Latest news with #MinistryofHousingandUrbanPlanning
Observer
25-05-2025
- Business
- Observer
Oman, Qatar explore stronger trade and investment ties
MUSCAT: Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, received Dr Ahmed bin Mohammed al Sayed, Minister of State for Foreign Trade Affairs of the State of Qatar, at the 'Invest in Oman' Lounge on Sunday to discuss boosting trade and investment relations between the two nations. The meeting focused on strengthening bilateral economic cooperation and unlocking new opportunities in trade and investment to advance shared development goals. The Qatari delegation was briefed on Oman's investment landscape through a series of visual presentations highlighting the Ministry's responsibilities, the "Invest in Oman" platform, strategic partnerships, and available opportunities from the Ministry of Housing and Urban Planning. The visitors also toured the 'Invest in Oman' lounge, which serves as a one-stop investment facilitation center offering streamlined services to both local and international investors. A key part of the discussions included Oman's investment incentives, the Investor Residency Programme, and advantages within the Sultanate's special economic and free zones—areas that play a vital role in attracting foreign capital. The meeting was attended by Dr Saleh bin Saeed Masan, Under-Secretary for Commerce and Industry at the Ministry of Commerce, Industry and Investment Promotion; Ibtisam bint Ahmed al Faroojiya, Under-Secretary for Investment at the Ministry of Commerce, Industry and Investment Promotion; Shaikh Jassim bin Abdulrahman al Thani, Ambassador of Qatar to Oman; and other officials from both sides. — ONA
Observer
22-05-2025
- Business
- Observer
Omran and Al Dhahirah sign MoU to develop Ibri View project
MUSCAT, MAY 22 Oman Tourism Development Company (OMRAN Group) has signed a Memorandum of Understanding (MoU) with Al Dhahirah Governorate to develop the highly anticipated 'Ibri View' project. The agreement, which aligns with the goals of Oman Vision 2040, marks a new milestone in the country's commitment to creating vibrant tourism destinations across the Sultanate. The signing of the MoU reflects a strategic partnership aimed at transforming the Ibri View concept into a fully realised tourism and lifestyle destination. By collaborating with local authorities, OMRAN Group aims to tap into the region's natural and economic potential while fostering community engagement, sustainable practices, and long-term investment opportunities. The Ibri View project, also known as 'Etalat Ibri', first gained national attention last year when it was named the best proposed development in a competition organised by the Ministry of Housing and Urban Planning. Located in the Al Salif area of wilayat Ibri, the project was hailed for its vision and alignment with sustainable development principles, reflecting Oman's commitment to uplifting living standards across its governorates. Commenting on the project's recognition, Najeeb bin Ali Rawas, Governor of Dhahirah, stated that the award reflects the Governorate's ambition to fulfill the sustainable development objectives outlined in Oman Vision 2040. 'The project is poised to deliver significant social and economic benefits to the local community, including job creation, economic stimulation, infrastructure enhancement, and community integration,' he said. Spread across 2 million square metres, the Ibri View project is planned with a total investment of RO183 million. The Ministry of Finance has earmarked RO10 million for the first phase, a strong indicator of the government's support for advancing infrastructure and stimulating regional growth. The development will feature a blend of residential, commercial, and leisure facilities including three hotels, a shopping centre, residential areas, green spaces, a youth centre, and other recreational amenities. Environmental sustainability is at the core of the project's design, with elements such as renewable energy solutions, green construction practices, smart infrastructure, and sustainable transport systems integrated from the outset. Rawas also highlighted the project's role in enhancing Ibri's identity as a prominent commercial and entertainment hub in the region. 'The first phase, expected to be completed within two years, is designed to create an inclusive space for social interaction and economic activity while preserving local heritage and environmental integrity.' In addition to transforming the physical landscape, Ibri View is expected to generate both direct and indirect employment across various sectors, including construction, retail, hospitality, maintenance, and services. The project will also serve as a platform for small and medium enterprise (SME) development, further embedding sustainability into the local economy. With the signing of the MoU, OMRAN Group and Al Dhahirah Governorate have taken a significant step toward turning a visionary plan into a catalyst for regional growth—one that positions Ibri as a model for future development across the Sultanate.
