/24-7PressRelease/ - DUBAI, UAE, July 25, 2008 - Following in the wake of the UAE, Jordan, Qatar and Bahrain, Oman is set to become a serious player in the regional real estate boom. The licences have been acquired by two highly-regarded businessmen, Sultan Suroor Al Kharusi and Mohamed Al-Musalhi, who plan to open the first Engel & Voelkers branch office in Muscat. Oman's capital, in approximately four months. "I am pleased to see our brand attracting influential people," said Debbie Baertschi, Managing Director of Engel & Voelkers Middle East. These men are very well-connected and we are confident that they will make a great contribution to the success of Engel & Voelkers in the region."
The Sultanate of Oman is situated in the south-east corner of the Arabian Peninsula, and borders on the UAE, Saudi Arabia and Yemen. It has 1,700 km of coastline lapped by three seas, the Arabian Gulf, Gulf of Oman and the Arabian Sea, making Oman the place where Asia meets Africa. Famous for the oriental flair of "Old Araby", spectacular sandy beaches, a hot, sunny climate and some unique world heritage archaeological sites, Oman is poised for take off as an attractive destination for international tourists. Oman is an oil and gas rich country, and these two natural resources account for nearly 80% of its revenue. The government is pouring this money into the infrastructure, industry, tourism and construction. This boom, together with the new law on freehold land ownership, has allowed the economy to grow by an impressive 38% over the past two years.
Because all investors can acquire freehold status - Omanis, GCC nationals (member countries of the Gulf Cooperation Council) and expatriates - a new era of property investment has dawned in Oman. When investors were invited to buy into the first phase of The Wave, Muscat's new 520-million-euro beachfront hotel and residential project, it was oversubscribed by a factor of 20. More exclusive residential projects are on the way to cope with the growing demand, such as The Blue City in Al Sawadi and The Barr Al Jissah Resort Residences in Muscat.
About Engel & Voelkers Middle East
Founded in 1977, Engel & Voelkers Group opened its first Middle East office in 2004. One of the world's leading real estate companies, the brand is known a marketer of high-class residential property in top locations. The global Engel & Voelkers network now covers 24 countries on 4 continents and more than 330 property shops. Serving private and institutional clients, Engel & Voelkers' core competencies lie in consultancy, leasing, sales and valuations. The group is basing expansion on its successful licensing partner model and has now over 440 licence partners. The keys to success are specialization in sub-markets and the excellence of the group's partners and highly-qualified employees - a combination that produces top quality service.
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