BUSINESS REPORTER
MUSCAT, OCT 13
Oman Tourism Development Company (Omran Group) has signed three agreements with Grova Developments, the real estate development arm of Hassan Allam Holding, and Aurelian Development for residential and tourism projects at Madinat Al Irfan and Yiti, with a combined value exceeding RO 122 million.
The agreements cover two residential projects at Madinat Al Irfan valued at RO 44.5 million and a RO 78 million development at Yiti that will include a five-star resort and 490 residential units.
The projects form part of Omran Group’s efforts to attract foreign investment, expand residential and hospitality capacity and advance the development of destinations supporting Oman’s economic diversification.
At Madinat Al Irfan, the agreements with Grova Developments mark the launch of the destination’s first phase of residential development. They cover a RO 29 million residential neighbourhood and a RO 15.5 million branded residences project.
Hassan Allam Construction will build both projects, drawing on the parent group’s engineering and construction operations. The developments will establish the first residential offerings within Madinat Al Irfan’s broader mix of business, hospitality, retail and leisure facilities.
Azzan bin Qassim al Busaidy, Under-Secretary for Tourism at the Ministry of Heritage and Tourism and Chairman of Omran Group, said integrated destinations were central to developing a more diverse and competitive 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,” he said.
He said the approach supported Oman Vision 2040 by encouraging private-sector and international investment and advancing tourism-led economic diversification.
Hassan Allam, Chairman and Chief Executive Officer of Hassan Allam Holding, said the partnership brought together the group’s investment, development, construction and long-term operating capabilities.
“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,” he said.
“We see Madinat Al Irfan as an opportunity to help shape a new chapter for Muscat, where thoughtful architecture, welcoming spaces and a strong sense of belonging create lasting value for generations.” Ayad Ali al Balushi, Chief Executive Officer of Omran Group, said residential development would add another dimension to Madinat Al Irfan and support its growth as an urban and investment destination.
“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,” he said.
Madinat Al Irfan spans 7 million square metres in Muscat, with a masterplan combining residential, commercial, hospitality, retail and nature-based components. It includes plans for 10,000 residential units.
Hassan Allam Holding has operated for more than 90 years across engineering, construction, investment and development. The group has maintained a presence in Oman for approximately six years through Hassan Allam Construction.
Its real estate arm, Grova, has a growing portfolio of residential communities, mixed-use destinations and hospitality developments across Egypt, Saudi Arabia and Oman.
Under the third agreement, Aurelian Development will develop Yiti Hills and Oases, the fourth phase of the Yiti Integrated Tourism Development masterplan.
The project will cover around 200,000 square metres and include a five-star resort and 490 residential units. Aurelian will oversee design, construction, marketing and sales management.
Al Balushi said the agreement would help broaden Oman’s tourism offering and attract foreign investment.
“The launch of Yiti Hills and Oases marks an important milestone in advancing our long-term vision for Yiti Integrated Tourism Development,” he said.
“This partnership reflects our approach to attracting foreign direct investment and collaborating with leading international developers to deliver projects that create added value.” Dimitri Tikhonov, Chief Executive Officer of Aurelian Development, said the project would combine luxury hospitality with contemporary residential 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,” he said.
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