APRIL 29, 2024

Oman unveils major real estate projects at OREX

MUSCAT : The week-long event will showcase prominent real estate development projects designed to solidify Oman’s position as a prime investment destination.

The opening ceremony featured the signing of six partnership and development agreements under the ‘Integrated Residential Neighborhoods Project’ (Souroh).

This initiative encompasses over 3.3 million square meters of land with a total investment exceeding RO 333 million. The project envisions more than 5,000 diverse housing units across Muscat, Dhofar, South Batinah, North Batinah, Al Dakhiliyah, and Musandam governorates.

Additionally, agreements were inked for integrated residential plans in Rustaq, Nizwa, and Al Mudhaibi, covering an area of 1.3 million square meters with a total investment value of RO 5.7 million Omani riyals. The conference also announced the launch of electronic bidding for seven investment sites via the Tatwir platform, aligning with the Ministry’s digital transformation efforts and enhancing investment opportunities.

Speaking at the opening ceremony, which was attended by high-ranking officials, real estate developers, and industry experts, H.E. Eng. Hamad Ali Sulaiman Al Nazwani, Undersecretary for Housing at the Ministry of Housing and Urban Planning, highlighted the conference’s objectives. He emphasized its role in spotlighting investment opportunities in Oman, fostering inter-sectoral communication, facilitating partnerships within the real estate sector, and facilitating the exchange of insights and experiences to drive sectoral development.

He underscored the pivotal role of real estate development as a catalyst for investment opportunities, noting its significant impact on the global economy. He stressed the sector’s potential for growth and highlighted its importance among the top sectors driving economic progress.

A panel discussion on the topic of unlocking opportunities addressed trends and opportunities in the real estate and tourism sectors of Oman, highlighting key factors driving industry growth. Furthermore, a dialogue session titled ‘Revolution in Real Estate: From Evaluation to the Vanguard’ explored advanced technologies, marketing strategies, investment trends, and financial solvency in real estate development.

The accompanying Expo, featuring over 150 exhibitors and more than 10 international pavilions, showcases future development projects.

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