Orascom Development Holdings (ODH) is investigating the possibility of entering into Oman’s affordable housing construction sector. The announcement of this intention was made by Samih Sawiris, the chairman and CEO of the Egyptian investment firm at The Owners Forum Middle East 2011 held in Muscat from October 22nd to 24th, 2011.
OHC Positioned to Enter Market
Mr. Sawiris explained that the growing need for affordable housing in Oman will attract investors into this sector, and Orascom’s subsidiary, Orascom Housing Communities (OHC), is uniquely positioned to enter into this market.
OHC was founded in 2006, and already finished the construction of a township by 2007. Haram City was built about 20km west of Cairo and today is home to about 5,000 families on 8.4 million square meters of land.
Affordable Housing Market
When asked about Orascom’s interest in building luxury or high-end building projects, Sawiris said that in the Sultanate of Oman Orascom is not interested in this sector, especially since they are already involved in tourism construction in Jebel Sifah and Salalah Beach in a joint venture with Muriya.
Sawiris added that,
“The only thing I would be interested in Oman in terms of residential projects is affordable or budget housing. That is our second area of expertise, where we complete towns in this category.”