An OMR 315 million boom in the property sector of Oman has seen real estate sales soar in the Sultanate. The real estate scene in Oman is looking exceedingly bright, with sales figures registering a 69.7% increase by end of the year. Looking at the growth potential in the market, there is enough scope for the Facilities Management and Clean industry to grow.
New Construction projects are increasing the number of hotels in the country, with 17 properties set to open their doors by 2016. Oman’s hospitality future supply is estimated at an additional 4,100 hotel rooms within the next 5 years. Additional budget (22.5% of total project costs) is allocated to interior contracting and fit-out projects in the hospitality sector than in any other sector within the GCC’s building construction industry.
Additionally, Oman will be soon positioned as logistics and trans-shipment hub with four free zones offering considerable incentives to foreign investors. In addition to industrial developments, commercial retail is also growing segment in Oman’s real estate sector.
Global consultancy AT Kearney’s 2014 Global Retail Development Index ranks Oman as the 17th most attractive destination for retail investment. Given this current scenario, there is growing demand for the facilities management and cleaning industry. There are currently 9,315 companies in Oman which has facility management licenses as per their portfolio, which represent a promising number of potential buyers of cleaning and facilities management products and technologies.