Oil and Gas



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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