APRIL 29, 2024

RO338mn to spur real estate sector

Muscat – Ministry of Housing and Urban Planning (MHUP) inked nine agreements worth RO338mn on Monday to advance residential neighbourhoods and urban projects across the sultanate.

The agreements were inked during the inauguration of the third Oman Real Estate Conference on Monday, held alongside Oman Design and Build Week 2024, which will run till May 1 at Oman Convention and Exhibition Centre.

The event kicked off under the patronage of Abdulsalam bin Mohammed al Murshidi, President of Oman Investment Authority, and witnessed the participation of dignitaries, real estate developers, stakeholders, and local and international experts in the real estate industry.

H E Hamad bin Ali bin Sulaiman al Nazwani, Undersecretary for Housing in MHUP, emphasised the event’s objectives to spotlight investment opportunities in Oman, foster inter-sectoral collaboration, facilitate partnerships within the real estate sector, and exchange insights to bolster the industry.

Among the agreements signed, six were under the Integrated Residential Neighbourhoods Project (Souroh). These include developments such as the Frankincense Neighbourhood in Nakhal, the Majd Neighbourhood in Sohar, the Fort al Zain Neighbourhood in Bidbid, and the Al Ahed Neighbourhood in Amerat. Additionally, agreements were signed for the Palm Hills Project in Khasab and the Al Shorouk Neighbourhood in Salalah. These projects collectively spread over 3.3mn sqm and entail an investment of RO333mn, featuring over 5,000 diverse residential units.

Agreements were also struck for ‘Assignment of Integrated Residential Plans’, including the Rustaq Plan in South Batinah, the Nizwa Plan in Dakhliyah, and the North Sharqiyah Plan in Mudhaibi. These plans cover a total area of 1.3mn sqm, with investments amounting to RO5.7mn.

Additionally, MHUP launched seven investment sites for electronic bidding through the Tatweer platform, aligning with its digital transformation journey and enhancing investment prospects.

H E Nazwani underscored the pivotal role of real estate development as a catalyst for realising investment potential, noting its significant impact on the global economy and its position among the top five sectors offering substantial opportunities.

MHUP also showcased projects like Sultan Haitham City, the Jabal Akhdar Project, Downtown Al Khuwair, as well as smart cities like Salalah, Sohar City and the Greater Muscat Plan at the event.