Observer
21-05-2025
- Business
- Observer
Developers seek solutions to real estate challenges
MUSCAT, MAY 21 The real estate market in the Sultanate of Oman has witnessed notable activity in recent years, particularly with the launch of Smart City projects such as Sultan Haitham City, and integrated residential neighbourhoods under the 'Sorouh' initiative, all of which aim to provide a comprehensive urban environment aligned with the goals of Oman Vision 2040. However, this momentum faces several obstacles that threaten the pace of growth and investment in this vital sector chief among them being weak purchasing power among citizens, high construction costs, and land development challenges. In this context, the Observer spoke with several prominent real estate developers during the 20th Oman Real Estate Conference and Design and Build Week, where they outlined the major issues confronting the sector and proposed realistic solutions to enhance market efficiency. FINANCING: THE MAIN BOTTLENECK Nasser Al Badi, General Manager of Al Badi Investment Group, emphasized that the concept of integrated residential neighborhoods, introduced by the Ministry of Housing and Urban Planning about four years ago, marked a qualitative leap in the housing sector, with the pilot project 'Hayy Al Naseem' initially showing strong sales. However, he noted that it soon faced marketing difficulties due to citizens' limited access to financing. 'It's unrealistic to expect citizens to purchase homes costing between RO 25,000 and 50,000 when their monthly income barely covers basic needs. Banks lend to those earning RO 325 a month, then deduct OMR 150 in repayments—how can someone live on the remaining amount?' Al Badi lamented. He clarified that the problem isn't with the integrated neighborhood concept itself, but with the absence of financing mechanisms that align with citizens' incomes. He proposed long-term loans extending up to 50 years, with monthly deductions capped at 20–25% of income to ensure a dignified standard of living without overwhelming debt. Qais al Bahri, CEO of Dream Villa, described housing finance as the 'fundamental dilemma,' stating that the challenge isn't legal but financial—where loan ceilings are not in line with citizen incomes or current property prices. He suggested that collaboration with banks, as seen in Saudi Arabia, could create holistic financing solutions. RISING CONSTRUCTION COSTS The rising prices of construction materials, along with permitting and approval fees, have created additional pressure on both developers and buyers. Al Badi explained: 'To start a project, we have to pay thousands—RO 7,000 for mining approvals, RO 3,000 for environmental permits, and RO 18,000 for civil defense clearance. These fees ultimately inflate property prices.' Al Bahri attributed the increase to global factors beyond local control, stressing that reducing construction quality to cut costs is not an acceptable solution. MORE REGULATORY REFORMS NEEDED Both developers acknowledged notable progress in real estate laws over recent years. According to Al Bahri, the Ministry of Housing has become more flexible, offering easier eligibility for housing ownership. For instance, citizens can now purchase property even outside their native governorates, and support can reach up to RO 30,000 or even RO 50,000. Al Badi praised the Ministry's escrow account system, which he described as an important regulatory measure that helps prevent real estate fraud. ABUNDANT LAND BUT LIMITED INFRASTRUCTURE Commenting on claims of land scarcity in some governorates, Al Badi denied there is a shortage of land, stating: 'We have thousands of unused plots, but the real issue lies in the lack of infrastructure—areas without water, sewage, or electricity.' Al Bahri agreed, noting that 'owning land is not enough. The land must be livable with access to essential services, and this is what the Ministry has been focusing on recently.' Al Badi proposed a different approach to stimulate the real estate market, one that goes beyond direct subsidies. He suggested allowing expatriates and their families to reside and own property. 'The demand for housing is low because the population isn't large enough to drive the market. If we allowed expatriate families to settle and rent homes, thousands of apartments would be occupied, and local markets would flourish, similar to what we've seen in Dubai and Riyadh,' he explained. Oman's real estate sector currently struggles with a disconnect between strong government planning and the citizen's financial ability to keep up. While regulations have become more flexible, financial constraints remain the core issue—requiring joint intervention by the government and the banking sector to ensure the continuity of development projects and restore market balance between supply and demand. In light of these challenges, proposed solutions such as expanding banking options, reducing government fees, and increasing population density through inclusive residency policies may offer new opportunities for this vital sector in shaping Oman's urban and economic future.
