Hassan A. Amir Shaban is a senior Omani bank executive who has bought at The Wave Muscat. Oman Vistas spoke to him to get an insight on the integrated tourism projects currently taking shape in Oman.

There are many Integrated Real Estate Tourism projects now coming up in Oman, like The Wave, The Blue City, Jebel Sifah, Salalah Beach, Salam Yitti, Muscat Golf, etc. What is your view on such projects?

When you read about big projects taking place there are some good indications coming from there. The foremost one is obviously is that we have a strong tourism base in the Sultanate of Oman. And, the government’s involvement in marketing and promotion, have encouraged these big real estate players to enter the market.

By encouraging these projects we are heading in the right direction towards our Vision 2020 which is diversifying the business from Oil to other business sectors. It is forecasted that the GDP income from tourism will touch 3%. We have the infrastructure, and abundance of natural beauty in our country.

As a Omani citizen, I am happy to see these projects as they will create job opportunities and good life environment for the people of Oman. These projects are well diversified in Oman there are projects in not only in Muscat, but in Salalah, Sohar, Sharkiya, and other places too. So, almost every region has an integrated tourism real estate project now coming up. I am sure these projects will be very successful, but at the same time the promoters of these projects must ensure that natural beauty and the rich culture of Oman is not sacrificed.

Have you bought property in any of these projects or are you planning to? If so, do you plan to stay there or do you plan to sell it or rent it out?

Yes, I have bought property at The Wave, Muscat.  It is a fantastic project and one of the best,  in my opinion,  as the government is also a stake holder in it. I am happy that I did this at an earlier stage as the prices since then have gone up considerably. I have taken this step to secure the future of my children as I believe, every man should think of his family. This is my life investment for them, and once the project is ready, I will gift it to my children.

How do you think these projects will impact Oman?

As I mentioned earlier these projects bring in foreign investors, and so we are automatically gaining international trust on tourism side. And, most importantly these projects will create job opportunities for Omani citizens, as  I believe, Omanis are very capable of working in any sector. Currently,  in the banking sector where I work, we have more then 93% Omanis employed. Many expatriates also consider Oman as a safe haven and  will invest in these projects. The natural beauty of Oman and the rich culture of Omanis will now be known far and wide.

Do you think these projects will take Oman tourism to greater heights?

Yes, absolutely! The government projects Oman as a beautiful destination, there are guidelines given to all tourism projects so they have to operate according to them and make sure that the natural beauty and the culture of Oman is not lost with these projects. We have also benefited from the development of our neighbouring countries, and many have come  to know Oman as an Emerging Tourist Destination.    
 
What are the other Real Estate projects that you would recommend which can benefit Oman?

These projects that are coming up are all big projects, real estate prices are booming all the time.

I think  we also  need to have projects that are directed towards the youth and for students who have just graduated form the university, we need to target them as they are the future of the country.

The current projects are priced way too high for a fresh University graduate in the job market, to even consider owning a home there.  I am sure the authorities are seriously looking into this area as well. Probably the big projects owners could also direct their resources and cater to this segment of the market. These projects targeted towards younger people, could come up on the outskirts of the city, and  will help to further diversify development of the Sultanate’s economic potential.