October 31, 2007

Salam-Yiti: the Sama Dubai Setting in Exquisite Oman

Dubai-UAE: 31 October, 2007 - From the perspective of a real estate developer, seeking out a potential investment destination is similar to diving into the deep blue sea, driven by the possibility of finding that rare gem - in this case an untouched location - that has the potential to create a magnificent sustainable tourist destination. As a gem in itself, Oman is fast evolving into a real estate developer's dream. However, one is prompted to question - what is so exceptional about Oman? Farhan Faraidooni, Executive Chairman of Sama Dubai, developers of the US$1.7 billion Salam-Yiti development in Oman, says: "There is an obvious transformation in the Omani real estate market. In the last month alone, we have registered close to 200 prospective buyers seeking residential units at our Salam Yiti project in Oman." H.E. Dr. Rajiha Abdul Amir Ali, Omani Minister of Tourism, said: "Oman's tourism market in general, and the real estate sector in particular, is witnessing dramatic changes in recent years. We are collaborating with the private sector to launch new projects in Oman, and we are delighted that Sama Dubai is introducing new concepts in nature conservation through projects like Salam - Yiti." Let's explore this further by re-discovering Oman and taking a short expedition into the wealth of its roots in culture and heritage and its geographic and economic facets. Oman is commonly known to be the friendliest and most welcoming country in the Gulf region due to its historical interaction with different cultures, given its natural borders and costal access to the Gulf of Oman. The historical wealth of Oman is augmented by its rich cultural assets that grace the country with an awe-inspiring splendour, as unique as the landscape. With an extensive geographic and climatic diversity, fertile coastal areas, and distinctive mountainous regions, Oman has the most diverse elements in the entire Gulf region. Each geographical area is known for a particular facet. The southern tip of Oman, Salalah - surrounded by vast forested mountains - is renowned for its wonderful monsoon rains, providing an escape from the desert heat especially during July and August. As we travel north, we encounter Yiti, nestled in a valley fronted by a natural bay on the Arabian Sea with a dramatic mountain range as its stunning backdrop. Bisected by a tidal creek, Yiti forms a magnificent lagoon, providing an escape from the noise and bustle of Muscat, a 20 minute drive to the south. Venturing into the economic wealth of Oman, we must begin with His Majesty Sultan Qaboos bin Said who in the last 30 years has transformed the country into a stable economy with modern infrastructure, healthcare, education and telecommunications. Today, Oman is one of the fastest growing economies in the Gulf region thanks to focused government planning, responsible expenditure as well as investment in the non oil sector. Oman 2020, the visionary economic diversification plan, will gradually reduce the country's dependence on oil. In line with this objective, further investments will be funnelled into Oman's rapidly developing tourism and real estate sectors. As result, the real GDP is expected to grow by 6.8 per cent in 2008. Oman has been aggressively investing in its tourism infrastructure, specifically in its airline, roads and airports. Foreign participation in the tourism industry has also been increasing thanks to government incentives to investors. By this year-end, tourism is expected to substantially increase its contribution to Oman's GDP. As a result of His Majesty Sultan Qaboos' progressive initiatives, Oman now offers a favourable climate for investors in the real estate market. This includes low cost of land, economic growth potential, availability of beachfront plots, good infrastructure and incentives for foreign investments. Land prices are rising steadily and discussions with local professionals suggest a phenomenal investor interest in several Omani real estate projects, not only from the GCC countries but also from as far away as Europe and Asia. Seeking to exploit this rich potential in Oman, Sama Dubai has recently commenced the construction of Salam-Yiti. Endorsed by the Sama Dubai Quality and Credibility Seal, Salam-Yiti is a joint venture with the government of Oman. The 4.19-square km development is positioned as an architectural testimony to Oman's diverse natural beauty and rich culture, and is poised to become a prime destination for the international luxury travel market. Yiti will harness the beauty of the region, offering spectacular views of the beach and enveloping mountains. The luxurious and sophisticated development aims to attract regional and international tourists as well as second-home owners in search of tranquillity, wellness and relaxation. It will also showcase the preservation of Oman's natural environment and cultural traditions as a sensitive, sustainable tourism project. Sama Dubai's first project in the Sultanate of Oman under the 'Salam' brand has its architecture inspired by the Omani lifestyle. The property's components include exclusive 5-star hotels, magnificent villas and upscale apartments. Additional attractions include a 'souk' retail complex, a beach and marine club, an eco-marine centre as well as a state-of-the-art spa and wellness centre. For a glimpse into the true essence of Oman and beauty of Salam-Yiti, please visit Cityscape Dubai 2007, the region's largest business-to-business real estate investment and development exhibition, where - for the first time ever - a full-scale model will display its grandeur for visitors to experience.