Oman Signs $318m Deals for Madinat Al Irfan, Yiti

Oman Tourism Development Company (OMRAN Group) has signed three strategic development agreements with Hassan Allam Holding, through its real estate arm Grova Developments and Aurelian Development.

The agreements have a combined development and investment value exceeding OMR 122 million, approximately $318 million.

The projects will bring new residential and tourism developments to Madinat Al Irfan in Muscat and the Yiti Integrated Tourism Development.

The agreements form part of OMRAN Group's efforts to attract foreign investment, expand development opportunities and support Oman's economic diversification plans under Oman Vision 2040.

Madinat Al Irfan Gets Two Residential Projects

The agreements mark the launch of the first phase of residential development at Madinat Al Irfan.

The two projects have a combined development value of OMR 44.5 million, approximately $115 million.

The planned developments include:

• Residential neighbourhood: A project valued at OMR 29 million, approximately $75 million.
• Branded residences: A residential development valued at OMR 15.5 million, approximately $40 million.

Hassan Allam Construction will undertake construction of both projects.

The developments are intended to establish the residential component of Madinat Al Irfan, complementing its business, hospitality, retail and lifestyle facilities.

Madinat Al Irfan spans approximately seven million square metres in the heart of Muscat.

Its wider masterplan includes 10,000 planned residential units, alongside business, hospitality, retail, lifestyle and nature-based components.

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Yiti Hills and Oases to Include a Five-Star Resort

Under a separate agreement, 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 OMR 78 million, approximately $203 million, and covers around 200,000 square metres. Its planned features include:

• A luxury five-star resort
• 490 residential units
• Residential and tourism offerings designed to international standards

Aurelian Development will oversee the project's design, construction, marketing and sales management. The development is expected to expand the destination's residential and hospitality offerings.

Also Read: Oman Real Estate Association Launches Online Platform

Partnerships Support Oman's Development Strategy

OMRAN Group said the agreements reflect its strategy of working with experienced investors and developers to accelerate priority urban and tourism projects.

The partnerships are also intended to attract foreign direct investment and bring international development expertise to Oman.

OMRAN Group CEO Ayad Ali Al Balushi said the projects would contribute to the development of integrated destinations and create long-term value.

Aurelian Development CEO Dimitri Tikhonov said the Yiti project aims to combine luxury hospitality with contemporary residential living.

Together, the agreements represent more than OMR 122 million in planned development and investment across two destinations, adding residential and tourism components to Oman's development pipeline.

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