MUSCAT, NOV 9
Omran Group and VA Group have unveiled Al Yazan, a waterfront development in Muttrah with planned investment of about RO 200 million and approximately 1,500 homes, launching the first phase of the wider redevelopment of Port Sultan Qaboos.
The integrated tourism complex will occupy 18.5 hectares, with approximately 180,000 square metres of residential space delivered across three phases, according to a joint announcement.
His Highness Sayyid Bilarab bin Haitham al Said, Minister of State and Governor of Muscat, presided over the unveiling of the project, which will combine housing with retail, leisure facilities and publicly accessible waterfront spaces.
Roman Kapinos, Managing Partner of VA Group, said funding would combine equity and bank borrowing. Sohar International is providing project financing, while Oman Investment Bank is advising on the transaction and financial structuring.
“The total investment plan is around RO 200 million. It’s going to be invested in phases,” Kapinos said in an interview with Observer.
The first phase will comprise two residential buildings with approximately 34,000 square metres of gross floor area, expected to be completed within three years. Planned homes range from studios to four-bedroom penthouses and garden duplexes.
Mundher al Moosawi, Director of Business Development at Omran Group, said enabling works were expected to begin before the end of 2026, helping activate further components of the Port Sultan Qaboos master development.
Al Yazan would form the destination’s main residential cluster, he said, with subsequent developments adding commercial, retail and public spaces. Omran plans to undertake further phases independently and through partnerships with local companies and foreign investors.
“Our idea is just not to have a gated community, but actually to have a public open space which is lively,” Al Moosawi said.
Plans include a waterfront promenade extending more than 400 metres, approximately 25,000 square metres of retail space and 30,000 square metres of landscaped grounds, including a 20,000-square-metre courtyard park.
A pedestrian street lined with shops, restaurants and cafes will be complemented by a crescent-shaped plaza, an open-air amphitheatre, dining venues, multipurpose sports facilities and children’s play areas.
Residential buildings will descend in terraces towards the waterfront, with the design intended to reflect Muttrah’s architectural heritage and its setting between the mountains and sea.
Eng Ayad bin Ali al Balushi, Chief Executive Officer of Omran Group, said the project would expand the waterfront’s tourism and leisure offering while supporting private-sector investment.
“By introducing residential spaces alongside tourism and leisure offerings, the project will strengthen the area’s appeal as an integrated destination,” he said.
Kapinos said the timetable for later phases would depend on market conditions, with the developer retaining flexibility to adjust the master plan and pace of construction.
“We see that the demand for such projects remains high and the prices are stable,” he said.
Local buyers will be the primary target market, alongside international purchasers. Kapinos said the project’s integrated tourism complex status would allow buyers from overseas to acquire full ownership.
Transport studies have examined road access and parking requirements, he said. The design envisages parking beneath residential buildings elevated six metres above ground, alongside pedestrian and cycling connections around the bay.
The developer is assessing potential commercial tenants, focusing on a mix of businesses that would serve residents’ daily needs as well as visitors.
Al Moosawi said partnership business plans include objectives for job creation and participation by Omani companies and small and medium enterprises. He did not disclose numerical targets, but said locally established ventures were intended to employ Omanis and strengthen links with domestic suppliers and service providers.
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