MUSCAT, OCT 8
A landmark Shareholders Agreement has been signed between Musandam Global Investment Co SAOC (MGIC) and Malaysia’s WCT International Sdn Bhd (WCT Holdings Berhad) for the joint development of Palm Hills Estate, an integrated housing project in the Wilayat of Khasab, Musandam Governorate.
In a post by Musandam Global Investment Co SAOC, the company highlighted that the project represents a strategic step in advancing sustainable urban development in line with Oman Vision 2040, combining international expertise with local innovation to create a smart, community-driven neighbourhood for Omani families.
Valued at RO 71 million, the Palm Hills Estate will cover an expansive land area of 635,000 square metres, comprising over 680 residential units, commercial and shopping zones, a central business district and a four-star hotel. Strategically located in Khasab, the development aims to position Musandam as a new hub for modern living, commerce and tourism.
The signing ceremony took place on the first day of Urban October and the Home & Building Expo, attended by senior government officials including Dr Khalfan bin Said al Shueili, Minister of Housing and Urban Planning; Sayyid Ibrahim bin Said al Busaidy, Governor of Musandam; and Eng Hamad bin Ali al Nazwani, Under-Secretary of the Ministry of Housing and Urban Planning for Housing.
According to MGIC, Palm Hills Estate will mark a new chapter in Musandam’s development, reinforcing the company’s mission to support sustainable growth, job creation and In-Country Value (ICV), while driving smart urban transformation within the Governorate. The project is also expected to stimulate local economic activity, attract private investments and contribute to population retention in Khasab by offering high-quality housing and modern amenities.
Beyond its developmental significance, the agreement with WCT International underscores the deepening economic relations between the Sultanate of Oman and Malaysia, paving the way for future collaboration and knowledge exchange in infrastructure, real estate and urban development. WCT, which brings extensive international experience in large-scale urban projects, will contribute to the design, planning and implementation of the project, ensuring alignment with best practices in sustainability and community building.
Palm Hills Estate is envisioned as a model for integrated living, blending modern architectural design with Omani cultural identity and environmental stewardship. The neighbourhood will offer a balanced mix of residential, commercial and leisure spaces designed to meet the evolving lifestyle needs of families, entrepreneurs and visitors alike.
Officials emphasised that the project exemplifies effective public–private collaboration, aligning government housing priorities with private sector innovation and investment. It also coincides with the Ministry of Housing and Urban Planning’s broader strategy to develop new urban centres and improve liveability standards across Oman’s governorates.
The launch of Palm Hills Estate builds on ongoing infrastructure initiatives in Musandam, including road networks, port upgrades and tourism development projects aimed at boosting the Governorate’s connectivity and economic role. With its scale and vision, the project is expected to become a flagship example of how strategic investments can reshape local communities and support national diversification objectives.
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