Real Estate Conference Unveils RO 2.3 Billion Deals: Key Insights for Investors and Entrepreneurs in Oman
Muscat, May 19 – The 20th edition of the Oman Real Estate Conference and Exhibition commenced on Monday, under the patronage of His Highness Sayyid Bilarab bin Haitham al Said, Honorary President of the "Programme of Promising Omani Startups." The event, which runs until May 24, is hosted at the Oman Convention and Exhibition Centre, organized by the Ministry of Housing and Urban Planning in collaboration with the Oman Real Estate Association and Connect Company.
This national platform aims to unite local and international investors, real estate developers, and industry experts. It serves to showcase major projects, highlight promising investment opportunities, and foster effective partnerships between the public and private sectors, aligning with Oman’s strategic goals of enhancing the business climate and promoting sustainable urban development. The accompanying exhibition offers potential buyers a diverse selection of residential units and real estate projects from leading developers.
On the opening day, two significant projects were unveiled, marking a progressive step in Oman’s urban development landscape. The first is Al Thuraya City in the Wilayat of Baushar, designed as a smart city. The initial phase will feature over 2,600 housing units across eight integrated neighbourhoods, accommodating more than 8,000 residents. The second project, the Al Jabal Al Aali Project, aims to establish a unique global mountain destination, spanning 11.8 square kilometres and planned to house over 10,000 individuals across three main villages.
The conference witnessed the signing of nine partnership and development agreements, valued at over RO2.3 billion, further expanding Oman’s urban growth map and creating new avenues for real estate investment.
Key Agreements
Among these agreements are two substantial real estate and tourism development projects with Talaat Moustafa Group, totaling over RO1.7 billion. These projects will encompass districts (7), (8), (9), (11), (12A), and (12B) in Sultan Haitham City, covering more than 2.6 million square metres. The developments will include a variety of residential options—villas, apartments, and mixed-use buildings—alongside integrated amenities like mosques, parks, green spaces, and a social and sports club.
A tourism project in Al Seeb, covering over 2.2 million square metres, is also underway and will feature a hotel, waterfront residential areas, artificial lakes, and a marina, significantly enhancing Oman’s tourism sector.
Furthermore, a development agreement valued at over RO150 million with Idraak Real Estate Development Company will support the development of districts (6C) and (6D) in Sultan Haitham City. Additionally, a site preparation tender for Package (1A) has been awarded, worth over RO6 million.
In collaboration with the global LUX Collection brand, a new hotel project valued at RO45 million will establish the first 4-star hotel complex in Sultan Haitham City’s January Residences.
An agreement for RO2 million was also signed with Al Siyabi Group to construct a precast concrete factory in Halban, Barka. This initiative is projected to reduce construction time by 40% compared to traditional methods and will support local employment.
In another notable agreement, over RO240 million will be invested to develop District (6) in Al Thuraya City, covering 285,000 square metres and producing 1,000 residential units. Two tenders, totaling RO13 million, have also been awarded for site preparation and engineering consultancy services. An international competition has been announced for the design of the city’s third phase, aiming to establish it as a hub for adventure and mountain sports.
Moreover, an agreement valued at RO200 million will facilitate the development of the Health District in the Al Jabal Al Aali area, covering 630,000 square metres and offering 500 residential and hotel units, thereby reinforcing the site’s status as a destination for health and eco-tourism.
Alongside the conference, 23 agreements were signed with service providers to implement infrastructure for eight projects under the "Sorouh" initiative, covering water, electricity, and telecommunications networks. New investment opportunities have also been announced in Al Batinah South, Al Sharqiyah South, Dhofar, Muscat, and Al Dakhiliya.
Special Analysis by Omanet | Navigate Oman’s Market
The 20th edition of the Oman Real Estate Conference highlights significant investment opportunities for businesses, particularly in urban development and sustainable tourism. The unveiling of projects like the Al Thuraya City and Al Jabal Al Aali positions Oman as a burgeoning hub for both real estate and tourism, but investors should also be wary of potential regulatory hurdles and market fluctuations amid this rapid growth. Smart investors and entrepreneurs should consider forging strategic partnerships and staying agile to capitalize on these emerging trends.
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