Muscat: A partnership agreement for the establishment and development of Khazaen City and a memorandum of understanding for the study and development of model residential plots (the pilot plan, Jahloot layout /First Stage) were signed at Oman Convention and Exhibition Centre on Monday, on the sidelines of the opening of Oman Real Estate Expo 2018 (OREX).
The partnership agreement for the development of Khazaen City was signed by Dr. Ahmed bin Mohammed Al Futaisi, Minister of Transport and Communications, and Kalat bin Ghaloum Al Balushi, CEO of Oman Investment Corporation.
Sheikh Seif bin Mohammed Al Shabibi, Minister of Housing and Eng. Khalid bin Hilal al-Yahmadi, CEO of Muscat National Development and Investment Company (ASAAS), signed a memorandum of understanding (MoU) to study and develop residential layouts.
Dr. Ali bin Masoud Al Sunaidy, Minister of Commerce and Industry, Deputy Chairman of the Supreme Planning Council, patronised over the opening ceremony of the Oman Real Estate Expo 2018 (OREX). He told reporters that the real estate sector is considered one of the important sectors in the Sultanate.
He pointed out that the conference and the two accompanying exhibitions come within the framework of partnerships between government institutions and private sector institutions in the real estate field. He explained that Khazaen City is a Gulf Omani investment, during which the infrastructure will be provided in the Governorate of South Batinah, which will help move some of the existing industrial workshops in Governorate of Muscat, either in Wadi Kabir or Ghala to that area.
He added that the second agreement is to move the planning process of the Ministry of Housing to private institutions. He said that the Urban Development Strategy for the Supreme Council for Planning is currently in the stage of meeting with the Governors, Walis and businessmen in the regions to establish this urban strategy as part of the characteristics of each governorate.
He pointed out that the urban strategy sets locations for different uses, as a large area was allotted for these purposes, in coordination with the Ministry of Housing and the Secretariat General of the Supreme Council for Planning as these housing lands are of about half a million square meters per unit.
Yahya bin Said Al Jabri, Chairman of the Special Economic Zone Authority at Duqm, Chairman of Capital Market Authority (CMA), delivered a speech at the opening of Oman Real Estate Expo 2018 (OREX) Conference accompanying the exhibition, in which he said that the conference comes in the context of the development which the Sultanate’s government has adopted on the path of construction and reconstruction.
He added that it also comes in response to the aspirations of investors and those interested in real estate investment and falls within the specific initiatives adopted by the National Program to Enhance Economic Diversification/Tanfeedh as a plan of action aimed at contributing to the realisation of the Sultanate’s vision to enhance national income sources and achieve the objectives of National Plan.
As many as 425 companies from 18 countries are taking part in the event offering 3-day investment and real estate finance services and facilities.
There are 6 big pavilions allocated for India, Iran, Turkey, China, Germany and the United States.
The exhibition includes 50 developer and real estate companies offering various services.
The event is an opportunity to benefit from the presence of many local and international companies participating in the exhibition and to learn about the opportunities available in the Omani real estate market.
The Oman Real Estate Exhibition will review all the opportunities available in the Omani real estate market in various tourism, commercial, industrial and residential uses.
This is a real opportunity to see what is available in the local market from modern real estate properties available for sale, investment and leasing.
Local and international real estate experts are taking part in the conference as it is expected that the number of participants will be more than 300 from the public and private sectors.