Capitas Group International, the Jeddah-based consultancy, is working with the Global Omani Development and Investment Company (Glorei) to establish a $100 million fund for affordable housing projects in Oman.
The announcement is interesting for a couple of reasons. It spotlights a developer looking for new ways to raise capital, as well as the continued desire of builders to target low- and middle-income housing after years of building luxury villas.
Most of the attention for affordable housing in the region has focused on Saudi Arabia and Bahrain. But Oman is also facing a shortage of affordable homes.
About 73 per cent of Omanis are now living in urban areas, according to a recent report report by Cluttons, the property firm. At the same time new housing budgets have decreased by 25 to 30 per cent, driving competition for well-priced homes.
"Oman needs housing solutions that cater to a young, rapidly growing population," Naveed Siddiqui, chief executive of Capitas Group International, in a statement.
The GCC recently promised the Omani government a grant of $10 billion over the next 10 years for housing and infrastructure projects in the country.
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
WHAT IS A BLACK HOLE?
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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