Oman's biggest property project is heading for a recovery after being hit by the global recession, as it benefits from heavy government spending since last year, a senior project official said on Monday.
The project, Wave Muscat, will benefit from increased liquidity due to the government's prudent approach in its 2009 and 2010 fiscal spending, marking a turning point for the property market, Abdulla bin Khamis al-Shidi, deputy chief executive of the company said.
"In March this year, we have offered 168 properties off-plan and all of them have been sold. The sale has been boosted by market liquidity created by government spending," he said in an interview.
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