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Muscat Daily
24-05-2025
- Business
- Muscat Daily
Oman set to deliver 62,800 residential units, 5,800 new hotel rooms by 2030
Muscat – Oman is set to deliver 62,800 new residential property units by 2030, with 5,500 expected to come to market this year, in line with the country's strategic vision, according to new insight report from leading real estate and advisory consultancy, Cavendish Maxwell. According to Cavendish Maxwell's Oman Real Estate Market Performance report, published last week during Oman Design and Build Week, the sultanate is expected to add 5,800 hotel rooms to its current inventory over the next five years, with 35 new hotels and resorts scheduled to open by 2030. The new rooms will increase existing capacity by approximately 25%. Oman's residential property inventory grew by 3.6% in 2024, with 38,400 new homes delivered, bringing the current supply to around 1.1mn units, the report showed. Most of this housing stock is located in Muscat, followed by Al Batinah North and South, and Dhofar. Expansion of the real estate, infrastructure, hospitality, and tourism sectors is a core component of Oman Vision 2040, which seeks to have non-oil sectors contribute 90% of the national economy by 2040. By that time, Oman's population – currently 5.3mn – is projected to reach 7.7mn, driven by growth in both Omani nationals and expatriates. Over 80,000 new homes are forecast to be delivered between now and 2040. However, Oman's rapid population growth could result in a future shortfall in housing stock, despite tens of thousands of new properties in the pipeline, said Cavendish Maxwell. The consultancy estimates that an additional 340,000 new homes will be required to support a sustainable 90% occupancy rate. Khalil al Zadjali, Head of Oman at Cavendish Maxwell, said, 'Oman is undergoing a meaningful economic transformation, with strong momentum in non-oil sectors and a growing population driving demand across real estate and infrastructure. Vision 2040 is not just a plan – it's a commitment to a sustainable, knowledge-driven, globally competitive future. As the country moves forward with the 2040 agenda, stimulating investment in the real estate sector will be of increasing importance.' 'Government-led initiatives to attract foreign and local investment can play a key role in ensuring long-term housing market resilience, while at the same time supporting national development priorities. However, given the possibility of demand outpacing supply, proactive planning will be essential in avoiding a potential shortfall,' he said. 'Oman's tourism sector is also poised for continued, stable growth, with international visitors on the rise and thousands of new hotel rooms in the pipeline. Backed by government initiatives, growing investor confidence and favourable demographic trends, Oman's real estate, tourism and hospitality sectors are well positioned for sustained, long-term development,' Zadjali added. Occupancy trends According to Cavendish Maxwell, occupancy rates in Oman's residential sector remain stable, averaging 85.2% across all units. Villas and Arabic-style houses maintain a slightly stronger rate of 87.5%, compared to apartments at 80.8%. Apartment occupancy levels increased by 3% in 2024 compared to the previous year. Integrated Tourism Complexes (ITCs) are expected to play a pivotal role in shaping Oman's future, as they are the only locations in the country where non-Omani nationals may own freehold property. These developments also offer more accessible pricing compared to other key parts of the GCC, while delivering comparable rental yields. In line with Vision 2040, ITCs aim to bolster the economy and diversify the real estate sector. Several ITCs are currently under development in strategic locations such as Muscat, Dhofar, South Al Batinah, South Al Sharqiyah, and Musandam. According to the report, ITC apartment sale prices in Oman typically range from RO800 to RO1,100 per square metre – a more accessible rate than in other leading GCC cities, where prices in Dubai range from RO1,600 to RO2,100 per square metre; RO1,400 to RO1,850 in Abu Dhabi; and RO1,000 to RO1,300 in Doha. Rental yields at Oman's ITCs, at 5% to 8%, closely mirror those in Dubai, Abu Dhabi, and Doha. Meanwhile, villa prices range from RO750 to RO1,000 per square metre, compared to RO1,400 to RO1,850 in Dubai and RO1,350 to RO1,750 in Abu Dhabi. Tourism sector growth Tourism in Oman continues to grow, reflecting rising demand and confidence among both international visitors and domestic travellers. Oman's four airports handled 14.5mn passengers in 2024 – a year-on-year increase of 2.5%. Muscat and Salalah accounted for 12.9mn and 1.5mn passengers respectively, underlining Muscat's role as the primary air travel hub and Salalah's significance as a seasonal destination. Hotel guest numbers and revenues surpassed pre-pandemic levels in 2024, with 2.15mn guests staying at Oman's 3- to 5-star hotels – a 3.6% increase on 2023. With visitor numbers continuing to rise, Cavendish Maxwell forecasts a positive, stable outlook for the country's tourism sector. According to the report, Oman currently has approximately 270 hotels and resorts, offering around 24,000 rooms. More than half fall into the Upscale, Upper-Upscale, and Luxury categories. A further 5,800 rooms across 35 hotels and resorts are set to be added by 2030, with 54% of them in the Upper-Upscale and Luxury segments, indicating a shift towards high-value tourism.
