Muscat: Oman Tourism Development Company (OMRAN Group) signed on Tuesday three strategic development agreements with Hassan Allam Holding Group, represented by its real estate arm GROVA Developments, and Aurelian Development, to execute integrated residential and tourism projects in Madinat Al Irfan and the Yiti Integrated Tourism Project. The total development and investment value exceeds OMR122 million ($318 million).
The agreements were signed by Azzan Qasim Al Busaidi, Undersecretary of the Ministry of Heritage and Tourism for Tourism and Chairman of OMRAN Group's Board of Directors, and Hassan Allam, Chairman and CEO of Hassan Allam Holding Group, in the presence of Sayyid Ibrahim Said Al Busaidi, Minister of Heritage and Tourism, Eng. Ayad Ali Al Balushi, CEO of OMRAN Group, and Sherif Sadek, CEO of GROVA Developments.
These agreements fall within OMRAN's strategy to strengthen partnerships with experienced investors and developers, attract foreign direct investment, and accelerate the development of priority tourism and urban destinations in the Sultanate of Oman.
The agreements reflect the diversity of investment opportunities offered by both destinations and OMRAN Group's direction toward attracting developers with the expertise needed to develop integrated residential and tourism components. This enhances the attractiveness of destinations developed by the Group, expands housing and hospitality options, and supports economic diversification targets under "Oman Vision 2040."
The launch of the first residential development phase in Madinat Al Irfan, to be developed by Hassan Allam's real estate arm, GROVA Developments, marks a new stage in the destination's growth, enhancing its vision as an integrated urban city combining residential, business, hospitality, and lifestyle elements within an interconnected environment.
The two agreements include developing two residential projects in Madinat Al Irfan: the first is a residential neighborhood valued at approximately OMR29 million ($75 million), and the second is a luxury residential development project under an international hotel brand valued at about OMR15.5 million ($40 million), bringing the total development value of the two projects to nearly OMR44.5 million ($115 million). Hassan Allam Group will undertake the construction works for both projects, leveraging the Group's extensive expertise in engineering and construction to develop Madinat Al Irfan's projects.
This partnership aligns with OMRAN Group's direction toward building strategic partnerships with experienced investors and developers, contributing to attracting investments, utilising international expertise, and accelerating the development of priority assets and destinations. Additionally, introducing residential development reinforces Madinat Al Irfan's role as an integrated urban and investment destination, expanding the value provided by the city to residents, investors, and visitors.
Azzan Qasim Al Busaidi, Undersecretary of the Ministry of Heritage and Tourism for Tourism and Chairman of OMRAN Group's Board of Directors, stated that developing integrated tourism destinations represents a vital component in the Sultanate of Oman's strategy toward building a more diverse, competitive, and sustainable tourism sector. Projects such as Madinat Al Irfan combine tourism, residential, business, and lifestyle components, thereby enhancing the value and attractiveness of destinations while opening new horizons for investment and broader economic participation. This direction aligns with the objectives of Oman Vision 2040, particularly in supporting tourism-based economic diversification, encouraging private sector and international investments, and developing destinations that deliver sustainable value for the economy and society.
For his part, Eng. Hassan Allam, Chairman and CEO of Hassan Allam Holding Group, stated that the Group's ambition in the Sultanate of Oman is to develop residential communities that people are proud to belong to and call home—communities reflecting authentic Omani identity. He noted that through partnership with OMRAN Group, GROVA Developments, subsidiary of Hassan Allam Holding, embodies this ambition in Madinat Al Irfan by deploying its integrated expertise in investment, development, construction, and long-term operation toward a single goal: building communities that grow, thrive with life, and increase in value over time.
In turn, Eng. Ayad Ali Al Balushi, CEO of OMRAN Group, stated that launching these projects reflects OMRAN Group's continued focus on building effective partnerships with investors and developers capable of transforming investment opportunities into qualitative projects that generate long-term value. Madinat Al Irfan represents a clear model of this approach, where residential development adds a new dimension to the destination and supports its evolution as an integrated urban and investment hub.
The signing of the development agreement with Aurelian Development was concluded to invest in and execute the Yiti Hills and Oases project, which represents Phase Four of the master plan for the Yiti Integrated Tourism Project. The agreement forms part of OMRAN Group's ongoing endeavors to attract foreign direct investment, contributing to solidifying the Sultanate of Oman's position among attractive investment destinations.
Under this agreement, Aurelian Development will undertake the design, construction, marketing, and sales management operations for the project, which spans a total area of approximately 200,000 square metres, with an investment volume reaching OMR78 million ($203 million).
Development works include constructing a luxury five-star tourist resort, in addition to 490 residential units designed according to the highest international standards.
Eng. Ayad Ali Al Balushi, CEO of OMRAN Group, stated that launching the Yiti Hills and Oases project constitutes a pioneering step embodying our continuous commitment to the long-term vision of the Yiti Integrated Tourism Project. This partnership reflects the Group's approach to attracting foreign direct investment and collaborating with leading international developers to deliver value-added projects, thereby enhancing the diversification of the tourism product and directly driving economic growth and sustainable development for tourism projects in the Sultanate of Oman.
From his side, Dmitri Tikhonov, CEO of Aurelian Development, stated that through Yiti Hills and Oases, the company will ensure the delivery of a unique residential and tourism experience that elevates the project's prestigious standing by blending luxury hospitality with modern lifestyle, keeping pace with the promising potential of the Omani market's tourism and real estate sectors.
It is worth noting that the Yiti Integrated Tourism Project is one of the most prominent mixed-use destinations at the national level, aiming to create sustainable communities that promote economic diversity and support national tourism assets by providing exceptional experiences for visitors and residents.