Egyptian Developer Secures $26 Million Financing to Advance Oman Residential Project

en.Wedoany.com Reported - On October 7, Egyptian real estate developer Al Ahly Sabbour signed a financing agreement worth 10 million Omani rials (approximately $26 million) with Bank Dhofar during the Urban October 2026 exhibition held in Muscat, Oman, to advance the existing and subsequent construction phases of the Wadi Zaha mixed-use development project in Sultan Haitham City. The project plans 824 residential and commercial units, with approximately 350 units currently under construction, and the first batch of homes is scheduled for delivery in the second half of 2028.

Wadi Zaha was launched in the first quarter of 2025, with a formal groundbreaking ceremony held in February 2026 marking the start of construction. The project includes detached houses, townhouses, and mixed residential-commercial buildings. At the current stage, earthwork excavation, foundation construction, main structural construction, and site preparation are underway. As of this progress announcement, construction contracts implemented or signed are valued at approximately 17.5 million Omani rials, with the works advancing according to the established development phases.

The developer has simultaneously launched Zaha Residence, a premium residential product within the project, comprising studios and one- to three-bedroom apartments with built-up areas ranging from 39 to 128 square meters. The newly launched residences are planned to feature swimming pools, sports facilities, leisure spa spaces, and other service amenities, with some residences facing Sultan Haitham City Central Park, the valley, and Sultan Haitham Mosque. The developer plans to deliver residential units fully finished and equipped with partial furniture and kitchen appliances.

The project's previously announced overall investment scale is 115 million Omani rials. This bank financing will be used to sustain the funding needs of ongoing construction and subsequent development phases. The developer stated that approximately 80% of the launched residential and commercial units have been sold, with a 2026 sales target of 33 million Omani rials, of which about 70% has been achieved so far. Buyers come from 48 countries and regions.