Muscat, Oman: Omanexpo, the organizer of Oman Real Estate Expo (OREX), and Oman Real Estate Association (ORA), Oman’s real estate regulating body, along with the Real Estate Development Directorate of the Ministry of Housing has announced that the third edition is slated from March 30 to April 1, 2020 at the Oman Convention & Exhibition Centre.
The announcement was made at a press conference held on Tuesday at the W Muscat Hotel. Members of the panel who addressed the media were Engr. Siham Al Harthy, Director General, Real Estate Development Directorate, Ministry of Housing; Hassan Juma al Lawati, Chairman, ORA; Andy White, General Manager, Omanexpo; and Tarek Ali, Exhibition Director, Omanexpo. Also present were the board members of ORA.
Following the successful previous editions in 2018 and 2019, the organizers are anticipating the same enthusiastic response from the business sector. Tarek Ali comments, “OREX will continue to be an appealing platform for local and international investors as it highlights the growing potential of Oman’s real estate market and provides a compact marketplace for sellers and buyers to meet and leverage business opportunities.”
“Despite the recent oil downturn, the property sector is slowly recovering and creating fresh opportunities for tenants and property buyers. This edition will help in further stimulating the market by showcasing what the local developers have to offer. This includes affordable housing, offering long-term installment plans and freehold opportunities for expatriates,” he adds.
According to ORA, the country’s real estate sector is strong, owing to “stabilizing crude oil prices, increased real estate activity and improved economic conditions.” Currently, there is a spate of development projects—residential, commercial, mixed-use and integrated tourism complexes (ITCs) happening all over Oman. Developments such as including Naseem A’Sabah (US$1.04 billion), Sur Gate Project (US$311.7 million), Quriyat ITC Project (US$1 billion), Diyar Ras Al Hadd Resort, Omagine Project, Al Nakheel, and Hawana Lagoons Salalah have led to expansion of the housing market in terms of growth and value.
In 2018, the government has announced its decision to open the doors to real estate investment for expatriates living in Oman. The Capital Market Authority (CMA) also announced its approval to introduce Real Estate Investment Trust funds (REITs) in the Oman, which is seen as “a good vehicle that promises to bring liquidity into the real estate market and encourage developers to come up with different real estate products for investors,” Al Lawati says.© Press Release 2019
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.