The Sultanate of Oman offers various tourism projects and integrated residential plans
// To the distinguished gentlemen, here is the economic bulletin of the Omani News Agency, within the economic file of the Federation of Arab News Agencies “Fana” //
Muscat, 8 May / WAM / The real estate development sector in the Sultanate of Oman is considered a promising sector and a major enabler for the implementation of investment opportunities. It is one of the most important areas that receives great attention, supported by the readiness of the infrastructure system of roads, electricity, water, sanitation, and thoughtful organization and planning for the future of this vital sector.
Engineer Khalid bin Nasser Al Mahrouqi, Director General of Real Estate Development at the Ministry of Housing and Urban Planning, confirmed that the Ministry worked to prepare a national plan to develop the real estate development sector by studying and analyzing the current situation of the sector and transforming the challenges into initiatives that contribute to stimulating it and enhancing investment opportunities so that the sector is a major contributor to the output. Omani local.
He said, in a statement to the Oman News Agency, that it is one of the most prominent real estate development projects in the Sultanate of Oman, the Sultan Haitham City project, which is the first smart and sustainable project as an integrated city with an area of 14 million and 800 thousand square metres, and includes about 20 thousand residential units distributed over 19 integrated neighborhoods in various areas. Facilities and services that meet the needs of residents, including health care, schools, colleges, universities, mosques, mosques, an internal road network for transportation, pedestrian and bicycle paths, in addition to water and sanitation services.
He explained that there are many projects, such as the “Al Khuwair Downtown” project, whose investment value is estimated at 800 million Omani riyals, and the project to develop the Green Mountain Front as an integrated tourist complex, which is currently under study, indicating that these projects will work to add different tourist destinations and destinations in the various governorates of the Sultanate. Oman with modern and diverse styles.
He pointed out that the real estate development sector aims to attract about 70 percent of foreign direct investment to the Sultanate of Oman in the coming years, indicating that the sector will have positive benefits by activating the role of small and medium-sized companies from suppliers, contractors, construction sectors, building materials, and other businesses related to these projects.
During the recent period, the Ministry of Housing and Urban Planning has launched 6 housing projects in various governorates of the Sultanate of Oman within the “Integrated Residential Plans and Neighborhoods Project”, which included “Al-Luban Neighborhood” in the Wilayat of Nakhal in the South Al Batinah Governorate, and “Majd Neighborhood” in the Wilayat of Sohar in the North Al Batinah Governorate, “Fort Al-Zain” in the Wilayat of Bidbid in the Governorate of Al Dakhiliyah, “Al-Ahed Neighborhood” in the Wilayat of Al-Amerat in the Governorate of Muscat, the “Palm Hills” project in the Wilayat of Khasab in the Governorate of Musandam, and “Al-Shorouk Neighborhood” in the Wilayat of Salalah in the Governorate of Dhofar. The total area of these projects reached 3.3 million square meters. A square, with an investment value of 333 million Omani riyals, containing more than 5,000 diverse residential units.
The Ministry also assigned several integrated residential plans with a total area estimated at 1.3 million square metres, and with an investment value amounting to 5.7 million Omani Riyals, represented by the Rustaq Plan in the Wilayat of Rustaq in the Governorate of South Al Batinah, the Nizwa Plan in the Wilayat of Nizwa in the Governorate of Al Dakhiliyah, and the North Al Sharqiyah Plan in the Wilayat of Al Mudhaibi in the Governorate of North Al Sharqiyah.
For his part, Younis bin Khasib Al Harrasi, Chairman of the Omani Real Estate Association, said that the real estate development projects announced by the Sultanate of Oman during the past few years are large projects that will – without a doubt – have positive economic impacts, and represent a promising opportunity for investors in light of the government incentives and facilities provided, represented by: There is no need for local partners, in addition to the multiplicity of fields in which a foreign investor can work and the possibility of obtaining financial facilities and other benefits, such as obtaining years of residency ranging from 5 to 10 years within an investor residency program.
He explained that the real estate sector in the Sultanate of Oman is witnessing remarkable growth. The trading volume in 2023 achieved a growth of 6 percent compared to 2022, and it is expected that this growth will maintain its rates during the next stage as a result of the size of the large projects that were announced and the actual start of the Sultan Haitham City project, which provides many opportunities for investors and real estate developers.
He added: “What the Sultanate of Oman is witnessing at this stage in offering many opportunities to investors in the fields of real estate development and tourism projects is unprecedented and consistent with the government’s directions.”
For its part, Omran Group – the arm of the Government of the Sultanate of Oman for tourism development and investment – works to establish and operate tourist destinations, provide multiple investment opportunities, and attract the best developers and operators of brands in the field of hospitality regionally and globally.
Over the past years, Omran has been able to sign 8 strategic partnerships with a number of the most prominent developers at the regional and global levels, represented in several tourism projects, most notably the “Aida” project, which comes in partnership with the “Dar Global” group, and aims to invest about $1.6 billion. An American project to establish a mixed-use tourism project on an area of about 3.5 million square meters between the Yiti and Yanket areas in Muscat, which will include about 3,500 residential units and two hotels with a total of 450 hotel rooms.
Omran, in partnership with Diamond Developers, is implementing the “Yeti Sustainable City” project with an investment value of approximately one billion US dollars, which includes the construction of 1,657 residential units, including 300 environmentally friendly villas with highly efficient designs and various spaces for the villas, as the city relies on energy sources. Completely renewable to operate all its facilities.
The group is also implementing, in cooperation with Qatari Diyar Holding Company, construction work in the Diyar Ras Al Hadd project in the Wilayat of Sur in the South Al Sharqiyah Governorate, on an area of 1.9 million square meters, which includes about 200 hotel rooms and 50 villas distributed among five-star hotels, in addition to 1,029 units. Residential.
Recently, Omran signed an agreement to develop the first Club Med resort in the Middle East, in the Wilayat of Khasab in the Musandam Governorate, with an investment value exceeding 100 million US dollars. After its completion in 2028, the resort will add about 300 hotel rooms.
Omran, in cooperation with the Majid Al Futtaim Group, seeks to establish the “Al Irfan Hills” project in Muscat, which has a total development area of 4.5 million square meters to provide about 11,000 residential units, retail stores and other facilities. In addition, Omran has implemented a number of projects. Various tourism projects in the governorates of the Sultanate of Oman, including the “Jebel Sifah” project, “Al Mouj Muscat”, “Muscat Bay” and “Hawana Salalah”, and it owns hotel assets in several international hotels.
Statistics issued by the National Center for Statistics and Information show that the total value of real estate trading in the Sultanate of Oman amounted to about 587 million and 500 thousand Omani riyals in the first quarter of 2024.
The State of Kuwait ranked highest in investment in the Sultanate of Oman in terms of real estate transactions in 2023, with investments amounting to about 26.7 million Omani riyals with 319 real estate transactions, then the Republic of India with about 12.2 million Omani riyals with 70 real estate transactions, then the United Arab Emirates with a value of 5.3 million riyals. Omani, with 319 real estate transactions.
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