Oman’s Urban, Home & Building Expo and Conference saw agreements worth more than RO550 million ($1.43 billion) signed, covering tourism, education, real estate, food security and housing, the Ministry of Housing and Urban Planning announced.
Agreements exceeding RO550 million ($1.43 billion) pertaining to tourism, education, real estate, food security, and housing were signed during Oman’s Urban, Home & Building Expo and Conference, according to the Ministry of Housing and Urban Planning.
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The contracts were finalized at an investment forum that took place during Urban October, occurring from October 5 to October 8 at the Oman Convention and Exhibition Center.
The most significant contract was a development agreement exceeding 400 million rials between the Ministry of Heritage and Tourism and Dhofar Tourism Company for Modana, a comprehensive tourism complex.
A distinct contract between Al Daham Real Estate and Al Injaz International Private School pertains to the construction of an international school in the Saraya Bausher project, which is part of the Sorouh developments, involving an investment surpassing RO10 million. The forum also featured commitments to assist housing for families with low incomes and orphans.
Through the SAS initiative, a partnership and community contribution agreement with Al Rahma Association for Motherhood and Childhood Care will back a program aimed at 300 households, financed by PNC Menon, founder and chairman of Sobha Group. The initiative will include three projects that offer 63 housing units valued at over 2.1 million rials collectively.
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The initiatives feature 11 units in Al Musannah and Barka, 26 units in Al Uqdah in Barka, and an additional 26 units in Al Hafri, also located in Barka. An independent contract between the Ministry of Housing and Urban Planning and the Oman Charitable Organization involves over 2 million rials from Rikan to construct 71 houses.
An additional pact with the ministry, the Office of the Governor of South Al Sharqiyah, and Al Yusr Charitable Foundation will aid in the building of 46 residences within the Al Nahdah Masterplan in Masirah.
Bank Dhofar entered into a 10 million rial financing deal with Al Ahly Sabbour Oman for the Wadi Zaha project in Sultan Haitham City.
Additional financing contracts were inked with Ahli Bank and Ahli Islamic, engaging real estate developers such as Al Nama Real Estate and Talaat Moustafa Group. The ministry entered into a memorandum of understanding with Hamptons International to support the Real Estate Development Services Center and enhance investment-related services.
The forum witnessed the signing of 85 usufruct agreements in the area of food security in collaboration with the Ministry of Agriculture, Fisheries, and Water Resources. The contracts encompass roughly 26,000 acres and signify investments exceeding 53 million rials. Thirty additional usufruct agreements were executed with the Small and Medium Enterprises Development Authority, encompassing 15,000 square meters and investments surpassing 1.3 million rials.
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An additional 82 usufruct contracts were executed through the Tatweer Platform, encompassing over 93,000 square meters. One of the initiatives, Al Amerat Hills located in the Al Amerat wilayat of Muscat, has an investment amount of 78 million rials. The ministry reported that a total of 197 usufruct agreements were executed across all three categories.
The forum revealed an Earth Architecture Project in collaboration with the Ministry of Housing and Urban Planning, the Ministry of Heritage and Tourism, and Madayn's Industrial Innovation Academy. An agreement for research and training between Sultan Qaboos University and the Ministry of Housing and Urban Planning will encompass technical training for engineers and collaborative research regarding the Oman Building Code.
Thirty-one buildings' representatives were likewise acknowledged for obtaining the Urban Compliance Certificate. The third day featured talks on urban planning, sustainable communities, commercial districts, and urban renewal, along with presentations regarding master plans for Ibri, Salalah, Muscat, Sur, Al Rustaq, and Nizwa.