A combined entry from Atkins and Faithful + Gould, this Residential Mix-Use project was part of an event which has taken place for the first time in Oman. The event honored the accomplishments of construction and development in Oman.
 

The architectural design of this Mix Use Development takes into key consideration an energy efficient project that will be economically sustainable for the residents without a significant implication on the cost to the developers. The smart building services engineering of this unique project would define a new energy efficient standard which would not only help in reducing the operational costs of the building but will reduce its carbon footprint as well- this has always been one of the main aims of GLOREI. At the same time, the company endeavors to ensure that construction is carried out in accordance with the best international practices and standards.
 

GLOREI has previously won an Award in Cityscape Dubai,2010  as the “Best Environmental Project” for an Eco Tourism project in Salalah. This illustrates how fully committed the company is to sustainable development.
As the project would be the first known residential building in Oman to target a LEED certification, it would definitely have green sustainable elements as part of its brand which will be unveiled when the complete project is launched.
Eng. Mohammed Al Ghassani, CEO of GLOREI and board member of Muttawar Omani Co. SAOC has said “After many sessions of brainstorming with Faithful + Gould (Project Managers) and Atkins (the design and supervision consultants), our vision was translated into a superior quality project which would cater to the need of good housing solutions in Oman. We are proud of this accomplishment and the award stands testimony to the distinction of the project elements, and recognition for the management’s belief in environment sustainability.”

“It shows an appreciation for change in the thought process and achievements of the Omani construction industry and this award celebrates that change.”
 

Mr. Mussalam Al Aamri, Chief investment officer of GLOREI, said that this gathering is a celebration of the holy month, and the consolidation of social and family relationships among the staff of the company, pointing out that the company is keen to establish such social gatherings to increase the bonds of fraternal relationship and interaction between staff, It is also an opportunity to express appreciation and gratitude to the company's efforts of its staff, and in order to honor them and be entertained.

GLOREI was formed in March 2008 and it s Oman’s largest private real estate development company based in Muscat.  GLOREI’s real estate developments include industrial, commercial, hospitality, mix use, retail, and residential projects. The architecture and design of its projects vary and have contemporary, traditional or a mix of both elements.  GLOREI’s business venture and investment arm taps into a host of carefully selected real estate asset types within the Sultanate.

GLOREI was formed in March 2008 and it s Oman’s largest private real estate development company based in Muscat.  GLOREI’s real estate developments include industrial, commercial, hospitality, mix use, retail, and residential projects. The architecture and design of its projects vary and have contemporary, traditional or a mix of both elements.  GLOREI’s business venture and investment arm taps into a host of carefully selected real estate asset types within the Sultanate.

CGI is a subsidiary of the Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank Group (IDBG).  The company’s mandate is to develop housing and SME sector platforms by working with both private and public sector institutions within the OIC (Organization of the Islamic Conference). CGI’s Real Estate Management Advisory Team (REMA) emphasizes a pragmatic approach based on extensive experience launching and managing multiple real estate sector platforms and working with regulators, government institutions, and the private sector.

Under agreements entered into by the companies, GLOREI will be the founding investor and key sponsor of the fund and CGI will provide product development, administrative and lead advisory services to the fund. Using an innovative mezzanine structure, the fund will target middle market housing sector in Oman by investing in the construction of new housing projects.  The target fund size is USD 100million.

CGI’s interest in working in the Omani housing sector is based on the Sultanate’s growing need for housing, especially among customers in the medium and lower income segments.  Mr. Naveed Siddiqui, CEO of Capitas Group International stated, “We are extremely excited to work with GLOREI on this innovative project.  Oman needs housing solutions that cater to a young, rapidly growing population. I am confident that the expertise and entrepreneurial mindset of our Real Estate Management & Advisory (‘REMA’) team will help to launch a platform and product that is specifically catered to support the development of additional housing supply in the Sultanate.”

Engineer Mohammed Al-Ghassani, CEO of GLOREI stated, “The launch of this fund is an integral part of the development plan that GLOREI has established for the midterm future.   Moreover it is in line with the company’s mission to enhance the community and contribute to the development of the nation by serving the needs of our growing mid-market segment.  In the end a project’s success comes down to proper execution and that is why we have chosen to work with a trusted partner in CGI to launch this fund. 

