Oman Tourism Development Company (Omran Group) has entered into three major development agreements to construct integrated residential and tourism projects in Muscat and Yiti.

The combined investment value of the deals exceeds OMR 122 million (approximately $318 million). The state entity signed agreements with Grova Developments, the real estate arm of Hassan Allam Holding, and Aurelian Development. The move aims to attract foreign direct investment and expand Omani tourism and urban spaces in line with Oman Vision 2040.

Madinat Al Irfan, a flagship urban project spanning seven million square metres in Muscat, is launching its first residential development phase. The plan includes 10,000 residential units across its overall masterplan. The new agreements cover two projects in the destination with a combined value of OMR 44.5 million ($115 million).

A residential neighbourhood makes up OMR 29 million ($75 million) of the total, while a branded residences scheme accounts for OMR 15.5 million ($40 million). Construction will be carried out by Hassan Allam Construction, which has operated in Oman for six years.

His Excellency Azzan bin Qassim Al Busaidi, Undersecretary for Tourism in the Ministry of Heritage and Tourism and Chairman of OMRAN Group, emphasised: “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. This approach is aligned with the objectives of Oman Vision 2040, particularly in advancing tourism-led economic diversification, encouraging private-sector and international investment, and developing destinations that deliver lasting value for the economy and society.”

Eng. 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. Building on Hassan Allam Holding’s presence in Oman, we unite our experience in investment, development, construction and long-term operations around one purpose: to build communities that grow richer with life over time. 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. ”

Eng. Ayad Ali Al Balushi, CEO of OMRAN Group, said: “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. Madinat Al Irfan is a strong example of this approach, with residential development now adding another dimension to the destination and supporting its evolution as an integrated urban and investment destination.”

Separately, Omran Group partnered with Aurelian Development to deliver Yiti Hills and Oases. This project forms the fourth phase of the Yiti Integrated Tourism Development. Aurelian Development will handle the design, construction, marketing and sales management for the 200,000 square metre site. The OMR 78 million ($203 million) scheme features a luxury five-star resort and 490 residential units.

Eng. Ayad Ali Al Balushi, CEO of OMRAN Group, said: “The launch of Yiti Hills and Oases marks an important milestone in advancing our 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.”

Dimitri Tikhonov, CEO of Aurelian Development, said: “We are proud to partner with OMRAN Group on this exceptional development within the masterplan for Yiti Integrated Tourism 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.”

With a legacy spanning over 90 years, Hassan Allam Holding is one of the Middle East’s leading engineering, construction, investment, and development groups. Its integrated business model brings together the capabilities to invest in, develop, build, and operate large-scale projects and assets, creating value across the entire development lifecycle. The Group has maintained an established presence in Oman for approximately six years through Hassan Allam Construction, delivering projects that contribute to the Sultanate’s infrastructure and development. Building on this strength, the Group has established a growing real estate development portfolio through Grova, spanning premium residential communities, luxury mixed-use destinations, and hospitality developments. Drawing on the Group’s financial strength, technical expertise, and operational capabilities, Grova develops distinctive destinations that combine quality of life with long-term investment value, with an expanding presence across Egypt, Saudi Arabia, and Oman.