The Director General of Real Estate Development at the Ministry of Housing and Urban Planning, Engineer Khalid bin Nasser Al Mahrouqi, stressed that the Ministry has worked on preparing a national plan to develop the real estate development sector by studying and analyzing the current situation of the sector and transforming challenges into initiatives that contribute to stimulating it and enhancing investment opportunities to make the sector a major contributor to Oman's GDP.
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The most prominent real estate development projects in Oman
In a statement to Oman News Agency, he said: “One of the most prominent real estate development projects in Oman is 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 meters, and includes about 20 thousand housing units distributed in 19 integrated neighborhoods with various facilities and services that meet the needs of residents such as health care, schools, colleges and universities, mosques and mosques, an internal road network for transportation, pedestrian and bicycle tracks in addition to water and sanitation services.”
He explained that there are many other projects in Oman. He explained that there are many projects such as the "Al Khuwair Downtown" project, whose investment value is estimated at OMR 800 million, and the project to develop the front of the Green Mountain as an integrated tourist complex, which is currently under study, indicating that these projects will add different tourist destinations in various governorates of the Sultanate of Oman in modern and diverse styles.
These projects will work to add different destinations and tourist destinations in various governorates of Oman.
Real estate development sector accounts for 70% of foreign investment
He pointed out that the real estate development sector aims to attract about 70 percent of foreign direct investment to Oman in the coming years, indicating that the sector will have positive tributaries by activating the role of small and medium enterprises from suppliers, contractors, construction sectors, building materials and other works related to these projects.Ministry of Housing. <During the past period, the Ministry of Housing and Urban Planning has launched 6 housing projects in various governorates of Oman within the “Integrated Residential Plans and Neighborhoods Project”, including ”Al Labban Neighborhood” in Nakhl in South Al Batinah Governorate, ”Majd Neighborhood” in Sohar Governorate in North Al Batinah Governorate, ”Husn Al Zain” in Bidbid Governorate in Al Dakhiliyah Governorate, “Al Ahed Neighborhood” in Amerat Governorate in Muscat Governorate, ”Palm Hills” project in Khasab Governorate in Musandam, and "Al Shorouk Neighborhood" in Salalah Governorate in Zafar, the total area for these projects reached 3. 3 million square meters, with a total investment value.The total area of these projects is 3.3 million square meters, with an investment value of OMR 333 million, including more than 5,000 different housing units.
The ministry also awarded several integrated residential schemes with a total area of 1.3 million square meters and an investment value of OMR 5.7 million, namely the Rustaq scheme in Rustaq in South Al Batinah Governorate, the Nizwa scheme in Nizwa in Al Dakhiliyah Governorate, and the North East scheme in Al Mudaibi in North Al Sharqiyah Governorate.
The Ministry also awarded several integrated residential schemes with a total area of 1.3 million square meters and an investment value of OMR 5.7 million. <For his part, the Chairman of the Oman Real Estate Association, Younis bin Khasib Al Harasi, said: The real estate development projects announced by the Sultanate of Oman over the past few years are major projects that will undoubtedly have positive economic effects and represent a promising opportunity for investors in light of the government incentives and facilities provided, represented by the absence of the need for local partners, in addition to the multiplicity of fields in which the foreign investor can work and the possibility of obtaining financial facilities and other benefits, such as obtaining years of residence ranging from 5 to 10 years within the investor residence program.
The Chairman of the Board of Directors of the Oman Real Estate Association, Younis bin Khaseeb Al-Harasi, said.
6 % growth in the real estate sector in Oman
He explained that the real estate sector in the Sultanate of Oman is witnessing remarkable growth, as the volume of trading in 2023 achieved a growth of 6 percent compared to 2022, expecting that this growth will maintain its rates during the next phase due to the size of the large projects that have been 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 of offering many opportunities to investors in the fields of real estate development and tourism projects is unprecedented and in line with the government's directives.”
<For its part, Omran Group -the Government of Oman's tourism development and investment arm, works to create and operate tourism destinations, provide multiple investment opportunities, and attract the best developers and operators of regional and international hospitality brands.
Omran Group has been able to create a number of opportunities for investors in the fields of real estate development and tourism projects in line with the government's directives. During the past years, Omran has been able to sign 8 strategic partnerships with a number of leading regional and international developers in several tourism projects, most notably the “Aida” project, which comes in partnership with Dar Global Group and aims to invest about 1.6 billion US dollars to establish a mixed-use tourism project on an area of about 3.5 million square meters between Yeti and Yenket areas in Muscat, which will include about 3500 residential units and two hotels with a total of 450 hotel rooms.
Omran is developing and operating tourism destinations and attracting the best developers and operators in the hospitality industry regionally and globally. Omran, in partnership with Diamond Developers, is implementing the “Yeti Sustainable City” project with an investment value of approximately USD 1 billion, which includes the construction of 1657 residential units, including 300 environmentally friendly villas with highly efficient designs and a variety of villa spaces, as the city relies on fully renewable energy sources to operate all its facilities.
Omran is also implementing, in partnership with Diamond Developers, the “Yeti Sustainable City” project with an investment value of approximately USD 1 billion, which includes the construction of 1657 residential units, including 300 environmentally friendly villas with highly efficient designs and a variety of villa spaces. The group, in cooperation with Qatar's Deyaar Holding, is also carrying out construction work on the “Deyaar Ras Al Hadd” project in Sur, South Eastern Province on an area of 1.9 million square meters with about 200 hotel rooms and 50 villas distributed among five-star hotels, in addition to 1,029 residential units.
Deyaar Ras Al Hadd is also under construction on an area of 1.9 million square meters.
Omran recently signed an agreement to develop the first Club Med resort in the Middle East, in Khasab, Musandam Governorate, with an investment value of more than 100 million US dollars, which after its completion in 2028 will add about 300 hotel rooms.
Omran is seeking to develop the resort on an area of 1.9 million square meters with about 200 hotel rooms and 50 villas. Omran, in collaboration with Majid Al Futtaim, is developing the 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 and other facilities. In addition, Omran has implemented various tourism projects in Oman, including Jebel Saifa, Al Mouj Muscat, Muscat Bay and Hana Salalah, and owns hotel assets in several international hotels.
Omran is also developing a number of tourism projects in the Sultanate of Oman, including Jebel Saifa, Al Mouj Muscat, Muscat Bay and Hana Salalah.
Real estate trading value in Oman
Statistics issued by the National Center for Statistics and Information show that the total value of real estate trading in the Sultanate of Oman reached about 587 million and 500 thousand Omani riyals in the first quarter of 2024. The State of Kuwait was the highest investor in Oman in terms of real estate transactions in 2023, with investments amounting to about OMR 26.7 million with 319 real estate transactions, followed by the Republic of India with about OMR 12.2 million with 70 real estate transactions, then the United Arab Emirates with OMR 5.3 million with 319 real estate transactions.
The statistics released by the National Center for Statistics and Information show that the total value of real estate transactions in Oman in the first quarter of 2024 amounted to about OMR 587 million and 500 thousand.
