Banks Urged to Increase ‘Money Flow’ to Help Real Estate Sector
MUSCAT Banks should increase the flow of money into the market to encourage the real estate sector which is feeling the impact of global economic slowdown, says chairman of Iskan Oman Investment Company, Adil Mohammed Al Bader.
At a press conference at Oman Chamber of Commerce and Industry (OCCI) on Sunday, Al Bader said the shortage of liquidity in the market is affecting the real estate sector. “The economic slowdown is a real test to real estate companies and only those with sound fundamentals will survive.”
He said the current slowdown will continue for some time. “New big real estate projects are unlikely to be launched till first quarter of 2010,” he said.
HE Khalil Abdullah Mohammed Al Khonji, chairman of OCCI, said the slowdown has its impact on Oman also though not to same extent as felt in other countries.
Dr Rashid Ali Al Balushi, managing director of Iskan said the real estate sector is reevaluating priorities and strategies for the current year.
As a part of it, Iskan is organising a seminar titled ‘The global crisis and its impact on the real estate sector in Oman’ with the support of the OCCI, said Balushi. The seminar will be held at the Grand Hyatt, Muscat on Feb. 28.
The event will be conducted under the banner of Oman Investment Forum.
Al Khonji will be the chief guest of the seminar and Al Bader will be the guest of honour. The seminar will bring together leading economists and industry experts, who will analyse the reasons for the slowdown in the real estate sector and submit recommendations on facing the challenges.
Iskan Oman plans to host events addressing vital issues that concern the Oman economy, the regional landscape and the personal holdings of individual investors.
Iskan Oman Investment Company was formed in 2008, with a paid-up capital of $65 million, said Al Bader.
At a press conference at Oman Chamber of Commerce and Industry (OCCI) on Sunday, Al Bader said the shortage of liquidity in the market is affecting the real estate sector. “The economic slowdown is a real test to real estate companies and only those with sound fundamentals will survive.”
He said the current slowdown will continue for some time. “New big real estate projects are unlikely to be launched till first quarter of 2010,” he said.
HE Khalil Abdullah Mohammed Al Khonji, chairman of OCCI, said the slowdown has its impact on Oman also though not to same extent as felt in other countries.
Dr Rashid Ali Al Balushi, managing director of Iskan said the real estate sector is reevaluating priorities and strategies for the current year.
As a part of it, Iskan is organising a seminar titled ‘The global crisis and its impact on the real estate sector in Oman’ with the support of the OCCI, said Balushi. The seminar will be held at the Grand Hyatt, Muscat on Feb. 28.
The event will be conducted under the banner of Oman Investment Forum.
Al Khonji will be the chief guest of the seminar and Al Bader will be the guest of honour. The seminar will bring together leading economists and industry experts, who will analyse the reasons for the slowdown in the real estate sector and submit recommendations on facing the challenges.
Iskan Oman plans to host events addressing vital issues that concern the Oman economy, the regional landscape and the personal holdings of individual investors.
Iskan Oman Investment Company was formed in 2008, with a paid-up capital of $65 million, said Al Bader.
source: http://www.omantribune.com
