiry, Petroleum Engineering Commercialization Manager, PDO.
The Duqm Now program will continue throughout 2025, hosting four key sessions covering renewable energy, manufacturing-education partnerships, circular economy practices, and sustainable petrochemical production. Each session aims to drive actionable solutions for businesses, reinforcing Oman’s commitment to sustainability and economic diversification.