Oman's real estate projects offer promising investment opportunities

Oman Thursday 09/May/2024 06:08 AM
By: Times News Service
Oman's real estate projects offer promising investment opportunities

MUSCAT: In a bid to further stimulate economic growth, the Sultanate of Oman has announced tender invitations for a series of tourism projects and integrated residential areas, underscoring Oman's commitment to fostering development across various sectors.

The real estate development sector in Oman has emerged as a promising avenue, with significant potential for expansion, according to Khalid bin Nasser Al Mahrooqi, Director-General of Real Estate Development at the Ministry of Housing and Urban Planning.

Al Mahrooqi reaffirmed the government's commitment in enhancing investment opportunities within the real estate sector.

The senior Omani official emphasised the ministry's efforts in formulating a comprehensive national plan aimed at bolstering the sector's contribution to the country's GDP.

Al Mahrooqi said that among the notable projects is the Sultan Haitham City (Madinat A’Sultan Haitham), hailed as the first smart and sustainable development of its kind.

He said: “Sultan Haitham City covers an expansive area of 14.8 million square metres and the city is set to accommodate 20,000 residential units across 19 integrated neighbourhoods. The infrastructure includes essential amenities such as healthcare centres, educational institutions, mosques, and extensive road networks.”

Additionally, Al Mahrooqi highlighted other significant ventures like the Al Khuwair Downtown Project, valued at approximately OMR800 million.

He said: “Oman aims to attract a substantial portion - around 70% - of foreign direct investments (FDIs) to the real estate sector in the coming years.”

As part of the growth in real estate, the Ministry of Housing and Urban Planning has taken proactive steps by inviting bids for six residential projects across various governorates.

These projects, situated within integrated residential areas and neighbourhoods, are strategically located to promote balanced development across different regions. Notable among these are the Al Luban Neighbourhood in the Wilayat of Nakhal, South Al Batinah Governorate, and the Majd Neighbourhood in the Wilayat of Sohar, North Al Batinah Governorate, among others.

Furthermore, the ministry has already awarded several integrated residential projects, totaling 1.3 million square metres, with an investment value of OMR5.7 million. These projects, spread across South Al Batinah, Al Dakhiliyah Governorate, and North Al Sharqiyah Governorate, are poised to inject momentum into regional development efforts.

Overall, these initiatives signal Oman's proactive approach towards economic diversification and sustainable growth, positioning the country as an attractive destination for investors seeking opportunities in the real estate sector.