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Real Estate Sector Booms

August 26, 2012 00:04

The National Center for Statistics and Information (NCSI) stated later this week that the real estate sector of Oman had shown a considerable growth rate for the first half of this year. According to the statistics, property sale of the duration has increased by 59.7 percent and the revenue gained was RO 807.6mn. Last year it was RO505.8mn for the identical period with the current year. The sale has increased to the mortgage contracts, it stated. Meanwhile, Managing Partner of Savills Oman Chris Steel the time was excellent for property investment. Easy availability of bank loans, demographical changes of population etc., have improved the return of the market, he pointed out.

It is stated this week that profit for the first half of the current year of Renaissance Services has surged by 100 percent. The profit percentage has doubled for the period recording an increase of RO6.9 million when compared to the identical period of the last year that was RO3.4million. The statistics were taken according to the filing with the Muscat Securities Market. Likewise, it is stated that profits of Dana Gas has also increased for the same period. Dana Gas is the largest private natural gas company in the region. The net profit recorded for the first six month of this year has been recorded as Dh 387 million. 

An information related to the employment market in Oman, there are vast disparity between the requirements of qualifications for employments and the receiving those qualification from the current educational system in the Kingdom. This was revealed with a research done by Qudurat Research. According to the research, Omanis are keener to engage in employments with private companies rather than in public sector employments. On the other hand, due to disqualification of Omanis, private companies like to recruit more and more expatriates for their vacancies. Meanwhile, most construction companies and companies that engage in similar businesses in Oman are getting increased interest in safeguarding their employees from employment related hazards. Most companies are in the process of amending their HSE regulations and benefits. 

Health sector of Oman is rapidly developing and many international health institutions seem expanding to the Kingdom for the past decades. With this backdrop, the reputable health institution in Oman Nova Medical Centers Middle East opened this week its cardiology department. The hospital has received great prestige as one of the most reliable medical care institutions in Oman for cardiac patients. This week, a crucial step has been taken by the government according to the directive of His Majesty Sultan Qaboos to exempt borrowers of the Oman Housing Bank cutting down bank’s loan fees. With this royal directive, more than 11,700 borrowers of the Bank would benefit, top sources said. 

Finally a turn to the Stocks Market in the region shows that the Muscat Financial Market has reported an increase of 10.14 (0.18%) to the day high value of 5,515.72 points and the Dubai Financial Market surged by 1.37 (0.09%) to the day high value of 1,578.98 points on 15-8-2012. The Bahrain Stocks Exchange too increased by 3.56 (0.33%) to the day high value of 1,076.44 points and the Qatar Stocks Exchange surged by 2.79 (0.03%) to the day high value of 8,431.10 points. The Kuwait Stocks Exchange also increased by 12.77 (0.22%) to the day high value of 5,713.29 points and the Saudi Stocks Exchange performed very well recording an increase of 35.48 (0.51%) to the day high value of 7,008.83 points thus signaling positively to the local and foreign investors to enter the region

Categories: Oman Real Estate Market
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