Oman’s GDP has been growing continuously since 2005 at an average of 6% annually. The real estate sector will benefit the government’s investment in tourism and industrial zones which will generate a need for additional housing. The GCC recently promised the Omani Government a grant of USD 10 billion to be released over the coming ten years for housing and infrastructure projects in the country.
 

GLOREI and CGI are planning for a press conference to be held at a later time to officially announce the establishment and launching of the Fund at the completion of all procedures.
 

The project design and supervision was awarded to Atkins, while earlier a contract was signed with Faithful+Gould to assume the function of the project technical manager.
 

Eng. Mohammed Abu Baker Al Ghassani, director of Al Muttawar Omani Co. and CEO of GLOREI a main founding member of Al Muttawar, commented that “the appointment of the project technical manager and designer is a significant move to ensure progress. The importance of this step is moving the project from the planning and conceptualization phase to actual implementation on site.”

Al Ghassani stressed that WS Atkins and Faithful+Gould hold an impressive record in similar projects in the region, and that their expansive global and regional experience will ensure high value added to this excellent project.

“The project concept is based on creating a luxurious and integrated residential complex in Bowshar that can provide its residents quality services and utilities that are consistent with the modern daily life. The project’s estimated total cost is around OMR 35 million with a total built up area of 80,000 square meters. The project is expected to be completed in less than 30 months.” Al Ghassani added.

Mr. Terry Bradbury, Country Director of Atkins, commented that: "The Mixed-Use development in Bowshar is a distinctive project and we hope to make it a landmark venture. We are excited about participating in such a unique project.”

Mr. Wilfred Asamoah, Country Director of Faithful+Gould stated that: “With a history of previous projects and good working relationship with GLOREI, we are excited to be the project Technical Managers. We look forward to this opportunity of participating in the implementation of such a prestigious project.”
 

After the meeting, Eng. Mohammed Abu Baker Al Ghassani, member of the Board of Directors, and CEO of GLOREI, one of the main founders of Tawafuq, stated that the idea of establishing this company was born with the institutional need for effective participation in the economic development of the Sultanate with the availability of good investment opportunities in some segments of the real estate sector. This was enhanced with the desire and interests of major institutions in establishing a closed joint stock company to contribute to this economic growth by taking advantage of investment opportunities available in the market through the development and execution of distinguished projects.
 

Eng. Al Ghassani added that the first venture of this company would be to own and develop a real estate project in Al Seeb, which  will provide residents with services and facilities that fit with the requirements of modern life and commensurate with the target segments of society.

After the meeting, Eng. Mohammed Abu baker Al Ghassani, member of the Board of Directors, and CEO of GLOREI, one of the main founders of Al Muttawar Omani Company SAOC, stated that the idea of establishing this company came in the context with achieving the strategic vision of GLOREI in the real estate development and investment in the Sultanate. With the emergence of positive signs for the recovery of the global economy from the recession period and an optimistic reflection of this global recovery on the economic movement in the Sultanate along with the continued revival of oil prices, the government has increased the implementation of infrastructure projects throughout the Sultanate. In addition, prices of land and construction materials becoming competitive will support this real estate development movement.

Existence of all these positive factors along with the availability of new investment opportunities in certain segments of the real estate sector have brought the founders together in establishing a closed joint stock company. This will help to take advantage of investment opportunities available in the market through the development and implementation of residential, commercial and tourism projects.

Eng. Al Ghassani added that the first project of this company is to develop and own an integrated real estate project including residential , commercial and hotel units in Wilayat Baushar which will provide the residents with services and facilities that fit with the requirements of modern life style and commensurate with the targeted segments in the community. 

GLOREI has been appointed as the Development Manager for this project.  The development with a total build up area around 70,000 square meters will cost approximately RO. 35 Million and is expected to be complete within 36 months.

