The objective is to maintain the essence and welcoming energy Muscat is known for while making it more inclusive for citizens, residents and visitors
The objective is to maintain the essence and welcoming energy Muscat is known for while making it more inclusive for citizens, residents and visitors
The objective is to maintain the essence and welcoming energy Muscat is known for while making it more inclusive for citizens, residents and visitors
The objective is to maintain the essence and welcoming energy Muscat is known for while making it more inclusive for citizens, residents and visitors


For Muscat, development and heritage go hand in hand


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November 18, 2024

In the past few decades, we have witnessed swift urbanisation and the rise of modern cities around the globe. These are often adorned with skyscrapers, and supported by fast-evolving technology and increasingly efficient infrastructure.

In more recent years, and rightly so given the race to reach net-zero emissions, metropolitan areas have become more proactive in implementing sustainable elements in their urban centres. Muscat, however, has adopted a distinct approach.

Oman’s National Spatial Strategy and its broader Vision 2040 agenda have informed growth plans to support population growth in the capital through sustainable and efficient urban development that preserves its breathtaking natural scenery and pays homage to the city’s traditions and heritage.

This also addresses the UN’s Sustainable Development Goal to make cities more inclusive, safe, resilient and sustainable. It is also in line with Oman’s nationwide decarbonisation strategy, to move away from fossil-fuel dependence and produce large quantities of low-emission hydrogen, a growing industry.

The objective is to maintain the essence and welcoming energy Muscat is known for while making it more inclusive for citizens, residents and visitors. This can be done by adding features and infrastructure that support accessibility and productivity across all areas, creating an abundance of green spaces that can be used for myriad purposes, as well as facilitating integration and interaction among the city’s communities.

Muscat’s growth plans directly address the sultanate’s economic goals as well, from boosting the tourism industry, empowering citizens by ensuring access to quality education, increasing productivity and boosting employment opportunities, making use of renewable energy and providing housing for the growing population.

A Light Rail Transit system is also in the works, and is set to ease access between residential and business areas, leisure spaces and all essential services that citizens and tourists would require access to. This approach to urban development, which pays homage to a city’s cultural heritage while deliberately planning growth around and through natural landscapes, is the best way forward and can establish a template that many other cities across the world could use.

This approach not only involves making the most of available resources, but allows cities to maintain their exclusive identities while providing citizens stability in the form of jobs, employment, education, infrastructure, community and housing.

Oman’s National Spatial Strategy and its broader Vision 2040 agenda have informed growth plans to support population growth in the capital through sustainable and efficient urban development

There are a number of mandates that cities can apply in order to preserve culture and nature, with consciously designed elements that enhance sustainability. Some of these include the 15-minute model. This relies on designing a city where all of an individual’s day-to-day needs – from workplaces, schools, housing, medical care, shops, supermarkets, to fitness, community and leisure centres – can be met no more than a 15-minute walk away.

Honouring our roots, moving away from the over-consumption of recent decades and creating a circular economy, as humans have done for most of their history, are also essential components for a sustainable urban area. Smart technology, low or zero-emission machinery and transport, green buildings and homes, renewable energy sources including solar panels, effective waste management, efficient and accessible public transit systems, urban farms and ample access to clean food and water are all crucial factors that can support the long-term development of sustainable cities.

Municipalities can enact laws to preserve and protect cultural and historical spaces and be proactive in rethinking how they can be better included in the city’s evolving ecosystem. Community engagement is central to a thriving cultural scene, so there must be an effort to foster close engagement and collaboration with all strata of society to enrich and carry the local heritage forward.

Development that pays homage to Muscat's cultural heritage while deliberately planning growth around and through natural landscapes, is the best way forward. Photo: The National
Development that pays homage to Muscat's cultural heritage while deliberately planning growth around and through natural landscapes, is the best way forward. Photo: The National

The young people of any urban area should feel empowered and connected to local and national visions. Students, entrepreneurs, creatives and young professionals are the future, therefore governments, community leaders and the private sector must ensure that they are front and centre in modern urbanisation plans.

In the current digital world, where we have a wealth of technological solutions, in addition to insights regarding climate change and myriad strategies towards achieving more sustainability, the most effective approach to urban development must take all of these elements into account. Following the increasing urbanisation seen in many countries around the world, we can appreciate the value in holding on to traditions, heritage and culture, keeping them in high regard with reference to the identity of any city or nation.

Muscat’s growth strategy is distinct in that it strikes a balance between the best of the past and the present. It is also an allegory for a knowledge-based approach to human development, taking wisdom and values from the past and carrying them into the future alongside modern tools and technologies. This framework has been widely praised, and I do not doubt that it will be used as a benchmark for urban development elsewhere in the future.

How to play the stock market recovery in 2021?

If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.

Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.

Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.

Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).

Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal. 

Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.

By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.

As demand for energy fell, the oil and gas industry had a tough year, too.

Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.

He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.” 

This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”

Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.

Updated: November 18, 2024, 6:18 PM