JEDDAH: Oman has signed investment agreements worth more than 550 million Omani rials ($1.4 billion) across tourism, real estate, education, housing and other sectors as the government seeks to attract private capital and diversify the economy. 

The agreements were signed at an investment forum at the Oman Convention and Exhibition Centre as part of “Urban October,” according to Oman News Agency, or ONA. 

The deals span public, private and community-sector partnerships, including tourism projects, land-use agreements, housing initiatives, financing arrangements and quality-of-life developments. 

Oman is seeking to reduce its dependence on oil revenues under Oman Vision 2040, with economic diversification, private-sector development and investment forming key parts of its strategy. 

Tourism leads deals 

The largest agreement involves the development of the Madana integrated tourism complex by the Ministry of Heritage and Tourism and Dhofar Tourism Co., the project’s owner and developer. The investment is valued at more than 400 million rials. 

Other agreements include a partnership to develop an international school at the Saraya Bawshar project, with investment exceeding 10 million rials, as well as 85 usufruct agreements for food-security projects worth more than 53 million rials. 

The forum also saw 30 usufruct agreements with the Small and Medium Enterprises Development Authority valued at more than 1.3 million rials. 

“The agreements signed through the Tatwir platform included a 78 million-rial investment deal for the Tilal Al-Amerat project in the Al-Amerat, Muscat Governorate,” ONA reported, adding that a land-use agreement was also signed to establish a fuel station operated by Al- Rahma Association for Motherhood and Childhood in Al-Amerat, covering 3,000 sq. meters. 

Housing projects 

A cooperation and community contribution agreement with Al-Rahma Association will support a housing assistance program under the “SAS” project, which aims to build 300 homes for low-income families and orphans in Muscat Governorate and elsewhere.  

Three SAS projects covering 63 homes have a combined value of more than 2.14 million rials.

Separately, the Ministry of Housing and Urban Planning and the Oman Charitable Organization signed an agreement backed by more than 2 million rials from the Energy Sector Social Responsibility Development Foundation, known as Rikan, to build 71 homes. 

Real estate and financing 

Other agreements include a community contribution deal with Aflaj Group to develop a sports and health trail in Sultan Haitham City. 

Bank Dhofar and Al-Ahly Sabbour Oman signed a 10 million-rial financing agreement for the Wadi Zaha project, alongside other financing agreements for residential projects. 

The forum also featured a partnership between the Ministry of Housing and Urban Planning and Hamptons International aimed at improving real estate development services and facilitating investment.