The Wave, Muscat Ceo Addresses Future Of Integrated Tourism Complexes At Oman Real Estate Conference
December 2012

• New concepts should be introduced by future ITC developers
• Omani SMEs to be utilized and directly involved in ITC development
• Government and ITC developers need to work closely to fast track establishment of Owners Association legislation
• Success factors are evident in the foundation and strategic makeup of The Wave, Muscat

Muscat, May 2014: Speaking at the inaugural Oman Real Estate Conference & Expo 2014 held under the patronage of HH Sayyid Shihab bin Tariq Al Said, Adviser to His Majesty, Hawazen Esber, CEO of The Wave, Muscat outlined the opportunities and challenges facing integrated tourism complexes (ITCs) in Oman to over 150 industry professionals. He focused on the strong fundamentals that allowed The Wave, Muscat specifically and other ITCs in Oman generally, to overcome the global financial crisis and emerge with renewed vigor.

Hawazen said that the well-planned long-term government initiatives and investments, sound financial policies adopted by the Central Bank of Oman and increased demand and population growth, has created opportunities for the ITC markets to thrive. This has also painted a very solid and sustainable picture for the future of the real estate market in the Sultanate. He described how these fundamental success factors are evident in the foundation and strategic makeup of The Wave, Muscat.

Hawazen stated, “The shared vision and commitment of the government of Oman and Majid Al Futtaim has provided a solid foundation and reputation that has enabled The Wave, Muscat to become a market leader and keep on delivering when many other projects across the region failed. Real estate development is not an easy business. Once again the alignment between our shareholders and their confidence has allowed the management to speed up and slow down and adopt new strategies when required to adapt to the new market conditions after the global financial crisis and The Wave, Muscat have enjoyed year on year growth in sales revenue since.”

He added, “45% of our buyers are Omanis and 55% are local and international expatriate investors. This means that with the right product, ITCs can attract a wide range of investors but the most important being the Omani investor. It is even more encouraging and makes The Wave, Muscat as a community even more sustainable. This completely changes our perception that ITCs are enclaves for expatriates. To the contrary, with organic growth, ITCs will actually be home to many Omanis for generations to come.”

Hawazen also addressed the need for ITCs to become more creative and introduce new concepts whether on the assets side such as serviced apartments, office parks, or on the lifestyle side such as indoor and outdoor entertainment or culture related activities. He said that demand for better integrated living environments and communities for Omanis have never been greater. The local development industry can learn from existing ITCs to improve the amenities of their projects and not rely on local authorities to deliver.

He expressed, “Elements such as parks, walkways and play equipment are a substantial attraction for young families and rather than rely on local authorities to deliver, this is an essential part of the developer’s plans from day one. Governments and developers also need to work hand in hand to provide special incentives for Omani Small and Medium Size Enterprises (SMEs). ITCs will support these very promising local SMEs to develop their ideas and businesses instead of giving all the commercial opportunities away to international players when there is a rich source of authentic ideas within Oman.“

Other topics covered during the two day event included real estate regulation in Oman, market transparency, sustainable investment and potential real estate investment opportunities. Hawazen said that living ITC communities need to be organized and regulated by a much needed Owners Association legislation. While each ITC has established guidelines within its development, there is no law in place to regulate or recognize the ongoing community management needs. The government and ITC developers need to work closely to fast track this process and ensure long term success and viability.

“The Wave, Muscat believes that successful ITCs that have earned their stars in commitment and delivery should be treated as the partner of choice for any new major project undertaken by the government. These successful ITCs have a proven track record and possess capable technical, financial and operational well trained Omanis professionals that will be part of shaping the future of real estate in Oman,” added Hawazen.

The Wave, Muscat supported the conference as Strategic Partner, equipping key stakeholders in the Omani market with solutions to the challenges in the industry which will enable them to determine future business strategies and drive sustainable growth. Tackling the issues of the Property Outlook in Oman and Property Development & Management, the first Oman Real Estate Conference & Expo 2014 brought together key stakeholders and industry leaders to offer an overview on Oman’s booming real estate sector.