In an effort to further stimulate economic growth, the Sultanate of Oman has announced invitations for tenders for a range of tourism projects and integrated residential areas, highlighting Oman's dedication to fostering development in various sectors.
According to Khalid bin Nasser Al Mahrooqi, the Director-General of Real Estate Development at the Ministry of Housing and Urban Planning, the real estate development sector in Oman has emerged as a promising opportunity with significant potential for expansion.
Al Mahrooqi reiterated the government's commitment to enhancing investment opportunities within the real estate sector.
The senior Omani official emphasized the ministry's efforts in creating a comprehensive national plan aimed at increasing the sector's contribution to the country's GDP.
Al Mahrooqi mentioned that one of the notable projects is Sultan Haitham City (Madinat A’Sultan Haitham), which is hailed as the first smart and sustainable development of its kind.
He stated, "Sultan Haitham City spans an extensive area of 14.8 million square meters and is designed to accommodate 20,000 residential units across 19 integrated neighborhoods. The infrastructure includes essential amenities such as healthcare centers, educational institutions, mosques, and a well-connected road network."
In addition, Al Mahrooqi emphasized other notable endeavors such as the Al Khuwair Downtown Project, which holds an estimated value of OMR800 million.
He stated, "Oman's objective is to attract a significant portion, approximately 70%, of foreign direct investments (FDIs) into the real estate sector in the upcoming years."
To foster the growth of the real estate industry, the Ministry of Housing and Urban Planning has taken proactive measures by inviting bids for six residential projects across various governorates.
These projects are strategically situated within integrated residential areas and neighborhoods, aiming to promote balanced development across different regions. Noteworthy among them 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, encompassing a total area of 1.3 million square meters, with an investment value of OMR5.7 million. These projects are spread across South Al Batinah, Al Dakhiliyah Governorate, and North Al Sharqiyah Governorate, and are poised to invigorate regional development efforts.
Overall, these initiatives demonstrate Oman's proactive approach towards economic diversification and sustainable growth, positioning the country as an appealing destination for investors seeking opportunities in the real estate sector.