Daily News Egypt
21-05-2025
- Business
- Daily News Egypt
Hisham Talaat Moustafa eyes Oman as promising real estate, tourism investment hub
Hisham Talaat Moustafa, CEO and Managing Director of Talaat Moustafa Group (TMG), has affirmed that the Sultanate of Oman holds a promising future for its real estate sector and is poised to be a regional real estate and tourism hub. Speaking at a dialogue session during the 20th edition of the Oman Real Estate Conference and Exhibition, Moustafa emphasised Oman's economic advantages, including political and economic stability, low inflation rates compared to many regional markets, and a flexible legislative environment that supports investor rights, as factors making it an attractive destination for real estate investment. Hisham Talaat Moustafa noted that TMG received full support for over a year from Omani Minister of Housing Khalfan Al Shueili and other officials. This collaboration culminated in the signing of an agreement between TMG and the Omani Ministry of Housing and Urban Planning to develop two real estate and tourism projects west of Muscat, the Omani capital. He elaborated that clear indicators point to an increasing demand for real estate in the Sultanate in the near future. Hisham Talaat Moustafa highlighted that over 65% of Oman's total population is aged from birth to 30 years, signifying a young demographic expected to fuel future demand for both housing and services. This demographic trend also suggests substantial annual growth within the real estate sector, creating broad opportunities for investment and development, he added. Talaat Moustafa Group aims to actively participate in developing integrated cities and projects in the Sultanate, keeping pace with this growth, Hisham Talaat Moustafa said. He stated this aspiration is backed by the Group's approximately 55 years of experience in real estate development, during which they have developed integrated cities housing over 1.5 million people. In the tourism sector, TMG possesses the largest hotel portfolio in Egypt, with over 5,000 hotel rooms and an additional 3,000 rooms currently under development, according to Moustafa. 'I invite all investors worldwide to turn their attention to the Sultanate of Oman, which represents a promising investment destination, not only in the real estate sector but also in the growing tourism sector, thanks to Oman's unique characteristics,' Hisham Talaat Moustafa stated during the conference. Ahmed Sabbour, Chairperson of Al Ahly Sabbour Developments, who also participated in the session, affirmed that the entry of Talaat Moustafa Group will encourage Egyptian real estate developers to join the Omani market. The conference was held under the patronage of Sayyid Bilarab bin Haitham Al Said at the Oman Convention and Exhibition Centre and saw significant participation from leading local and international investors, real estate developers, and experts and consultants in urban planning, urban development, and real estate development.
Muscat Daily
19-05-2025
- Business
- Muscat Daily
Flagship cities unveiled in Jabal Akhdar, Bausher
Muscat – The Oman Real Estate Conference and Exhibition held alongside Design and Build Week kicked off on Monday under the patronage of H H Sayyid Bilarab bin Haitham al Said. A highlight of the opening day was the signing of nine strategic partnership and development agreements worth over RO2.3bn. During the opening ceremony, H H Sayyid Bilarab inaugurated two flagship projects – Al Thuraya City in Bausher, envisioned as a smart urban hub, and Al Jabal al Aali in Jabal Akhdar, designed as a global mountain tourism destination. Valued at RO 1.2bn, the Al Jabal al Aali project marks a major milestone in real estate and tourism investment in Jabal Akhdar. A partnership agreement was also signed for development of a health district within the project's Western Village with an investment of RO200mn. Covering 630,000sqm, the district will feature 500 residential and hotel units with total built-up area exceeding 100,000sqm reinforcing the project's positioning as an integrated health and ecotourism destination. Al Jabal al Aali in Jabal Akhdar Set 2,400m above sea level on the Hajar mountains, the 11.8sqkm Al Jabal Al Aali project boasts temperate climate, stunning vistas, and rich ecological diversity. It will offer over 2,500 residential units across three neighbourhoods and is expected to accommodate 10,000 residents. The project will include more than 2,000 hotel rooms and facilities capable of hosting up to 30,000 visitors during major events. Meanwhile, Al Thuraya City will be developed in three phases. Phase 1 spans more than 3mn sqm with total built-up area exceeding 831,000sqm. It will house over 8,000 people in 2,600 residential units across eight integrated neighbourhoods, featuring retail outlets, a 400-room hotel, schools, clinics, mosques, community centres, parks and sports facilities. Phase 2 will cover 3.6mn sqm and include 3,600 residential units across three neighbourhoods. An international design competition will be held as part of Phase 3 aimed at shaping the city's sustainable urban vision. A partnership agreement worth over RO240mn was signed at the conference to develop District No 6, a key neighbourhood within Phase 1 of Al Thuraya City in Bausher. Developed by Tathmeer Properties, the district will cover 285,000sqm and feature 1,000 residential units. Additionally, tenders worth RO13mn were awarded for landscaping, levelling and engineering consultancy works for Phase 1 of Al Thuraya City. Organised by Ministry of Housing and Urban Planning in collaboration with Oman Real Estate Association and Connect Company, the conference is one of the sultanate's leading platforms to promote investment opportunities and advance the real estate and construction sectors.
