Latest news with #non-Omanis
Saba Yemen
26-06-2025
- Business
- Saba Yemen
Muscat stock exchange index closes 0.15% lower
Muscat – Saba: The Muscat Stock Exchange "30" index closed today at 4,507.03 points, down by 6.9 points (0.15%) compared to the last trading session, which stood at 4,513.93 points. The trading value reached OMR 13,046,465, marking a 16.1% increase compared to the previous session's OMR 11,238,468. A report issued by the Muscat Stock Exchange indicated that the market capitalization decreased by 0.081% from the last trading day, reaching approximately OMR 28.27 billion. The value of shares purchased by non-Omanis in the exchange amounted to OMR 531,000, representing 4.07% of total trading, while the value of shares sold by non-Omanis reached OMR 730,000 (5.59%). Consequently, the net investment by non-Omanis declined by OMR 199,000 (1.52%). Whatsapp Telegram Email Print
Observer
18-06-2025
- Business
- Observer
Freehold ownership to drive SEZ investment
MUSCAT, JUNE 18 The opportunity for foreigners to own residential property on a freehold basis in Oman's Special Economic Zones (SEZs) and Free Zones is expected to significantly enhance the investment appeal of the Sultanate's expanding portfolio of industrial and economic hubs. This provision is a key feature of the Law of Special Economic Zones and Free Zones, promulgated under Royal Decree 38/2025 on April 7, 2025, and effective from April 14, 2025. Article 42 of the law, titled Land Allocation and Freehold Sale of Units, states: 'A real estate developer may sell the units of these projects to non-Omanis—whether they are natural or legal persons—as freehold, in the manner specified by the regulation.' An explanatory note published by the Public Authority for Special Economic Zones and Free Zones (OPAZ) clarifies that land for real estate development projects within SEZs is allocated through usufruct rights. However, under the new law, developers may sell residential units within these projects to non-Omanis on a freehold basis. 'It permits real estate developers to sell project units to non-Omanis under the freehold system, a legal framework that allows buyers to fully and permanently own property without restrictions on the ownership period. In other words, individuals possess absolute ownership of the property and may dispose of it in accordance with the regulations set forth by the Authority,' OPAZ stated. 'This type of ownership presents an attractive option for investors and buyers seeking long-term stability and permanent property ownership,' the Authority emphasized. Until now, freehold property ownership for foreigners was limited to Integrated Tourism Complexes (ITCs)—zones designated by the Ministry of Heritage and Tourism. As of mid-2023, around 19 ITCs were operational or under development across Oman, offering thousands of residential units for foreign investment. In March 2025, the Ministry announced that 13 additional ITCs are under development, with a further 12 in the pipeline, as part of efforts to strengthen investment in Oman's growing tourism sector. With the extension of freehold ownership rights to SEZs and Free Zones, Oman is poised for a surge in foreign investment in residential real estate, particularly in high-growth industrial and logistics hubs. OPAZ currently manages an extensive portfolio of 23 investment zones, comprising SEZs, free zones, industrial cities, economic cities, an airport free zone, and a dedicated IT park. Several more developments are in early planning or construction stages, aligning with Oman's national drive for economic diversification, industrial resilience, job creation, and foreign direct investment (FDI) attraction. As of end-2024, the total volume of investments in OPAZ-managed assets rose by 10% to approximately RO 21 billion. The Special Economic Zone at Duqm (SEZAD) accounted for RO 6.3 billion, while free zones collectively attracted RO 6.6 billion. Meanwhile, industrial cities saw cumulative investments reaching RO 7.6 billion.
