Muscat, Oman – In a strategic move poised to drive forward its vision of economic diversification and development financing, the Development Bank has announced the appointment of Mr. Hussein bin Ali Al Lawati as its new Chief Executive Officer, starting Sunday, 25 February 2024. This decision marks a significant milestone in the bank’s history, aligning with Oman’s broader objectives towards Vision 2040.
With over 18 years of enriched experience in the banking and finance sector, Mr. Al Lawati’s career has been distinguished by his roles in planning, innovation, growth, and the establishment of strategic partnerships. Prior to this appointment, he served as the CEO of Muscat Finance Company, demonstrating exceptional leadership and management skills. His tenure at Bank Dhofar as Deputy General Manager and Chief Corporate Banking Officer saw him managing substantial assets and cultivating robust relationships with partners and customers alike.
Eng. Mohamed bin Abu Bakr Al Ghassani, Chairman of the Development Bank, commended Mr. Al Lawati’s extensive experience, especially in project finance, asset management, and corporate transition. “Mr. Al Lawati’s depth of experience positions him uniquely to lead the Development Bank through this era of financial, managerial, and operational breakthroughs,” stated Eng. Al Ghassani. The board’s confidence in Mr. Al Lawati’s leadership abilities underscores a unanimous trust in his vision for the bank’s future.
In his acknowledgment of the appointment, Mr. Al Lawati expressed gratitude towards the board and His Majesty Sultan Haitham bin Tariq for their trust. He reaffirmed his commitment to the bank’s objectives and to the ambitious goals set forth by Oman Vision 2040. Mr. Al Lawati emphasized the importance of enhancing lending activities and diversifying financial services, leveraging the bank’s 47-year legacy of success and the expertise of its dedicated staff.
The Development Bank stands at the forefront of financing development and economic diversification in the Sultanate of Oman. Through its commitment to providing tailored business loans and working capital for start-ups, SMEs, and large enterprises, the bank plays a pivotal role in fostering sustainable economic growth and prosperity across the nation.
