While real estate transaction figures continue to reflect a more cautious macroeconomic environment, potential reforms could pave the way for Oman’s property market to regain some of its dynamism going forward.
Oman
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Central Bank of Oman (CBO) statistics show an upswing in money supply among the nation’s banks in the first quarter of 2017, with total deposits to conventional banks rising by 4.2% to OR19.02bn ($49.4bn), compared to growth of 2% in quarter one 2016.
Four telecoms operators currently have bids under consideration to become the third mobile network on the Omani market, following the Telecommunications Regulatory Authority’s (TRA) launch of the bidding process in November last year.
Oman is seeking to enhance its upstream gas segment to supply growing demand, with major upcoming projects expected to help achieve this goal.
Increased private sector participation in Oman’s project pipeline, and draft bills to ease workforce restrictions and allow 100% foreign ownership, look set to help drive continued expansion in the country’s construction sector over the medium to long term.
Last year saw a surge in activity on Oman’s Invest Easy portal – a one-stop shop for investment and business procedures – with the authorities also rolling out key reforms aimed at attracting investors.