Regional buyers at The Wave, a luxury housing project in Oman’s capital, increased 17 percent last year as investors looked to the Gulf state amid the Arab Spring uprisings, its CEO has told Arabian Business.
Buyers from the GCC and wider MENA region accounted for 33 percent of total sales in 2011 with the majority of regional buyers from Kuwait, said Michael Lenarduzzi.

“We have been attracting a lot of regional investment this year because Oman is seen as a safe haven. We have had a spike… in sales from the region with Kuwaitis the biggest buyers,” he said.
Demand for properties in Oman waned after the global financial crisis battered neighbouring markets in Dubai and around the Gulf.

Tighter lending also reduced sales for Oman property developments, which were mainly geared toward foreign investors and retirees.

Sales at the $3.5bn state-backed project picked up in the second half of the year, said Lenarduzzi.

“Certainly the event of the Arab Spring did have an impact on us. The first half of 2011 we started off very strong and then some of those events happened and sales did stop. Post Ramadan it just came back and…virtually all of our sales last year were done in the second half of the year,” he said.

The Muscat development, which includes 4,000 real estate units, hotels, and a golf course designed by Greg Norman, has sold around 25 percent of the total properties, said Lenarduzzi.

“We have sold around 1-1,000 of the 4,000 properties so we are about quarter of the way through. We have physically delivered around 800-850 and the next 300 in the pipeline will roll out in the next 12 months.”

Demand for villas has remained steady, he added. “We have sold about 500 villas so we only have 500 villas left but apartments we’ve got another 2,5000 so there are a lot of apartments still.”

The Wave, Muscat was the first in the sultanate to allow 100 percent foreign ownership of freehold property.



On October 29th began the Oman Competitiveness Forum 2014 began under the auspices of H E Yahya bin Said al Jabri, chairman of the Special Economic Zone Authority Duqm at Al Bustan Palace, a Ritz-Carlton Hotel.

OCF14 saw the participation of government and private sector experts from around the world, this in order to discuss ways to drive innovation and efficiency. The only italian side represented was Arena Gulf Trading, with two collaborators.
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Saraya Bandar Jissah, the company developing Oman’s newest Integrated Tourism Complex, has offered more residential units for sale ahead of schedule following a positive response from investors to the first release of homes last week.
Located on the outskirts of Muscat, nestled between the Al Hajar Mountains, the Saraya Bandar Jissah development is a joint venture between Saraya Oman and the Government of the Sultanate of Oman’s tourism development and investment company, Omran. Continua a leggere

Muscat: His Majesty Sultan Qaboos bin Said has issued four Royal Decrees as follows:

Royal Decree No. 49/2014 establishes the Public Authority for Mining and promulgates its system (law).

Article (1) states that a public authority shall be established under the name “Public Authority for Mining” and that it shall be affiliated to the Ministry of Commerce and Industry.

Article (2) stipulates that the Public Authority for Mining shall be a legal entity that enjoys financial and administrative autonomy and that the Authority shall have the power and eligibility to own, manage and dispense fixed and moveable funds. It shall be governed by the system (law) attached to this Decree.

Article (3) states that the Public Authority for Mining shall be based in the Governorate of Muscat and that the Authority may open branches in other governorates of the Sultanate following a decision by its board of directors.
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Eng Bashyeer bin Khamis al Mamari, director general of aid in the Directorate General of Housing in North Batinah, said that several plots have been allotted for establishing small and medium enterprises.

He said that the directorate is continuously working to allot plots to citizens for these purposes.

Source: Muscat Daily

A meeting to discuss the agenda of the conference was held by the Ministry of Regional Municipalities and Water Resources (MRMWR) on Sunday. “The Bahrain-based Water Science and Technology Association (WSTA), the Public Authority for Electricity and Water and the Omani Society for Water are the other main stakeholders in the conference,” an MRMWR spokesperson said.

Senior officials of the ministry discussed various aspects of the conference titled, ‘Water in the GCC… Towards Efficient Management’ and reviewed papers to be presented at the conference. According to WSTA, population growth, changes in lifestyle and consumption patterns and climate change are forcing GCC countries to invest more in water supply infrastructure such as desalination plants and dams. ‘The per capita water consumption in the domestic sector in GCC countries has reached 500lt per day. In some countries, it is even more than 700lt per day,’ it stated. ‘Several case studies will be analysed in the backdrop of government polices, legislations, technologies, awareness, participation of stakeholders, data analysis, cost-effectiveness and water efficiency programmes.’

Source: Muscat Daily