• Turn off your computer monitor when you go for lunch, a meeting or even a tea break.
• Run meetings electronically by using LCD equipment to project agendas and papers rather than having everyone bring hard copies.
• Take notes on scrap paper or record minutes directly into a laptop.
• Email instead of sending post or faxing.
• Photocopy double sided.
• Use a memory stick instead of CDs and DVDs.
• Use the paper recycling box next to your desk and the one next to the photocopier. That includes magazines and newspapers as well as scrap paper.
• Switch off the photocopier overnight.
• Re-use internal and external envelopes by using re-use stickers.
• Do you really need a hard copy of it? Can you save the message/attachments instead?
• Proof documents on screen before printing.
• Bring a mug, don't use plastic cups.
• Collect plastic bottles and put them in the plastic recycling bin.
• Make the most of natural light. Don't switch on lights unless you have to.
• Switch off lights when you leave a room.
• Don't leave electrical equipment on standby.
• Use energy efficient light bulbs wherever possible.
• Don't leave phone on charge when it's fully charged.
• Look after your car - service it regularly so it's fuel efficient.
• How cold does the AC really need to be?
• All office gifts to be sourced locally wherever possible.
   

There are 10 shortlisted candidates in each category and The Eco resort has been nominated for a total of 6 categories- 3 out of 5 for Future Projects Awards Categories and 3 out of 6 for the Special Award Categories as follows:
1.    Community - Future Category
2.    Leisure -Future Category
3.    Tourism, Travel and Transport -Future Category
4.    Environmental Award -Special Category
5.    Islamic Architecture Award – Special Category
6.    Master Planning Award – Special Category
.
This has been selected from an outstanding quality of the designs submitted. In 2009, there were more than 300 different entries from a wide range of emerging market countries. Event organizers, IIR Middle East, have yet to confirm the figures for 2010. 
These entries are now eligible for Stage 2 of the competition, the deadline for which is October 1, 2010.
 The project will be displayed along with other nominations at the Awards Gallery Stand during the Cityscape Global Exhibition at the World Trade Centre from October 4 – 7, 2010.
 
The winners will be announced during an awards ceremony and reception on October 5, 2010 at the Grand Hyatt Dubai.
 

This invitation addressed by the Company's CEO comes in furtherance of the purpose of consolidating brotherly bonds and spreading a culture of co-operation and collaboration among all employees. In addition, directors of government authorities and departments and company managers were invited to show them gratitude and thankfulness for their outstanding efforts and cooperation throughout the previous period.

This Banquet falls indeed within the scope of a series of social events that GLOREI intends to constantly host so as to strengthen its employees’ relationships with its clients, and also to provide a suitable environment for work, in a manner that is positively reflected on the production process. Within the framework of its social responsibility, the company is keen on seizing every opportunity to bring together all its employees in order to maintain strong and good ties with its clients and to promote values of communication among the members of the Company in a manner that enhances a spirit of fruitful and productive co-operation and communication.  

Eng. Mohammed Abu Baker Al Ghassani, CEO of GLOREI said: “The Maktabi 2 project represents one of the leading projects equipped with the latest technology making it a unique smart office in Oman.”

The company seeks to use local products and materials in all its projects in order to reduce cost, ensure quality and reduce carbon emission. We aim to compensate our environment against the carbon emission from our offices by several initiatives calling for environment protection by using environment friendly materials. The project selection process is based on the locations that are consistent with the principle of sustainable development, saving water and energy and preserving the atmosphere.” He added Prior to investment, GLOREI evaluates the market through the clear vision and finding successful investments that fulfill the economic and investment market conditions. “The current economic situation looks good following the international financial crisis that had a strong impact on several economic sectors.” He commended the government for advertising various projects according to plans thus reducing the impact, and the oil prices have regained its record levels and all these elements encourage investment.

In this regard, Sheikh Mohammed Bin Awfait Al Shanfari, Chairman of the Board of Directors of Glorei noted that the company’s participation in this exciting project come as a fulfillment of its long term plans and strategy in the field of urban development, especially in tourism. “This would help synergize the distinct components of this sector that was sought by the tourism industry in the Sultanate, as city of Muscat has become one of the most important tourist destinations frequented by tourists from around the world. This project will enhance the prestige of the Sultanate as a tourist destination of a different character and unique geographical conditions,” he added.

In the same context Eng. Mohammed Abu Bakr Ghassani, Chief Executive Officer of Glorei said that the company made the decision to participate in this promising project after studying the various aspects of development and marketing of the same. He noted that the total cost of the project expected to reach about 80 million U.S. Dollars.  The contribution of Glorei to the project capital is 40.4%, and the hotel would be built on a plot area of 12,566 square meters consisting 280 rooms and suites. About 2600 square meters will be allocated towards concert halls, meeting rooms and restaurants, and the property will be managed by one of the best international institutions specialized in hotel management the name of which would be announced soon.

