Oman Signs USD 115 Million Residential Development Agreements, Egyptian Company to Build

en.Wedoany.com Reported - On October 13, Oman Tourism Development Company (OMRAN Group) signed two residential development agreements with Grova Developments, a subsidiary of Egypt's Hassan Allam Holding, covering the first-phase residential construction of the Madinat Al Irfan urban development project in Muscat, with a combined development value of OMR 44.5 million, equivalent to approximately USD 115 million. Both projects will be constructed by Hassan Allam Construction, comprising a residential community and a branded residences project.

Under the two agreements, the residential community development is valued at approximately OMR 29 million, equivalent to USD 75 million; the branded residences development is valued at approximately OMR 15.5 million, equivalent to USD 40 million. Grova Developments is responsible for project development, while Hassan Allam Construction will undertake the construction of both projects. These are also Grova Developments' first projects in Oman's real estate development market.

Madinat Al Irfan is located in Muscat, with an overall planned area of approximately 7 million square meters, including residential, commercial office, hotel, retail, and public amenity facilities. The urban development project's master plan includes approximately 10,000 residential units, and the two agreements signed this time correspond to its first-phase residential development.

Hassan Allam Holding has had a construction business presence in Oman for approximately six years, and its subsidiary Hassan Allam Construction has previously participated in local infrastructure and construction projects. These agreements involve both the group's real estate development business and its construction business, with Grova Developments responsible for residential development and Hassan Allam Construction responsible for specific project execution.

On the same day, OMRAN Group also signed a development agreement with Aurelian Development for the Yiti Hills and Oases project, covering approximately 200,000 square meters of development land, 490 residential units, and a five-star resort hotel, with an investment value of OMR 78 million. Together with the two Madinat Al Irfan residential agreements, the three agreements signed by OMRAN Group that day have a total development and investment value exceeding OMR 122 million, equivalent to approximately USD 318 million.