SUSTAINABLE DEVELOPMENT

The Ras Al Hamra residential development project (RAHDP) in Muscat is very unique and one can consider it as a high-end real estate development. The RAH residential development located in Qurum Valley, is set to provide accommodation for 1,067 Petroleum Development Oman (PDO) staff from 70 different nationalities by 2022. The 281-hectare RAHDP masterplan has been divided into five phases. Phase 1 residential and infrastructure package that included 280 residential units, an international school, mosque and a golf course, was completed in 2015.

What’s noteworthy about the project is the priority being accorded to In-Country Value (ICV). All construction contracts have been awarded to local contractors and SMEs, and the majority of materials used in the project are local products. The project has begun to attract a number of oil and gas firms, who have come forward to replicate the RAH residential development model in their countries.

Meanwhile, the improvement in the oil price environment should translate into positive overall economic activities, thereby lending some support to oil demand in 2018. Transportation fuels, mainly gasoline and diesel oil, are anticipated to be the products leading oil demand growth.

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