APRIL 29, 2024

Oman injects over RO 338m in drive to bolster residential landscape

MUSCAT: In a move that promises to boost Oman’s residential sector and urban development, the Ministry of Housing and Urban Planning (MoHUP) unveiled a significant investment package valued at around RO 338.7 million.

The announcement, coinciding with the 3rd Oman Real Estate Expo (OREX) and Oman Design & Build Week (ODBW), detailed plans for new residential neighbourhoods and urban centres across various governorates.

The initiative incorporates both residential development and urban planning, aiming to address housing needs and create modern urban spaces.

The investment promises a wave of new residential projects across the country. Al Batinah South will see the rise of Al Laban Neighborhood, offering 1,442 units developed by Al Badi Investment Group with an investment of RO 111 million.

Al Batinah North will host the new Majd Neighborhood with 1,057 new homes undertaken by the Sohar Company for Development with an investment of RO 50 million.

Moving on to Al Dakhiliyah, the Wilayat of Bidbid will be home to Al Zain Fort, a residential developing featuring 639 residential units, with Zain Real Estate Development at the helm of the RO 30 million project.

At Al Amerat in Muscat Governorate, Al Madina Real Estate will invest around RO 53 million in the development of Al-Ahed Neighborhood with 965 homes.

At Khasab in Musandam Governorate, Musandam International Investment Company is developing the Palm Hills project featuring 535 housing units at a cost of RO 55 million.

In Dhofar’s Wilayat of Salalah, Al Dhahab Real Estate will invest RO 35 million in establishing Al-Shorouk, a residential neighbourhood featuring 558 new housing units.

The investment plan extends beyond residential development, prioritising urban planning initiatives.

Agreements were signed to create comprehensive urban plans for three governorates with a combined investment of RO 5.7 million. Al-Masah Real Estate will develop the plan for Al-Rustaq in South Al Batinah for RO 2.2 million.

A dedicated plan for Nizwa in Al Dakhiliyah will be developed with an investment of RO 1.5 million. Finally, the North al Sharqiyah Plan in the Wilayat of Al Mudhaibi will be developed by Al Daham Real Estate for RO 2 million.

This substantial investment by MoHUP is expected to significantly impact Oman’s residential sector.

By creating more housing options for citizens and fostering the development of modern, well-planned urban centres, the initiative promises a brighter future for Oman’s residential landscape and urban development.

Earlier, Abdulsalam al Murshidi, President of Oman Investment Authority (OIA), presided over the opening of the forum at Oman Convention and Exhibition Centre (OCEC) on Monday.

It was organised by CONNECT, in collaboration with the Ministry of Housing and Urban Planning, and Oman Real Estate Association. Also present was Dr Khalfan bin Said al Shueili, Minister of Housing and Urban Planning.

OREX, co-located with ODBW, also showcased leading urban projects, such as Sultan Haitham City, Al Jabal Al Akhdar, and Model Residential Neighborhoods Projects ‘Sorouh’.