OMAN Tourism Development Company (Omran Group) has signed strategic development agreements worth RO122 million ($316 million) with Grova Developments, the real estate unit of Hassan Allam Holding, and Omani group Aurelian Development to deliver integrated residential and tourism projects at Madinat Al Irfan and Yiti tourism projects in the sultanate.
The agreements reflect Omran’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.
These agreements cover two residential projects with a combined development value of $115 million. The first is a residential neighbourhood, valued at $75 million, while the second is a branded residences project valued at $40 million.
As per the deal, Hassan Allam Construction will undertake construction of both projects, bringing the group’s extensive engineering and construction expertise to Madinat Al Irfan.
Together, they will establish the foundations for Madinat Al Irfan’s residential offering, supporting the destination’s broader vision and catering to a diverse range of lifestyles and investment preferences.
Madinat Al Irfan is one of Omran’s flagship urban developments, spanning 7 million sq m 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, the residential development represents a key component of the destination’s long-term growth as a connected, integrated urban community.
Under a separate development pact, Omran has teamed up with Aurelian 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.
As per the deal, Aurelian will oversee the project’s design, construction, marketing and sales management. Covering a total area of around 200,000 sq m, the development represents an investment of RO78 million. The project will include a luxury five-star resort and 490 residential units designed to global standards.