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    Saudi Arabia’s ambitions for food production advancement supported by ICRISAT-FAO partnership

    Saudi Arabia’s ambitions for food production advancement supported by ICRISAT-FAO partnership

    Egypt’s agriculture exports rise 17.2 percent in 5 months

    Egypt’s agriculture exports rise 17.2 percent in 5 months

    Egypt secures $66 mln from EU, AFD to expand wheat storage

    Egypt secures $66 mln from EU, AFD to expand wheat storage

    Agreements signed to establish 4 food factories in Jordan

    Agreements signed to establish 4 food factories in Jordan

    Morocco set to launch potash project: report

    Morocco set to launch potash project: report

    Food Africa and pacprocess MEA to launch in December with an even larger area

    Food Africa and pacprocess MEA to launch in December with an even larger area

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      Number of BIA passengers up by 26.90% annually YTD APRIL 2023

      Number of BIA passengers up by 26.90% annually YTD APRIL 2023

      Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

      Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

      International investors keen on entering Saudi market, says minister

      International investors keen on entering Saudi market, says minister

      Egypt aims to enhance contribution of IT sector to GDP: Talaat

      Egypt aims to enhance contribution of IT sector to GDP: Talaat

      Saudi airports witness 42% rise in passengers in first 4 months of 2023

      Saudi airports witness 42% rise in passengers in first 4 months of 2023

      Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021

      Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021

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      Construction activity in Saudi Arabia reaches highest level in years: Survey

      Construction activity in Saudi Arabia reaches highest level in years: Survey

      Oman gears up for its first smart city

      Oman gears up for its first smart city

      Saudi real estate ‘booming’ on big office space demand

      Saudi real estate ‘booming’ on big office space demand

      Value of Saudi construction contracts jump 35% to $51.3bn: report

      Value of Saudi construction contracts jump 35% to $51.3bn: report

      Qatar to implement new strategies for real estate development

      Qatar to implement new strategies for real estate development

      Real Estate Development Fund deposits $248m in Sakani accounts to boost Saudi housing goals

      Real Estate Development Fund deposits $248m in Sakani accounts to boost Saudi housing goals

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        UN-HABITAT partners with LCEC, expanding efforts to provide responsible renewable energy solutions in Lebanon

        UN-HABITAT partners with LCEC, expanding efforts to provide responsible renewable energy solutions in Lebanon

        Clean energy technology manufacturing market to reach $790bln by 2030: IEA

        Clean energy technology manufacturing market to reach $790bln by 2030: IEA

        Total-led consortium to start drilling offshore Lebanon in September

        Total-led consortium to start drilling offshore Lebanon in September

        Egypt invests $64mln in electricity network development in South Sinai since July 2014

        Egypt invests $64mln in electricity network development in South Sinai since July 2014

        First accredited low-carbon ammonia shipment dispatched from Saudi Arabia to Japan

        First accredited low-carbon ammonia shipment dispatched from Saudi Arabia to Japan

        Oman’s refinery products output jumps by 44%

        Oman’s refinery products output jumps by 44%

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          Qatar: Over 700 hotel keys added in Q1

          Qatar: Over 700 hotel keys added in Q1

          Jordan’s tourism income surges 88% as visitors flock to the country

          Jordan’s tourism income surges 88% as visitors flock to the country

          Dubai’s hotel stock hits 150,000 keys as tourist influx from India, Russia, Oman buoys hospitality sector

          Dubai’s hotel stock hits 150,000 keys as tourist influx from India, Russia, Oman buoys hospitality sector

          Leisure sector in Qatar stronger after World Cup 2022

          Leisure sector in Qatar stronger after World Cup 2022

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Saudi to be among world’s big leisure tourism hubs by 2030

          Saudi to be among world’s big leisure tourism hubs by 2030

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        • Agrofood
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          • Agriculture
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          Saudi Arabia’s ambitions for food production advancement supported by ICRISAT-FAO partnership

          Saudi Arabia’s ambitions for food production advancement supported by ICRISAT-FAO partnership

          Egypt’s agriculture exports rise 17.2 percent in 5 months

          Egypt’s agriculture exports rise 17.2 percent in 5 months

          Egypt secures $66 mln from EU, AFD to expand wheat storage

          Egypt secures $66 mln from EU, AFD to expand wheat storage

          Agreements signed to establish 4 food factories in Jordan

          Agreements signed to establish 4 food factories in Jordan

          Morocco set to launch potash project: report

          Morocco set to launch potash project: report

          Food Africa and pacprocess MEA to launch in December with an even larger area

          Food Africa and pacprocess MEA to launch in December with an even larger area

          Trending Tags

          • Business & Economy
            • All
            • Business
            • Economy
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            • Industry
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            Number of BIA passengers up by 26.90% annually YTD APRIL 2023

            Number of BIA passengers up by 26.90% annually YTD APRIL 2023

            Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

            Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

            International investors keen on entering Saudi market, says minister

            International investors keen on entering Saudi market, says minister

            Egypt aims to enhance contribution of IT sector to GDP: Talaat

            Egypt aims to enhance contribution of IT sector to GDP: Talaat

            Saudi airports witness 42% rise in passengers in first 4 months of 2023

            Saudi airports witness 42% rise in passengers in first 4 months of 2023

            Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021

            Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021

            Trending Tags

            • CES 2017
            • Election Results
            • eSports
          • Construction
            • All
            • Infrastructure
            • Real Estate
            Construction activity in Saudi Arabia reaches highest level in years: Survey

