(MENAFN- Muscat Daily) Experts at the Oman Real Estate Conference discussed investment opportunities, growth potential and the regulatory framework within the sultanate's real estate sector on Monday, the second day of the two-day meet at the Al Bustan Palace Hotel.
The conference was organised by the Oman Real Estate Association (ORA).
Giving a presentation on ‘Potential growth and challenges in Oman's real estate sector,' Eng Harith al Brashdi, chief operating officer of Al Madina Real Estate, said, ''With a strong economy and growing young population, the outlook for Oman's real estate sector is very positive for the coming years.''
Sharing the experience of Al Madina Real Estate as a developer of mega real estate projects in Oman, Brashdi said the challenges facing the real estate sector in Oman are not different from other countries.
''The main challenges include higher cost of land, financing and cost of materials and construction. There is a shortage of skilled labour in the construction sector. The uncertainty regarding the approvals from authorities is also a challenge for the local real estate companies,'' said Brashdi.
Saleh Hamood Ali al Hasni, investors service specialist at the Special Economic Zone Authority at Duqm (Sezad), elaborated on opportunities for real estate development in the Duqm economic zone.
Hasni also discussed the progress made so far on ongoing and upcoming projects in Duqm. He noted that construction work at the Duqm oil refinery was expected to start in January 2015. ''The work will take three years and the refinery is expected to be completed by the end of 2017.''
Hasni said that the total investment secured in the Duqm economic zone was RO185mn in 2013 and nearly RO195mn worth of investments had been secured in the first quarter of 2014.
''Duqm present unique opportunities for investors with its competitive advantages, which include its unique location and incentives provided for investors. There are big opportunities for investors in petrochemicals, minerals, tourism, fisheries and for retail and food and beverages in Duqm,'' Hasni added.
The conference hosted a number of industry leaders, including Martin Cooper, director of real estate consulting - Middle East at Deloitte, who shared his views on Muscat's real estate market trends and opportuni
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