30 April 2019

Bazaar Project in Sohar Launched

Sohar Real Estate Development Company launched (Bazaar) project in the Wilayat of Suhar, which comes as part of the real estate development projects that worth RO 13 million.

It is expected to open in the second half of 2021. The inauguration ceremony was held under the auspices of Dr Ali bin Masoud al Sunaidy, Minister of Commerce and Industry, who said that the (Bazaar) project in the Wilayat of Suhar is one of the projects that combines the traditional old market designs with the services currently offered in commercial complexes.

He added that such type of real estate development projects is distinctive as the real estate developers started to focus on the issue of ownership, which is a great advantage for store owners to own their shops inside such markets.

He called on the real estate developers to turn to this trend as it is profitable one that provides better value to companies operating within these markets. He explained that it is expected that Al Raffd Fund would encourage owners of small and medium enterprises (SMEs) to own the property instead of renting for a long time.

Salim bin Hassan al Balushi, Assistant Director General for Real Estate Development at the Ministry of Housing said in his speech that the establishment of the Directorate General of Real Estate Development at the Ministry of Housing came to develop visions and solutions related to the real estate sector and provide an accurate database for this sector.

He added that the Directorate deals with this aspect of regulatory and legislative aspects and support the private sector through the Real Estate Development Services Center, which was recently established by the Ministry.

He pointed out that the (Bazaar) project represents one of the leading and distinctive real estate development projects that is under direct supervision by the Directorate General for Real Estate Development.

Mahmoud al Manthari, Chief Executive Officer (CEO) of Sohar Real Estate Development Company gave a speech during which he highlighted the importance of retail sector as it represents a key role within economic diversification plans being pursued by the Government.

He said the retail sector contributed 8 per cent of the country's GDP in 2018, and above RO 2.5 billion over the past three years. He added that studies and reports expect the growth of this sector in the Sultanate over the next three years to constitute 10 per cent of the GDP.

He explained that the establishment of the "Bazaar" project in the Wilayat of Suhar as a traditional market would contribute to highlighting local products, which will be positively reflected on the growth of the retail sector and related sectors, as well as stimulating the commercial activity in the Sultanate.

The new project includes a traditional heritage market with more than (300) shops including commercial units distributed on multiple avenues. The shops designed for selling handicrafts, date-palm-fronds made tapestries, copper utensils and silver pieces, spice shops, Arabic coffee, and sale of fabrics and traditional costumes and modern fashion along with cafes, restaurants and family entertainment, which help to highlight traditional crafts in a modern environment, in addition to stimulating the commercial and tourism activity in the Wilayat of Suhar.