(MENAFN- Muscat Daily) Speaking at the recently concluded two-day inaugural Oman Real Estate Conference and Expo 2014, held under the patronage of H H Sayyid Shihab bin Tariq Al Said, Adviser to His Majesty the Sultan, Hawazen Esber, CEO of The Wave, Muscat outlined the opportunities and challenges facing integrated tourism complexes (ITCs) in Oman to over 150 industry professionals.
Esber focused on the strong fundamentals that allowed The Wave, Muscat specifically, and other ITCs in Oman in general, to overcome the global financial crisis and emerge with renewed vigour, a release said on Wednesday.
Esber said that the well-planned long-term government initiatives and investments, sound financial policies adopted by the Central Bank of Oman, and increased demand and population growth, has created opportunities for the ITC markets to thrive. This has also painted a very solid and sustainable picture for the future of the real estate market in the sultanate.
Esber described how the fundamental success factors are evident in the foundation and strategic makeup of The Wave, Muscat, saying, ''The shared
vision and commitment of the government of Oman and Majid Al Futtaim has provided a solid foundation and reputation that has enabled The Wave, Muscat to become a market leader and keep on delivering when many other projects across the region failed.''
''Real estate development is not an easy business. Once again, the alignment between our shareholders and their confidence has allowed the management to speed up and slow down, and adopt new strategies when required to adapt to the new market conditions after the global financial crisis and The Wave, Muscat has enjoyed year-on-year growth in sales revenue since,'' said Esber.
''As many as 45 per cent of our buyers are Omanis, while 55 per cent are local and international expatriate investors. This means that, with the right product, ITCs can attract a wide range of investors, but the most important being the Omani investor. It is even more encouraging and makes The Wave, Muscat as a community even more sustainable.''
''This completely changes our perception that ITCs are enclaves for expatriates. To the contrary, with organic growth, ITCs will actually be home to many Omanis for generations to come,'' he added.
Hawazen said that living ITC communities need to be organised and regulated by much-needed owners association legislation.&nb
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