Omran will showcase US$1bn worth of investment and business opportunities in its Madinat al Irfan and Mina Sultan Qaboos Waterfront projects for local and international investors at the upcoming Oman Economic Forum to be held from March 23-24.
The Forum, titled ‘Oman - a bridge between Asia and the GCC’, is being organised by the Ministry of Commerce and Industry and the Al IktissadWal-Aamal Group in cooperation with the State General Reserve Fund (SGRF).
Omran will present the investment opportunities to expected 500 regional and international investors who will attend the event, in addition to delegates from 100 global sovereign investment funds in the Co-Investment Roundtable of Sovereign and Pension Funds (CROSAPF) conference that coincides with Oman Economic Forum. There will also be delegations from China, Japan, Iran, Turkey and other Asian countries to attend the event, a press release issued by Omran said.
Omran is set to identify specific investment opportunities within its US$800mn investment into upcoming landmark development Madinat al Irfan Urban City located next to Muscat International Airport.
Investment opportunities offered will include commercial and office buildings, retail malls, district cooling plants, hotel plots, recreational and civic facilities along with residential and hotel developments.
The first phase of the mixed-use development will be the Oman Convention and Exhibition Centre (OCEC) which is scheduled for opening by fourth quarter of 2016. The rest of the Madinat al Irfan project is being developed following rigorous master planning by Omran to become a benchmark for future sustainable city urban developments across the sultanate and generate significant inbound revenues and increase capital retention within the local economy.
Commenting on the Forum’s significance within the context of economic diversification, Salah al Ghazali, chief investment officer, Omran, said, “This forum will be a platform to discuss Oman’s plan for economic diversification and investment opportunities across various sectors. It is a key indicator of how Omran, in line with the government’s ninth five-year plan and its national tourism strategy, is working closely with the private sector to develop unique tourist and real estate destinations and innovative urban communities.”
The Forum is also expected to draw investor interest for Omran’s Mina Sultan Qaboos Waterfront project, which is described as an integrated mixed use waterfront destination benchmarked against renowned developments such as the V&A Waterfront in Cape Town and the Palm Jumeira in Dubai.
