Investment opportunities linked to the planned implementation of six new mega-scale integrated residential neighbourhoods were broadly showcased at a symposium held at Barka on Tuesday by Oman Chamber of Commerce and Industry (OCCI), in collaboration with the Ministry of Housing and Urban Planning.
Discussions during the daylong forum focusing on investment opportunities for the private sector available under the National Initiative for Integrated Residential Neighbourhoods (Souroh). The event was held under the auspices of Shaikh Faisal bin Abdullah al Rawas, Chairman – OCCI. In attendance were representatives from the real estate development, construction, and engineering consultancy sectors, among other stakeholders.
Following the tremendous success of the Ministry’s maiden Integrated Residential Neighbourhood, named ‘Hay Al Naseem’ near Barka, six new neighbourhood projects have been unveiled for implementation over the next several years. Covering a total area of nearly 2 million sq metres, these integrated neighbourhoods are due to come up in Al Rustaq, Sur, Khasab, Salalah, Suhar and Bidbid.
Speaking at the forum, Eng Hamoud bin Salem al Saadi, OCCI Chairman in South Al Batinah Governorate, said the Souroh programme represents an opportunity for partnership and collaboration between the government and various sectors involved in this significant domain, including real estate, construction, and engineering consultancy firms.
The real estate sector, he said, plays a pivotal role in meeting housing demands, improving community and economic conditions, driving economic growth, enhancing infrastructure, and creating new employment opportunities. It is considered a vital sector for economic growth and urban development as it caters to the housing needs of residents, he said.
"We firmly believe that the success of the National Initiative for Integrated Residential Neighbourhoods (Souroh) primarily relies on partnership, cooperation, and integration between the government and the private sector. This initiative represents the culmination of the government's efforts to support and strengthen the real estate sector in the Sultanate of Oman. Establishing the appropriate investment climate, supporting and developing this sector are essential for sustainable growth and inclusive development in Oman." Wisma bin Nasser al Huraibi, Director of the Integrated Residential Neighborhoods Department at the Ministry, said in a white paper that the Souroh Initiative aims to embrace various alternatives and solutions to provide adequate and affordable housing for different segments of society.
She outlined the contracting and construction scopes linked to the neighbourhood projects, the roles and responsibilities of investors and contractors, and the scope of work for real estate developers. This included conducting feasibility studies, implementing housing units, designing the project, and creating multiple designs of residential units that align with the overall project design, she noted.
Mariam bint Hamad al Ajiya, Director of the Real Estate Development Services Center at the Ministry, outlined procedures for opening escrow accounts for real estate development projects, as well as the necessary documents to secure the buyer's rights.
The official also provided an overview of the ministry's "Tadweer" platform, which aims to strengthen the housing and urban planning sector through partnerships with the private sector. She stressed the importance of registering through the development platform to obtain licenses for projects, ensuring guaranteed real estate investments.
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