Oman: Real estate conference opens with $5.9bln deals
The national platform brings together local and international investors, real estate developers, and experts to showcase major projects, highlight promising investment opportunities, and build effective partnerships between the public and private sectors in line with Oman's efforts to enhance the business environment and support sustainable urban growth while the accompanying exhibition offers potential buyers the chance to explore a diverse range of residential units and real estate projects presented by leading developers.
On the opening day, two major projects were unveiled, marking significant additions to Oman's urban development landscape. The first project is the launch of Al Thuraya City in the Wilayat of Baushar as a smart city, and the first phase includes more than 2,600 housing units distributed across eight integrated neighbourhoods, accommodating more than 8,000 people. At an altitude of 2,400 metres above sea level, the Al Jabal Al Aali Project was launched as a unique global mountain destination.
It spans an area of 11.8 square kilometres and includes three main villages accommodating more than 10,000 people.
As part of the conference's opening, nine partnership and development agreements worth over RO2.3 billion were signed. These include major development projects in Sultan Haitham City and Al Thuraya City, expanding Oman's urban growth map and opening new horizons for real estate investment.
KEY AGREEMENTS
Two major real estate and tourism development agreements were signed with Talaat Moustafa Group worth over RO1.7 billion to develop districts (7), (8), (9), (11), (12A), and (12B) in Sultan Haitham City on more than 2.6 million square metres. The project includes various residential units such as villas, apartments, and mixed-use buildings, alongside integrated services including mosques, parks, green spaces and a social and sports club.
A tourism project in Al Seeb covering over 2.2 million square metres, featuring a hotel, residential areas with waterfront views, artificial lakes and a marina, adding significant value to Oman's tourism sector.
A development agreement worth over RO 150 million with Idraak Real Estate Development Company to develop districts (6C) and (6D) in Sultan Haitham City, in addition to awarding a site preparation tender for Package (1A) worth over RO 6 million.
A new hotel project in collaboration with the global LUX Collection brand, valued at RO 45 million, to develop the first 4-star hotel complex in Sultan Haitham City's January Residences.
An usufruct agreement worth RO 2 million was signed with Al Siyabi Group to establish a precast concrete factory in Halban, Barka. This project is expected to reduce construction time by 40 per cent compared to traditional methods and support local employment.
An agreement worth over RO 240 million was signed to develop District (6) in Al Thuraya City, covering 285,000 square metres and including 1,000 residential units. Two tenders worth RO 13 million were also awarded for site preparation and engineering consultancy services. Additionally, an international competition was announced for the design of the city's third phase, aimed at making it a hub for adventure and mountain sports.
An agreement worth RO 200 million was signed to develop the Health District in the western village, covering 630,000 square metres and offering 500 residential and hotel units, reinforcing Al Jabal Al Aali position as a destination for health and eco-tourism.
On the sidelines of the conference, 23 agreements were signed with service providers to implement infrastructure for eight projects under the 'Sorouh' initiative, covering water, electricity, and telecom networks. Eight new investment opportunities were announced in Al Batinah South, Al Sharqiyah South, Dhofar, Muscat and Al Dakhiliya
2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).
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