Muscat: Oman Tourism Development Company (OMRAN Group) has signed three strategic development agreements with Hassan Allam Holding, through its real estate development arm Grova Developments, and Aurelian Development to deliver integrated residential and tourism projects at Madinat Al Irfan and Yiti Integrated Tourism Development. The agreements represent a combined development and investment value exceeding RO122 million (approximately $318 million).
The agreements reflect OMRAN Group’s continued focus on building partnerships with experienced investors and developers, attracting foreign direct investment (FDI), and accelerating the development of priority tourism and urban destinations across Oman.
Madinat Al Irfan: Launching the First Phase of Residential Development
The launch of the first phase of residential development at Madinat Al Irfan marks a significant milestone in the destination’s evolution. Developed in partnership with Grova Developments, the projects will support the vision of Madinat Al Irfan as an integrated urban destination bringing together residential living, business, hospitality and lifestyle within a connected environment.
The agreements cover two residential projects with a combined development value of RO44.5 million (approximately $115 million). The first is a residential neighbourhood, valued at RO29 million (approximately $75 million), while the second is a branded residences project valued at RO15.5 million (approximately RO40 million).
Hassan Allam Construction will undertake construction of both projects, bringing the Group’s extensive engineering and construction expertise to Madinat Al Irfan.
The partnership reflects OMRAN Group’s approach to leveraging strategic partnerships with experienced investors and developers to unlock investment opportunities, bring international expertise to Oman and accelerate the development of priority assets and destinations. It also reinforces the role of residential development in creating greater economic and urban value across Madinat Al Irfan.
Azzan bin Qassim al Busaidi, Undersecretary for Tourism in the Ministry of Heritage and Tourism and Chairman of OMRAN Group, said, “The development of integrated tourism destinations is an important component of Oman’s approach to building a more diverse, competitive and sustainable tourism sector. Developments such as Madinat Al Irfan bring together tourism, residential, business and lifestyle components in ways that strengthen the value and appeal of destinations while creating opportunities for investment and broader economic participation. This approach is aligned with the objectives of Oman Vision 2040, particularly in advancing tourism-led economic diversification, encouraging private-sector and international investment, and developing destinations that deliver lasting value for the economy and society.”
Eng. Hassan Allam, Chairman and CEO of Hassan Allam Holding, said: “Our ambition in Oman is to create places that people are proud to call home-places that reflect the country’s character and the possibilities of its future. Through our partnership with OMRAN Group, Grova by Hassan Allam Holding brings this ambition to Madinat Al Irfan. Building on Hassan Allam Holding’s presence in Oman, we unite our experience in investment, development, construction and long-term operations around one purpose: to build communities that grow richer with life over time."
Eng. Ayad Ali Al Balushi, CEO of OMRAN Group, said: “The launch of these projects reflects OMRAN Group’s continued focus on building meaningful partnerships with investors and developers who can translate investment opportunities into high-quality developments that create long-term value. Madinat Al Irfan is a strong example of this approach, with residential development now adding another dimension to the destination and supporting its evolution as an integrated urban and investment destination.”
Madinat Al Irfan is one of OMRAN Group’s flagship urban developments, spanning 7 million square metres in the heart of Muscat, including residential, business, hospitality, retail, lifestyle and nature-based components. With 10,000 residential units planned as part of its wider masterplan, residential development represents a key component of the destination’s long-term growth as a connected, integrated urban community.
Hassan Allam Holding is one of the Middle East’s leading engineering, construction, investment, and development groups. Its integrated business model brings together the capabilities to invest in, develop, build, and operate large-scale projects and assets, creating value across the entire development lifecycle.
The Group has maintained an established presence in Oman for approximately six years through Hassan Allam Construction, delivering projects that contribute to the Sultanate’s infrastructure and development. Building on this strength, the Group has established a growing real estate development portfolio through Grova, spanning premium residential communities, luxury mixed-use destinations, and hospitality developments. Drawing on the Group’s financial strength, technical expertise, and operational capabilities, Grova develops distinctive destinations that combine quality of life with long-term investment value, with an expanding presence across Egypt, Saudi Arabia, and Oman.
Development of the Fourth Phase of Yiti Integrated Tourism Development
Under a separate development agreement, OMRAN Group has partnered with Aurelian Development to invest in and deliver Yiti Hills and Oases, the fourth phase of the masterplan for Yiti Integrated Tourism Development. The agreement supports OMRAN Group’s ongoing efforts to attract foreign direct investment and further strengthen Oman’s position as an attractive destination for investment.
Under the agreement, Aurelian Development will oversee the project’s design, construction, marketing and sales management. Covering a total area of around 200,000 square metres, the development represents an investment of OMR 78 million (approximately US$203 million). The project will include a luxury five-star resort and 490 residential units designed to international standards.
Eng. Ayad Ali Al Balushi, CEO of OMRAN Group, said: “The launch of Yiti Hills and Oases marks an important milestone in advancing our long-term vision for Yiti Integrated Tourism Development. This partnership reflects our approach to attracting foreign direct investment and collaborating with leading international developers to deliver projects that create added value. It will help diversify Oman’s tourism offering and contribute directly to economic growth and the sustainable development of the country’s tourism projects.”
Dimitri Tikhonov, CEO of Aurelian Development, said: “We are proud to partner with OMRAN Group on this exceptional development within the masterplan for Yiti Integrated Tourism Development. Through Yiti Hills and Oases, we aim to create a distinctive residential and tourism experience that strengthens the destination’s appeal by bringing together luxury hospitality and contemporary living, while responding to the promising potential of Oman’s tourism and real estate markets.”
Yiti Integrated Tourism Development is one of Oman’s prominent mixed-use developments. It aims to create sustainable communities that support economic diversification and strengthen the national tourism sector by offering distinctive experiences for residents and visitors.
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