As globalization intensifies, nations are increasingly competing with one another for attention, influence, markets, investments, businesses, visitors, residents, talent and events. And competition is no longer restricted to the familiar place names. 'Today, Oman competes not just with its neighbours but with countries halfway around the world,' comments Eng. Al Ghassani.

He continues: 'The Brand Oman initiative is of great importance to the Sultanate as we, as a nation, assert ourself in today's increasingly competitive global marketplace. We need to let the world know about the excellence of Oman, its products and services. Led by a clearly defined international image we can attract more business, more investment and more tourism. The entire country can benefit. I firmly believe that a well-engineered nation branding program will create lasting value for Oman.'

Indeed Al Ghassani felt the fact that the event had commanded an audience drawn from all sectors of the government and business community illustrated the importance that public and private sector partnership will play in developing and promoting Brand Oman:

'Nation branding isn't just a task for government. It's very much a collaborative affair that involves multiple public and private sector stakeholders. As members of the local business community we must play our role in supporting this important initiative. We need to bear in mind at all times that we must commit for the long term to ensure opportunities are maximized; nation branding isn't a simple process and it's certainly not about quick wins. Countries that have developed successful brands have forged them over decades. We are this evening embarking on a long and challenging journey, but an exciting and rewarding one.'

Tourism, business, education and IT have been identified as the key pillars on which Brand Oman will be built. However, OBMU has ensured that Brand Oman is firmly rooted in Oman's rich and ancient culture. The Glorie CEO feels this is of fundamental importance:

'As much as we're looking to the future and success in the four pillars, and other areas, we mustn't lose sight of who we are. Clearly in building the brand, Sayyid Faisal and his team have placed emphasis on concrete, recognizable Omani values, sentiments and routines which refelct our diverse and fabulous influences and characteristics. This is a prerequisite of success; we can't leave our past behind as we move into the future - it's the solid foundation on which we must build.'

'In my view,' concludes the Glorie CEO, 'brands are a powerful commodity and alter the way we choose to see one country in contrast to another. The business of nation branding is deeply serious - given our full and enthusiastic support, OBMU will help Oman stand even prouder in the international community. I wish Sayyid Faisal and his team every success.'

Backed with the aspiration of diversifying the stock index further in line with the Sultanate’s Vision 2020 which tries to expand the economy away from pre-dominant oil revenue stoked growth to other avenues such as gas and LNG, tourism and travel and industrial development, the Global Omani Development & Investment Company SAOC (GLOREI) announced its participation for the 2nd consecutive year at the 2nd Oman Capital Markets Forum 2011 (OCM) as a Silver Sponsor.

Speaking about the significance of GLOREI’s participation at the 2nd Oman Capital Markets Forum 2011, Mohammed Al Ghassani, Chief Executive Officer at GLOREI, commented: "The event will provide an excellent opportunity for GLOREI to discover emerging opportunities in the capital market sector. At the same time, the event will be an outstanding occasion to learn from the experts coming from around the region on the region’s investment growth and potential."

Al Ghassani added, "We, at GLOREI, endeavour to be consistent in our company’s growth, to provide comprehensive real estate solutions for our targeted segments, and to expand our projects geography to cover all parts of Oman. Keeping strong commitment on quality in all our work and maintaining international standards in all operations have always been GLOREI’s fixed commitment towards our community."

When asked about the current financial crisis which is being experienced worldwide, Al Ghassani had this to say, "We feel that the MSM based on fundamentals alone should be able to ride this rough storm of global economic upheaval but there is a need for robust Government intervention in the markets through injection of liquidity to support price levels and to bolster stocks having strong growth prospects and strong underlying fundamentals."

"The global economic recovery is the key to the ailing capital and financial market conundrum and a synergistic and coordinated effort of the global economic players is needed to rectify the faults and weaknesses currently inherent in these global economic powerhouses which latently and actively affect the regional smaller and emerging markets like Oman," he pointed out.

Organized by OITE Conferences, the 2nd Oman Capital Markets Forum 2011 will be held in association with Muscat Securities Markets and Capital Markets on 3 – 4 October 2011 at Al Bustan Palace, A Ritz-Carlton Hotel.