Oman Tourism Development Company (OMRAN Group) has signed development agreements worth RO122 million ($316 million) to expand tourism and hospitality offerings at Madinat Al Irfan and Yiti Integrated Tourism Development, strengthening the sultanate’s appeal as a destination for visitors and investors.
The agreements with Grova Developments, the real estate arm
of Hassan Allam Holding, and Omani group Aurelian Development will deliver
integrated residential and tourism projects, including a luxury five-star
resort and new residential properties.
The developments form part of Oman’s strategy to attract
foreign investment, diversify its tourism offering and support economic growth
under Oman Vision 2040.
Azzan bin Qassim Al Busaidi, Undersecretary for Tourism at
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."
At Madinat Al Irfan, the partnership with Grova Developments
covers two residential projects valued at a combined $115 million. These
include a $75 million residential neighbourhood and a $40 million branded
residences development. Hassan Allam Construction will undertake construction
of both projects.
The developments will expand accommodation and lifestyle options within Madinat Al Irfan, one of OMRAN Group’s flagship urban destinations.
Spanning seven million square metres in Muscat, the masterplan
integrates residential communities, hospitality, retail, business and leisure
facilities, with 10,000 residential units planned across the wider development.
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."
Separately, OMRAN Group has partnered with Aurelian
Development to deliver Yiti Hills and Oases, the fourth phase of the Yiti
Integrated Tourism Development masterplan.
The project represents an investment of RO78 million ($203
million) and covers approximately 200,000 square metres. It will feature a
luxury five-star resort and 490 residential units designed to international
standards.
Under the agreement, Aurelian Development will oversee the
project’s design, construction, marketing and sales management.
Ayad Ali Al Balushi, CEO of OMRAN Group, said the project
marked an important milestone in advancing the 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," he added.
Dimitri Tikhonov, CEO of Aurelian Development, said:
"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."
The projects are expected to broaden Oman’s hospitality and residential offerings, support tourism-led investment and strengthen the development of integrated destinations for residents and international visitors. -TradeArabia News Service