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FOCUS ON INVESTMENT OPPORTUNITIES IN OMAN AT MAJOR MID EAST CONFERENCE

November 20, 2002

Investment opportunities in Oman will be showcased at a major Middle East conference, to be held in the United Arab Emirates in December, which will map out a blueprint for the region's future cities.

Ali Malallah Habib, Managing Director of Al Habib & Co, the largest real estate company in Oman, will join 38 development experts from 12 countries, spanning the US, Europe, the Gulf and Levant, Africa and Australasia, at the 4th International Property Investment & Management Conference (IPIC). The summit will address real estate investment issues, as well as the major challenges facing urban planners striving to cope with rapid growth,

Habib will highlight the role of the government's development strategy, Vision 2020, in driving the growth of the Sultanate's real estate market; the impact of Omanisation on the rental sector; investment opportunities resulting from increased tourism and retail's future prospects. "Vision 2020 lays out ambitious plans for the growth of Oman's economy. It foresees a doubling of per capita income to about US $11,000 per annum and if this is achieved, with a rapidly growing population, the economy will quadruple in size compared to 1994," said Habib.

"The plan also envisages diversification away from oil, closer integration with the world economy and a knowledge and skill based economy rather than a commodity based one. This will result in greater stability and commensurate growth in the real estate sector.

"As part of its diversification strategy the government is developing a number of tourism projects in Bandr Al Jassah, Al Sawadi and Barka. With these investments and others, tourism related real estate can be expected to grow exponentially," added Habib.

Oman's retail sector, however, faces bigger challenges in attracting inward investment. "Muscat has a per capita shopping mall area of four square feet compared to Dubai's eight square feet. Purchasing power is also much smaller and Muscat is not a regional shopping city like Dubai. Retailers are not doing as well as they would like and there is little opportunity at present for investment in shopping malls in Muscat," Habib said.

Meanwhile, Omanisation is not expected to have a major impact on the Sultanate's real estate market. "The expat population is Oman is only about 25% of total population and the housing market is not as dependent on expats as it is in some other GCC countries," said Habib.

IPIC will be held alongside Cityscape 2002 - a ground-breaking exhibition catering for the international commercial architecture, property design and development sectors - at Dubai's Emirates Towers Hotel, from December 14-17. The exhibition and conference are officially supported by the Dubai Development and Investment Authority.

"Both events will focus on the importance of creating the right environment for the long-term goals of attracting international property investment and delivering sustainable solutions within urban development for decades to come," said Christopher Hudson, Project Manager for IIR Exhibitions, organisers of IPIC.

"They will be the ideal forum for international and regional property investment and development experts to exchange views on key industry issues, including the potential of new projects, project feasibility and financing mechanisms for development." keralamonitor.com