Observer
25-05-2025
- Business
- Observer
Oman signs RO 56 million pacts to boost tourism
MUSCAT: The Ministry of Heritage and Tourism has signed three significant usufruct agreements valued at over RO 56 million to develop integrated tourism projects in the wilayats of Khasab, Nakhal and Sur. The agreements, signed on Sunday, May 25, by Salim bin Mohammed al Mahrouqi, Minister of Heritage and Tourism, mark a major step in Oman's strategy to enhance its tourism sector and diversify the national economy. The first agreement, signed with Omran Group and represented by its CEO Hashel bin Obaid al Mahrouqi, covers the development of Wadi Shab, Wilayat of Sur in Al Sharqiyah South Governorate. This project seeks to position Wadi Shab as a year-round eco-adventure destination, attracting both domestic and international tourists. The planned development will include an adventure park featuring a zipline, mountain climbing trails, suspension bridges, walking paths, and designated swimming areas for both children and adults. The site will also offer restaurants and cafes, all designed to blend with the valley's rich biodiversity, geological features and natural attractions such as clear water pools, caves and waterfalls. With an investment of RO 2 million, the project is expected to be completed within 18 months from the date the agreement is activated. It will also open new opportunities for small and medium enterprises (SMEs) in the area. The second agreement was signed with Khasab Development and Investment Company, represented by its Managing Director Hilal bin Nasser al Harthy, to develop an integrated tourism complex named 'Sandan – The Pearl of Khasab". Located on a 43,658-square-metre plot of government land, the project is strategically situated near key attractions such as Khasab Fort and the Atana Musandam Hotel. It will feature a four-star hotel with 200 rooms, along with 450 residential units available for purchase by Omanis and non-Omanis alike. Complementing these will be a traditional-style market, retail outlets, diverse dining options, and various recreational and service facilities. With an investment cost estimated at RO 17 million, the project is expected to create between 250 and 300 jobs and will be completed within a seven-year period. The third and largest agreement involves Hamyan Investment and Project Development Company, represented by Managing Director Saud bin Hamad al Taie. The company will develop 'Hamyan Village", an integrated tourism complex in the Wilayat of Nakhal, Al Batinah South Governorate. Spanning 201,031 square metres of government land, the project will include a four-star hotel with 156 rooms and 535 residential units comprising villas and apartments, all available for local and foreign ownership. The development will also include a market, various restaurants, a water park, and a range of recreational and service amenities. With a total investment of RO 38 million, the project is expected to be completed within three years and will create between 300 and 350 job opportunities. Commenting on the projects, Dr Rashid bin Saleh al Hinai, Director-General of Planning at the Ministry of Heritage and Tourism, noted that these developments reflect Oman's commitment to sustainable tourism and economic diversification. He highlighted the expected positive impact on local communities through job creation and support for SMEs, while also enhancing Oman's appeal as a leading destination for nature, heritage and adventure tourism. — ONA
Arab Times
24-05-2025
- Business
- Arab Times
Oman woos Kuwaiti businessmen for investment
KUWAIT CITY, May 24: 'We welcome the ideas proposed by Kuwaiti businessmen. God willing, there will be a direct convergence of the picture. We will work with our brothers from other ministries to develop a comprehensive presentation to have a deeper impact and reach all our brothers,' says Omani Minister of Housing and Urban Planning Dr. Khalfan Al-Shuaili during his conversation with businessmen on the sidelines of the meeting of the Ministers of Housing and Urban Planning of the Gulf Cooperation Council (GCC) countries recently. This meeting was aimed at reviewing investment opportunities and real estate activities as part of promoting the qualitative opportunities available within the framework of Oman Vision 2040. Al-Shuaili said the Omani Ministry of Housing is a partner in implementing these projects and invited the businessmen to visit Muscat to discuss details of the projects. He explained the philosophy of ownership in Oman and the misconceptions surrounding it, pointing out that ownership for Gulf citizens in Oman is carried out according to unified and clear policies among the Gulf countries, and that Gulf citizens are treated the same as Omani citizens. He disclosed that the projects presented during the meeting included new freehold sites for non-Omanis of all nationalities, indicating that the Real Estate Registry and Real Estate Development in the ministry is concerned with this aspect. 'Given its rich heritage and housing development efforts, Oman does not suffer from a housing problem. Omani house ownership currently stands at approximately 90 percent. The existing projects aim to create a new, contemporary environment in locations that lack services,' he added. He stated that the program is qualitative, not quantitative, and there is no rush to launch large-scale projects, as each project has its own story and location. He cited the 2018 law prohibiting ownership for non-Omanis during the COVID-19 pandemic. 'This law included some border sites and islands, and limited ownership on Masirah Island, despite the Kuwaitis' interest in it. Ownership permits were limited to sites close to royal palaces and military and security sites. There is flexibility in areas close to old neighborhoods and alleys,' he clarified. He emphasized that since assuming office in 2020, he has been tasked with implementing this law and he implemented it on time, appreciating the understanding of Gulf brothers for some of the resulting discontent. Ownership He said the ownership ban law only affects five percent of Oman's total land area, as ownership remains available in 95 percent of the land, including Salalah, Muscat and Sohar. He indicated that confusion exists in a very limited number of plots, not exceeding 1,000, located within a narrow border strip. He added that the Madinat Sultan Haitham project has witnessed ownership by more than 35 nationalities, with flexible and speedy procedures. 'Once a residential unit is purchased from an off-plan real estate developer, the buyer receives approval in less than five days, demonstrating the ease of the process. He confirmed that 70 percent of the land supposedly owned by Omanis has been completed, with the remainder being very small. 'Over the past two years, this issue has been addressed innovatively. Gulf citizens who own a company registered in Oman can own property in the commercial, industrial and tourism sectors; even in areas covered by the law, as long as this is done through a company registered with the Ministry of Commerce and Industry. This has allowed developers and investors to preserve their properties,' he disclosed. On the projects, Al-Shuaili cited Al-Jabal Al- Aali project; stating that he is not permitted to own property there due to the privacy of the Green Mountain and some of the historical events that took place there during the 1950s and 1960s. 'However, the project is now witnessing a new wave of ownership, with a strong focus on citizens of Gulf countries,' he confirmed. On the other hand, Dean of Kuwaiti Journalism and Editor-in-Chief of Arab Times and Al- Seyassah newspapers Ahmed Al-Jarallah said that in 1970, he met with Sultan Qaboos in Oman, when there were no hotels. He lived at the time in a camp belonging to an Italian oil company. He added that Sultan Qaboos told him about his dreams for the coming period, including the opera project, and praised the country, its beauty and its tranquility, emphasizing that it is a country devoid of noise. Addressing the Minister of Housing, he stated, 'Allow me to say that the marketing is bad, and the prevailing impression is that ownership is prohibited. There are Kuwaitis who owned property, and then they were asked to leave.' He stressed that Oman is a beautiful country in terms of its environment and location, and if Gulf citizens do not come, foreigners will. 'What matters is marketing,' he asserted.
