Latest news with #Zadjali
Muscat Daily
06-07-2025
- Business
- Muscat Daily
OPAZ signs 7 pacts to launch Economic Zone at Dhahirah
Muscat – Public Authority for Special Economic Zones and Free Zones (OPAZ) signed seven agreements and memoranda of understanding on Sunday to initiate operational activities in Economic Zone at Dhahirah (EZAD) marking a key step in the zone's development. Signed by Dr Ali bin Masoud al Sunaidy, Chairman of OPAZ, and contracting companies, the agreements include a RO22.3mn construction contract for main roads and a surface water drainage system. The 24-month contract was awarded to an Omani-Saudi consortium. OPAZ also signed a strategic MoU with Sohar International Bank to provide financial solutions for investors. The agreement includes preferential offers for businesses, capital structuring services and access to OPAZ's investor platform. Two service level agreements were signed with Al Watanyiah United Engineering (Oman) and Dar al Riyadh (Saudi Arabia), engaging them to prepare architectural, structural and infrastructure designs for investor projects in EZAD, provide technical advice and feasibility studies, and assist with approvals. Additionally, three MoUs were signed with Sohar International Bank, Poly Products and Naseem Ibra Company, expressing investment interest in the zone. Yahya bin Khamis al Zadjali, Planning Advisor to Chairman of OPAZ, said the zone is intended to serve as an integrated industrial and logistics hub, connecting GCC markets and enhancing trade between Oman and Saudi Arabia. Yahya bin Khamis al Zadjali, Planning Advisor to Chairman of OPAZ 'In cooperation with the Economic Cities and Special Zones Authority of Saudi Arabia, OPAZ has completed the master plan for EZAD,' Zadjali said. The first phase of development covers 20sqkm, including an urgent implementation area of 7.5sqkm within the total allocated 388sqkm. Zadjali added that the long-term vision for the zone is to become a centre for advanced industrial sectors, with particular focus on clean energy as a core driver of development. 'It will also serve as a logistics hub featuring an inland port and include a residential area designed with focus on environmental sustainability and community well-being, offering modern living amenities and essential services for both residents and workers.' The RO22.3mn road and drainage contract includes construction of 17km of roads, solar street lighting, storm water channels and a 6.3km diversion channel for wadi protection. The scope of work includes box culverts, road reconstruction and safety infrastructure such as roundabouts and signage. The agreement mandates that at least RO1.23mn of the works be awarded to SMEs and requires an Omanisation rate of at least 30%, including in technical roles, to promote local workforce development.
Muscat Daily
02-07-2025
- Business
- Muscat Daily
OPAZ invites bids for phase one of Al Rawdah water drainage project
Muscat – The Public Authority for Special Economic Zones and Free Zones (OPAZ) announced the launch of a tender for the construction works of surface water drainage channels in the Al Rawdah Special Economic Zone. OPAZ has invited specialised companies to purchase tender documents and submit bids via the e-tendering platform 'Etimad', for the project to be implemented in the wilayat of Mahdah in Buraimi governorate. The tender coincides with the Ministry of Finance's signing of an agreement with the Arab Fund for Economic and Social Development (AFESD) to fund the first phase of the surface water drainage project in Al Rawdah Special Economic Zone. Yahya bin Khamis al Zadjali, planning advisor to the Chairman of OPAZ, stated that the project aims to provide essential protection for the zone, including safeguarding tourism, industrial, commercial, and agricultural facilities. The project will implement an integrated network of open channels and effective water barriers to control the flow of surface water resulting from rainfall across the lands designated for the SEZ. The tender includes the construction of an 850m barrier, a 25km long rainwater drainage channel, and associated excavation, backfilling, grading, and other works necessary to support the zone's economic and social goals, Zadjali added. The drainage network will be precise enough to withstand exceptional weather conditions. Strategically located in the wilayat of Mahdah, Al Rawdah SEZ serves as a key logistics gateway between the Sultanate of Oman and the United Arab Emirates. The zone is connected to Suhar and Jebel Ali ports, enabling logistics providers, manufacturers, and commercial businesses to access GCC, Asian and African markets efficiently and cost-effectively. In May, OPAZ signed an agreement with Mahdah Development Company to develop and operate the first phase of the SEZ over an area of 14sqkm. The total planned area of the zone is approximately 56.8sqkm. The first phase focuses on attracting investment in a range of sectors, including manufacturing, logistics, warehousing, pharmaceuticals, plastics, mining, food industries, and safety and security services. Through the development of Al Rawdah SEZ, OPAZ aims to capitalise on the comparative and competitive advantages of Oman's various governorates, thereby contributing to economic and social development, creating employment opportunities for Omani youth, and stimulating key economic sectors. The establishment of the SEZ aligns with the authority's broader strategy to support Oman Vision 2040, particularly in the areas of economic diversification, fiscal sustainability, labour market development, private sector growth, foreign investment, international cooperation, and sustainable urban and regional development.
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.
