Tourism-integrated real estate poised for strong growth
Tourism-integrated real estate projects in Oman are poised for strong growth and will be one of the major contributors to the GDP besides being a job creator, thanks to the country's strategic focus on sustainable tourism.
In addition, this sector is a promising and enabling sector for implementing investment opportunities, supported by the readiness of the basic infrastructure system of roads, electricity, water, sewage which is all set to grow in leaps and bounds, according to Muriya Tourism Development.
Muriya is a Joint venture between Orascom Development and Omran Group; and is the largest and most diversified private integrated real estate and tourism developer committed to contributing to the development of the Sultanate of Oman.
Speaking to the Observer on the sidelines of the recently held Oman Real Estate Exhibition, Wael al Lawati, CEO of Muriya Tourism Development said that tourism-integrated real estate in Oman is poised for strong growth, driven by the rising demand for destinations that combine lifestyle, hospitality and investment.
'The fact is that tourism-integrated real estate projects in Oman are heading towards strong growth and will be one of the major contributors to the GDP besides being a job creator. This is possible because the country has been paying a very strategic focus on sustainable tourism,' he said.
Through a successful partnership between the internationally acclaimed builder of fully-integrated towns, Orascom Development Holding (ODH) and Oman Tourism Development Company (OMRAN), the leading executive government arm for tourism development in the Sultanate of Oman, Muriya has been developing many ITC projects at an investment of over $750 million in Oman and they include Hawana Salalah and Jebel Sifah, which include hotels, marinas and recreational facilities.
These successful partnerships have been a major contributor to the tourism sector and have resulted in 1,200 operating hotel rooms in 6 years, 420,000 hotel guest nights in 2019, over 1,000 homeowners, creating thousands of direct and indirect jobs; and supporting local businesses, contributing to Oman's economic diversification and tourism growth.
'Through Muriya, we strengthen Oman's international presence as a high-potential tourism and investment hub while supporting job creation and community engagement through sustainable developments,' Al Lawati said.
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