Dubai: From the perspective of a real estate developer, seeking out a potential investment destination is similar to diving into the deep blue sea, driven by the possibility of finding that rare gem - in this case an untouched location - that has the potential to create a magnificent sustainable tourist destination.
Oman is fast evolving into a real estate developer's dream. However, one is prompted to question - what is so exceptional about Oman?
Oman is commonly known to be the friendliest and most welcoming country in the Gulf due to its historical interaction with different cultures, given its natural borders and costal access to the Gulf of Oman.
The historical wealth of Oman is augmented by its rich cultural assets that grace the country with an awe-inspiring splendour, as unique as the landscape.
With an extensive geographic and climatic diversity, fertile coastal areas, and mountainous regions, Oman has the most diverse elements in the Gulf.
Farhan Faraidooni, executive chairman of Sama Dubai, developers of the $1.7 billion Salam-Yiti development in Oman, says: "There is an obvious transformation in the Omani real estate market. In the last month alone, we have registered close to 200 prospective buyers seeking residential units at our Salam-Yiti project in Oman."
Fast growing
Today, Oman is one of the fastest growing economies in the Gulf thanks to focused government planning, responsible expenditure as well as investment in the non-oil sector. Oman 2020, the visionary econ-omic diversification plan, will gradually reduce the country's dependence on oil. In line with this objective, further investments will be funnelled into Oman's rapidly developing tourism and real estate sectors. As result, the real GDP is expected to grow by 6.8 per cent in 2008.
Dr Rajiha Abdul Amir Ali, Omani Minister of Tourism, said: "Oman's tourism market in general, and the real estate sector in particular, is witnessing dramatic changes in recent years. We are collaborating with the private sector to launch new projects in Oman, and we are delighted that Sama Dubai is introducing new concepts in nature conservation through projects like Salam-Yiti."
Oman has been investing in its tourism infrastructure, specifically in its airline, roads and airports. Foreign participation in the tourism industry has also been increasing thanks to government incentives to investors.
This includes low cost of land, economic growth potential, availability of beachfront plots, good infrastructure and incentives for foreign investments. Land prices are rising steadily and discussions with local professionals suggest a phenomenal investor interest in several Omani real estate projects, not only from the GCC countries but also from as far away as Europe and Asia.
Seeking to exploit this rich potential in Oman, Sama Dubai has recently commenced the construction of Salam-Yiti. The 4.19-square km development is positioned as an architectural testimony to Oman's diverse natural beauty and rich culture, and is poised to become a prime destination for the international luxury travel market.
