Al-Raed Group sets the cornerstone of Al-Arimi Walkway project Construction and Real Estate

The start of the project stems from our confidence in the strength of the national economy and the strength of the financial system
The economic stability of the Sultanate makes it necessary to invest in the light of the economic challenges of the rest of the world

Al Raed Group celebrated the laying of the cornerstone of the Al-Arimi Walk in Al-Somhan area in the state of Barka on an area of ​​140,000 square meters. The project will take about 20 months to be completed in November 2020. Al-Raed Group has developed in the retail, leisure and tourism sectors, allocating about 400 million riyals to invest in these sectors during the year Watt coming five, which will serve the national economy and contributes to the provision of thousands of direct and indirect jobs for job seekers.

"The group, after completing the Boulevard project and realizing its vision of the role it should play in the community, has now launched its biggest and largest project, the Arimi Walk, to be a commercially viable hub," said Raed Al-Arimi, Vice Chairman of Al Raed Group. Leisure and tourism, stressing that it will represent an addition to the national economy and promote the development process in the country, and translate the direction of the government Find projects play a role in providing employment opportunities in the framework of the partnership between the government and the private sector and to maximize local investment, which will be completed with nearly three thousand jobs including 1200 direct and 0081 indirect. The strength of the Omani economy

He stressed that the investment climate in the Sultanate is stimulating and appropriate for the establishment of investment projects to achieve added value to the national economy, pointing to the existence of investment opportunities in various sectors in light of the national economy enjoys positive developments and elements at all levels.

He pointed out that there are many indicators that reflect the strength of the Omani economy due to the policies and plans of economic diversification adopted by the government led by His Majesty Sultan Qaboos bin Said and are capable of promoting growth in the coming years. Stems from the Group's conviction and confidence in the national economy and the strong financial stability that is taking place The Sultanate expects the Sultanate to record the fastest rate of growth among all the GCC countries this year at 5% and the public debt fell by 2018 from the previous year. In 2017 in addition to the level of low and steady inflation below 2%, and given the results of companies listed on the Muscat Securities Market has achieved a growth in profits Last year, during a rate of 23% compared to 2017 M.

He added that the Sultanate, in the framework of programs and plans to diversify the economy, is witnessing expansions in the volume of investment in various sectors, including the industrial sector. For example, there are currently 9 industrial cities with an investment value of 6.5 billion Omani riyals. Investments in other sectors such as tourism, mining, fish and logistics Are increasing significantly, and will double over the coming years, indicating that The government, through the "implementation" program, seeks to create a diversified economy by activating the non-oil sectors and doubling its growth. The Sultanate will witness major changes to reduce reliance on the hydrocarbons sector, noting that the non-oil sectors witnessed growth of 20% during 2018. Successful

Sheikh Raed bin Abdullah Al-Arimi described the measures taken by the Sultanate in dealing with the challenges and economic circumstances as a successful and efficient way to avoid the consequences of what may happen in the future of global crises and will help in finding productive projects and achieve added value to the national economy and provide job opportunities for citizens, Sultanate of Oman's economic policies and good financial solvency.

Al-Arimi said that the current situation in the Sultanate is ideal for investment. Opportunities in different sectors must be seized by investors. With the developments in investment instruments, the individual can have a diversified investment portfolio at very competitive prices and a stable and sustainable return.

He pointed out in this regard that the decline in real estate prices should be seen with a positive outlook of those wishing to invest, it is a catalyst in creating and strengthening the sector of small and medium enterprises, which provides options for them to create projects on the ground suitable and good prices to ensure continuity, On housing has become low and therefore a large part of the money will go to retail or savings and investment According to the official data, the contribution of the sector to GDP increased by the end of September last year to 1.678 billion riyals compared to 1.602 billion riyals in the period Compared to 2017, an increase of 4.8 percent, stressing that the sector has a great interest in the implementation of new projects that support Partnership between the public and private sectors and promote economic diversification, and provide job opportunities in large numbers of citizens.