Observer
07-04-2025
- Business
- Observer
Opinion- Population growth and policy pressure: Oman at 7.7 million
MUSCAT: Oman's economy is entering a new demographic phase. According to projections by the National Centre for Statistics and Information (NCSI), the Sultanate of Oman's population is expected to grow from 5.27 million in 2024 to 7.73 million by 2040—an increase of nearly 47 per cent. Behind this figure lies a profound economic question: can the country's fiscal policies, labour market structure, and urban development trajectory absorb and optimize such growth? This is not just a population issue—it's a macroeconomic inflection point that touches productivity, capital investment, infrastructure demand, and long-term sustainability. DEMOGRAPHICS DRIVING DEMAND-SIDE PRESSURE By 2040, Oman's working-age population (15–59) will account for 62 per cent of total citizens, compared to 57 per cent in 2024. Simultaneously, the population of children under 15 will shrink from 37 per cent to 29 per cent, while citizens aged 60+ will double to 9 per cent. This demographic transition reflects a classic development pattern: declining fertility, increasing longevity, and rising age dependency. It presents both an opportunity—via a larger productive cohort—and a fiscal liability, as ageing will raise demand for pensions, long-term healthcare, and age-related subsidies. If not accompanied by a commensurate rise in labour productivity, this shift could increase the economic dependency ratio and pressure public spending. Policymakers must therefore pre-emptively restructure social protection systems, retirement planning, and geriatric care funding models. LABOUR MARKET IMBALANCES The expatriate population is expected to grow from 2.28 million in 2024 to 3.7 million by 2040—adding more than 1.4 million non-Omanis to the labour force. This growth is modeled around baseline GDP growth aligned with increased value-added from economic activities, particularly in construction, logistics, services, and healthcare. While foreign labour remains a key input in Oman's production function, the long-term risk is structural reliance. To meet Vision 2040 employment targets, Omanisation policies must pivot from quantity to quality—emphasizing skills development, vocational training, and private sector competitiveness. Sectors such as renewable energy, transport logistics, agritech, and digital services present high-growth, low-redundancy opportunities for Omani youth. Strategic investment in these areas will be critical to rebalance the labor market and improve the labour force participation rate. URBAN ECONOMICS Over two-thirds of projected population growth will concentrate in Muscat and North Al Batinah. This poses risks of urban congestion, real estate inflation, and regional disparities unless spatial development is urgently recalibrated. Developing second-tier economic hubs—in governorates like Dhofar, Al Dakhiliyah, or Al Wusta—can improve land use efficiency, reduce logistics costs, and expand access to public services. This aligns with Vision 2040's goal of balanced geographic development through smart cities, integrated transport corridors, and investment clusters. Urban policy must integrate these projections to model housing demand, water consumption, and public transport load, especially under scenarios of higher internal migration and shifting labor pools. FISCAL IMPLICATIONS A population increase of this scale will place upward pressure on public investment requirements in health, education, and infrastructure. If the government maintains its current spending elasticity, capital budgets may need to expand by up to 40 per cent by 2040 just to maintain service parity. At the same time, lower birth rates and rising age brackets will reduce the long-term tax base growth, unless labor force expansion is matched with rising real wages and greater female participation. Embedding demographic projections into medium-term fiscal frameworks (MTFFs) and the national development budget is not a recommendation—it is an economic necessity. PLANNING BEYOND THE HEADCOUNT Population projections are not just demographic exercises. They are forward-looking economic indicators that inform how we allocate capital, manage risks, and invest in human development. If leveraged wisely, Oman's projected 7.7 million residents by 2040 can represent a productive dividend. But if approached passively, this same growth could evolve into a fiscal and structural burden. The economic question ahead is not merely how many people Oman will host—but whether we can create an economic model robust and inclusive enough to make their presence a force for national prosperity.