            Construction activity in Saudi Arabia reaches highest level in years: Survey

            Oman gears up for its first smart city

            Oman gears up for its first smart city

            Saudi real estate ‘booming’ on big office space demand

            Saudi real estate ‘booming’ on big office space demand

            Value of Saudi construction contracts jump 35% to $51.3bn: report

            Value of Saudi construction contracts jump 35% to $51.3bn: report

            Qatar to implement new strategies for real estate development

            Qatar to implement new strategies for real estate development

            Real Estate Development Fund deposits $248m in Sakani accounts to boost Saudi housing goals

            Real Estate Development Fund deposits $248m in Sakani accounts to boost Saudi housing goals

            Trending Tags

            • Energy
              • All
              • Oil & Gas
              • Power & Electricity
              • Renewable Energy
              UN-HABITAT partners with LCEC, expanding efforts to provide responsible renewable energy solutions in Lebanon

              UN-HABITAT partners with LCEC, expanding efforts to provide responsible renewable energy solutions in Lebanon

              Clean energy technology manufacturing market to reach $790bln by 2030: IEA

              Clean energy technology manufacturing market to reach $790bln by 2030: IEA

              Total-led consortium to start drilling offshore Lebanon in September

              Total-led consortium to start drilling offshore Lebanon in September

              Egypt invests $64mln in electricity network development in South Sinai since July 2014

              Egypt invests $64mln in electricity network development in South Sinai since July 2014

              First accredited low-carbon ammonia shipment dispatched from Saudi Arabia to Japan

              First accredited low-carbon ammonia shipment dispatched from Saudi Arabia to Japan

              Oman’s refinery products output jumps by 44%

              Oman’s refinery products output jumps by 44%

              Trending Tags

              • Hospitality
                Qatar: Over 700 hotel keys added in Q1

                Qatar: Over 700 hotel keys added in Q1

                Jordan’s tourism income surges 88% as visitors flock to the country

                Jordan’s tourism income surges 88% as visitors flock to the country

                Dubai’s hotel stock hits 150,000 keys as tourist influx from India, Russia, Oman buoys hospitality sector

                Dubai’s hotel stock hits 150,000 keys as tourist influx from India, Russia, Oman buoys hospitality sector

                Leisure sector in Qatar stronger after World Cup 2022

                Leisure sector in Qatar stronger after World Cup 2022

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

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              Oman’s property market sees price recalibration

              OBG

              August 24, 2016
              in Real Estate
              0
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              After posting robust growth in 2015, Oman’s real estate sector has seen prices decline early this year, though sales remain strong in certain segments of the market.

              According to data issued by the National Centre for Statistics and Information in May, the value of real estate transactions fell by 30.3% year-on-year (y-o-y) in the first quarter to OR922.1mn ($2.4bn).

              This came on the back of high growth last year, with the total value of real estate activity expanding by 43.7% in 2015 to OR4.14bn ($10.8bn).

              A similar trend was observed in the mortgage market. While the overall value of traded mortgage contracts dipped by 40% y-o-y in the first quarter to OR619.1m ($1.6bn), the number of new mortgages rose by 31.5% to 6969. This could suggest buyers’ cashing in on lower property prices in some districts.

              Affected segments
              In terms of the different property segments there has been varied performance, with the oversupply of retail space triggering a rise in the number of vacant units and a corresponding fall in rental returns in some older shopping centers.

              However, higher-end residential units are still in demand, according to Benjamin Cullum, general manager of property services firm Hamptons International in Oman.

              “There is still appetite for relevant real estate projects in Oman,” he told OBG. “A developer that anticipates market demand can do very well here.”

              Though international property consultancy Cluttons expects residential rental rates to continue to ease by 5-10% over the rest of the year, after falling by 12.7% y-o-y in the first three months, it also noted the investment upside of a cooling market.

              In its most recent assessment of the Omani real estate sector, released late in the second quarter, Cluttons said that vacancy rates in second-tier properties would likely increase, but that this would allow landlords to take a longer-term position and upgrade and refurbish rental stocks.

              An easing of demand in some segments could also benefit potential buyers and renters, allowing them greater choice in the market, though Cluttons said correctly priced quality properties were still moving quickly.

              Dharmendra Sharma, CEO of Al Arkan Construction, also sees demand and returns on newer residential stock remaining steady.

              “Rent has gone down in old residential buildings, but new projects with full amenities are not reducing rental prices,” he told OBG. “People are not worried about spending on real estate and other amenities, even though oil prices are down.”

              High exposure offset by banking stability
              As prices in Oman’s real estate sector continue to recalibrate from the bull market of 2015, stakeholders will continue to monitor the health of the country’s banking sector, which has substantial direct and indirect exposure to the real estate sector, according to the latest financial stability report from the Central Bank of Oman (CBO), released in July.

              “The total real estate exposure of the banking sector is over 30% of total lending portfolio, which is considered large,” the report noted. “A weakening real estate market could, therefore, expose the banking sector to considerable risks.”

              This exposure also extends to Oman’s sharia-compliant financial sector, with the CBO saying the high level of real estate lending by Islamic banks warranted a review of the segment’s credit policies and practices.

              Banks should develop a strategy to further diversify their portfolios away from a dependence on real estate so as to protect themselves against any asset shocks in the property market, the CBO said.

              While the central bank urged caution, it also stressed the underlying strength of the financial sector, characterizing solvency levels as robust.

              Additionally, quantitative ceilings placed by the CBO on mortgage lending – including an 80% loan-to-value ratio and a 50% cap on total lending to households – are expected to help prevent the formation of asset price bubbles.
              Oxford Business Group
              24 August

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