Oman has announced a significant investment package exceeding OMR550 million (approximately $1.43 billion) during Urban October, focusing on tourism, real estate, education, food security, housing, and small and medium enterprises (SMEs). The agreements were unveiled at an investment forum held at the Oman Convention and Exhibition Centre, highlighting the country’s commitment to urban development and economic diversification.
Among the most notable agreements is the development of the Madana integrated tourism complex, which represents over two-thirds of the total investment. This project, valued at more than OMR400 million, is a collaboration between the Ministry of Heritage and Tourism and Dhofar Tourism Company, aiming to enhance Oman’s tourism landscape.
Expanding Food Security Initiatives
Food security was a key focus of the investment agreements, with Oman signing 85 usufruct agreements for agricultural projects in partnership with the Ministry of Agriculture, Fisheries and Water Resources. These agreements cover approximately 26,000 acres and represent an investment exceeding OMR53 million. Additionally, 30 agreements were established with the Small and Medium Enterprises Development Authority, covering around 15,000 square meters and valued at over OMR1.3 million.
The total number of usufruct agreements reached 197, including projects like the Tilal Al-Amerat initiative in Muscat Governorate, which carries an investment value of OMR78 million. These agreements aim to bolster local food production and support SMEs, contributing to Oman’s economic resilience.
Housing Developments and Community Support
Several agreements were also dedicated to housing assistance and community development. A partnership with Al Rahma Association for Motherhood and Childhood Care aims to construct 300 homes for low-income families and orphans, with a total investment exceeding OMR2.139 million. This initiative includes multiple housing projects across various governorates, enhancing social welfare in the region.
Moreover, the Ministry of Housing and Urban Planning has collaborated with the Oman Charitable Organization to finance 71 homes, supported by over OMR2 million from the Energy Sector Social Responsibility Development Foundation. These efforts reflect a broader commitment to improving living conditions and providing essential housing support.
Financial Agreements and Future Prospects
The forum also facilitated several financing agreements aimed at residential developments. Notable partnerships include a OMR10 million financing agreement between Bank Dhofar and Al Ahly Sabbour Oman for the Wadi Zaha project. Additional agreements were signed to enhance financing options for developers and homebuyers, indicating a robust outlook for Oman’s real estate sector.
Urban October serves as a platform for fostering collaboration among developers, investors, and government entities, focusing on sustainable urban planning and development. The event included discussions on various urban planning initiatives, including master plans for cities like Ibri, Salalah, and Muscat, showcasing Oman’s strategic vision for future urban growth.
As Oman continues to invest in diverse sectors, these agreements signify a proactive approach to economic development, aiming to create a sustainable and resilient future for its communities.
According to the Oman News Agency, the Urban October initiative is a pivotal step in enhancing the country’s infrastructure and economic landscape.
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