Development Bank names new CEO

BUSINESS REPORTER

MUSCAT, FEB 24

Development Bank, a leading institution in supporting economic growth and progress in the Sultanate of Oman, has announce the appointment of Hussain al Lawati as its new Chief Executive Officer, effective from Sunday, February 25, 2024.

With a career spanning over 18 years in the banking and finance sector, Al Lawati’s extensive background in strategic planning, innovation, growth and acquisition and strategic partnerships ideally positions him to lead Development Bank’s mission forward. His leadership at Muscat Finance as CEO showcased his ability to drive business growth, manage large teams and execute significant digital transformations. Prior to his tenure at Muscat Finance, Al Lawati held senior management roles at Bank Dhofar S.A.O.G, including DGM & Chief Corporate Banking Officer and AGM & Chief Retail Banking Officer where he managed substantial assets and introduced key regulatory compliant solutions and CRM systems.

“I am excited to be asked to lead Development Bank at this important time. Driven by a talented and experienced team the bank is a well-respected brand with a long and rich history of helping Omani businesses of all sizes succeed. My role is to set out the next stage of the bank’s journey and build a strategy for growth and innovation.” As CEO of Development Bank, Al Lawati will leverage his extensive experience to enhance the bank’s operations, drive innovation and support Oman's economic development. His leadership is expected to bring a new era of growth and success to the bank, aligning with its goals of fostering sustainable development and ensuring innovative Omani businesses have access to the right capital to start and scale.

“Hussain has worked at the very highest levels of Omani banking and finance, delivering outstanding results and strong growth. Given his proven track record, strategic acumen and dedication to excellence make him the perfect choice to lead Development Bank. On behalf of the Board, I am delighted to welcome Hussain as CEO and look forward to working with him in the exciting years ahead,” remarked Eng Mohammed al Ghassani, Chairman, Development Bank.

Development Bank (DB) is at the forefront of financing development and economic diversification in the Sultanate of Oman. Through the provision of tailored business loans and working capital for start-ups, SMEs and large enterprises in sectors key to Oman Vision 2040, DB plays a vital role in promoting sustainable economic growth and prosperity across the nation.