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Business Standard
01-05-2025
- Business
- Business Standard
Oman eyes Indian tourists to boost sustainable tourism under Vision 2040
Oman is ramping up efforts to attract international tourists, including Indians, to meet its goal of approximately 11.7 million visitors annually by 2040 as part of its sustainable tourism strategy, a top Omani official said here. Highlighting the deep historical ties between Oman and India, Mohamed bin Mahmoud al Zadjali, adviser to the Minister of Heritage and Tourism for Engineering Affairs, noted that Indian tourists are a key visitor group. The collaboration between Oman and India is historically significant. We rely heavily on Indian tourists, who are among our primary visitor groups consistently exploring various locations in Oman, Zadjali told PTI Videos. Oman is promoting corporate travel and destination weddings, targeting the 'Meetings, Incentives, Conferences, and Exhibitions' (MICE) sector to build a loyal client base in India. The sultanate welcomed around 6,00,000 Indian tourists in 2023 about 15 per cent of total tourists that year reinforcing India's role as a vital market. The sultanate welcomed 4 million tourists in 2023, a 38 per cent increase from the previous year, with Indian visitors playing a pivotal role. Collaboration with local communities has been central to our efforts since the 1970s, preserving castles, traditional markets, and cultural landscapes while fostering sustainable economic growth, Zadjali said. Oman's tourism strategy aligns with Oman Vision 2040, which targets 11.7 million international tourists annually by 2040. The ministry is banking on India's growing outbound tourism market to meet its 2030 goal of 6 million tourists, which includes a significant share of international visitors. Zadjali also highlighted Oman's unique approach to sustainable tourism, exemplified by the Oman Botanic Garden, a flagship project under the Ministry of Heritage and Tourism. Our vision is to preserve Oman's rare and endangered plant species, with 1,457 plants collected, including 100 species unique to Oman, he said. The garden, initiated in 2006 under the late Sultan Qaboos bin Said al Said's directives and supported by Sultan Haitham bin Tarik, is the only botanical facility globally dedicated exclusively to local habitats.
Time of India
01-05-2025
- Business
- Time of India
Oman eyes Indian tourists to boost sustainable tourism under Vision 2040
Oman is ramping up efforts to attract international tourists, including Indians, to meet its goal of approximately 11.7 million visitors annually by 2040 as part of its sustainable tourism strategy, a top Omani official said here. Highlighting the deep historical ties between Oman and India, Mohamed bin Mahmoud al Zadjali, adviser to the Minister of Heritage and Tourism for Engineering Affairs, noted that Indian tourists are a key visitor group. #Pahalgam Terrorist Attack Nuclear Power! How India and Pakistan's arsenals stack up Does America have a plan to capture Pakistan's nuclear weapons? Airspace blockade: India plots a flight path to skip Pakistan "The collaboration between Oman and India is historically significant. We rely heavily on Indian tourists, who are among our primary visitor groups consistently exploring various locations in Oman," Zadjali told PTI Videos. Oman is promoting corporate travel and destination weddings, targeting the 'Meetings, Incentives, Conferences, and Exhibitions' (MICE) sector to build a loyal client base in India. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Moose Approaches Girl At Bus Stop In Aceh Sm - Watch What Happens Happy in Shape Undo The sultanate welcomed around 6,00,000 Indian tourists in 2023 - about 15 per cent of total tourists that year - reinforcing India's role as a vital market. (Join our ETNRI WhatsApp channel for all the latest updates) The sultanate welcomed 4 million tourists in 2023, a 38 per cent increase from the previous year, with Indian visitors playing a pivotal role. "Collaboration with local communities has been central to our efforts since the 1970s, preserving castles, traditional markets, and cultural landscapes while fostering sustainable economic growth," Zadjali said. Live Events MORE STORIES FOR YOU ✕ « Back to recommendation stories I don't want to see these stories because They are not relevant to me They disrupt the reading flow Others SUBMIT Oman's tourism strategy aligns with Oman Vision 2040, which targets 11.7 million international tourists annually by 2040. The ministry is banking on India's growing outbound tourism market to meet its 2030 goal of 6 million tourists, which includes a significant share of international visitors. Zadjali also highlighted Oman's unique approach to sustainable tourism, exemplified by the Oman Botanic Garden, a flagship project under the Ministry of Heritage and Tourism. "Our vision is to preserve Oman's rare and endangered plant species, with 1,457 plants collected, including 100 species unique to Oman," he said. The garden, initiated in 2006 under the late Sultan Qaboos bin Said al Said's directives and supported by Sultan Haitham bin Tarik, is the only botanical facility globally dedicated exclusively to local habitats.
Observer
20-04-2025
- Science
- Observer
Utas Ibra marks annual Research Day
Muscat: The University of Technology and Applied Sciences (UTAS), Ibra, celebrated its annual Research Day on April 15 and showcased research achievements and innovations from all departments, along with a presentation Dr. Salah al Zadjali, Director General of Research Programs and Capacity Building at the Ministry of Higher Education, Research, and Innovation (MoHERI). Dr Zadjali highlighted the programs and awards that MoHERI offers to support student and staff initiatives. The Research Day concluded with an awards ceremony, where the winners of the Best Research Poster competition were announced. This event also provided a great opportunity for students and staff members to meet and share research work and ideas, reaffirming the role of Utas Ibra as a center for innovation and academic achievement.
