Historically Oman’s economy was based on fisheries, agriculture and traditional trade. The discovery of oil resulted in a shift to a petroleum based economy where oil has been the driving force. Limited oil resources have however fuelled the need to reduce dependence on oil and encourage expansion into other industries. The government is therefore adopting a dynamic diversification strategy by increasing the contribution of other sectors like tourism and real estate to the national economy.
Oman’s construction industry showed a steady growth curve by challenging the adverse conditions of 2008- 2009. This can largely be attributed to the country’s economy which is both stable and progressive due to the policies and government spending on large infrastructure projects.The government has also emphasised on various incentives for individuals and organizations. Foreigners are now permitted to own real estate, for residential or investment purposes in areas designated as Integrated Tourism Complexes (ITC) by the authorities. This has generated more interest from tourists, investors and expatriates alike.
With its real estate and investment expertise, GLOREI aims to support the country’s development and progress in these fields.