Nick Smith highlights The Wave's progress at European Business People Forum

The Wave, Muscat, is being developed through a joint venture comprising Oman's Waterfront Investments (representing the Government of the Sultanate of Oman), National Investment funds Company (representing the Omani Pension Funds), and the UAE-based Majid Al Futtaim Group.

In his address, Smith illustrated the success of The Wave, Muscat model, acknowledging the rapid pace at which development was taking place at The Wave, and its significant soon to be seen impact on the lifestyle of people in Muscat.

"Oman, has reinvented itself, and is rapidly moving ahead with its Macro Economic objectives. The country has political stability, strong economic performance and a positive attitude to business. It's the best kind of tangible and highly visible Arab prosperity," Smith said during his presentation.

"The number of visitors to the Sultanate has increased dramatically, thanks to major investments in marketing "Destination Oman", Smith continued. He further reiterated that a significant proportion of incoming investments were foreign investments showing the long term confidence of foreign investors in the Sultanate. The population growth is recorded at 2.2% per annum amongst nationals, and the number of expatriates is also growing as many come from different nations to partner in the Sultanate's economic growth.

The freehold boom in the Gulf, has been a huge incentive and in early 2004 plans to develop The Wave to attract investors started. Our first release of property in early 2006 received an overwhelming response and the second release in November 2006 was also equally popular, and even though the price points were raised significantly the enthusiasm to buy remained the same.

The Royal Decree in January provided an unquestionably robust legal basis to The Wave, Muscat. We have introduced an early reservations service that allows buyers to reserve property without price guarantees, and straightforwardness and transparency have become hallmarks of the way we run the project.

With The Wave, Muscat, we're doing something that's never been done before in Oman. We're helping to pioneer freehold ownership in the Sultanate and working with local banks to innovate mortgage products for customers.

The Wave, Muscat, represents an unprecedented venture between private enterprise and the Oman Government, a master-planned community that will occupy 2.5 million square metres along more than 6km of pristine beach. The best known industry consultants have been appointed and golf legend Greg Norman has put his name to the project to design Oman's first links course - an 18-hole course spread over 800,000 square metres.

Residents of The Wave, Muscat will enjoy a lifestyle that has not been experienced in Oman before. Townhouses will be complemented by villas with a choice of garden, waterfront or beach views, and the marina village will be home to spacious and stylishly appointed apartments. There will be a 300-berth marina and Fairmont and Kempinski are two of the world-class hotel chains already involved.

Three show apartments will open soon and buyers will be able to review finishes and interior design choices at the customer selection centre.
The European Business Group event, sponsored by The Wave, was characterized by an exchange of informed opinion and brought together business leaders, investors, and business groups and individual experts from Oman.