During his participation in the Oman Real Estate Exhibition, Sabbour announced that Al Ahly Sabbour is developing the Wadi Zaha project, the company's first investment in the Omani market. It is located within Sultan Haitham City, the first integrated smart city in the Sultanate.
Sabbour also indicated that the project represents an
investment of approximately 90 million Omani Riyals (OMR). It forms part of an
expansion plan encompassing the development of three main developments: Wadi
Zaha, Wadi Safa, and Wadi Tala. The projects span an area of 100 feddans with
direct views of the city's central park.
Sabbour said that the company launched the second phase of
the Wadi Zaha project during its participation in the Oman Real Estate
Exhibition, after selling 185 units worth OMR 13.6 million in just 90 days
during the first phase. This value represents approximately 50% of the
project's targeted sales for 2025, which is OMR 28 million.
He pointed out that the GCC real estate market is
experiencing rapid growth, with expectations to reach approximately $252.8
billion by 2033. This surge underscores the significance of ambitious and carefully
planned projects like Wadi Zaha, which meet investors' aspirations and align with
ongoing urban expansion.
Sabbour further highlighted Oman's robust real estate market, which recorded a trading volume of OMR 3.3 billion last year. The residential sector alone is projected to reach $6.8 billion by 2029. This growth is driven by factors like sustained national economic expansion and an anticipated 2% population increase in 2024, bringing the total to 5.268 million, signaling significant opportunities for the Sultanate's real estate sector.