RO1.7bn pacts with Egypt's TMG for housing, tourism projects
Muscat – Ministry of Housing and Urban Planning has signed agreements with Egypt's Talaat Moustafa Group (TMG) to develop two large-scale housing and tourism projects in Muscat with total investment exceeding RO1.7bn (US$4.4bn).
Signed during the 20th Oman Real Estate Conference and Exhibition on Monday, the agreements cover construction of 13,000 residential and hotel units across more than 4.9mn sqm of land. The two projects will be linked by an electric tram network.
TMG will lead the development of an integrated residential community in Sultan Haitham City and a coastal tourism destination in Seeb. The residential project, spread over 2.6mn sqm, will include several new neighbourhoods within Sultan Haitham City, including Zones 7, 8, 9, 11, 12A and 12B. It will offer a mix of villas, apartments and multi-use buildings, along with parks, mosques, green spaces, and a sports and social club.
The second project will develop 2.2mn sqm of coastal land in the Al Shakhakhit area of Seeb on a 1.76km beachfront along Sea of Oman. It will feature a yacht marina, a luxury hotel, villas, artificial lakes and landscaped public spaces aiming to position the area as a high-end marine tourism destination.
'These agreements embody Oman's vision of strengthening partnerships with major regional and international institutions,' said H E Dr Khalfan bin Saeed al Shuaili, Minister of Housing and Urban Planning. 'These contribute to accelerating the pace of smart urban development and provide a sustainable urban environment that supports citizens' aspirations and economic diversification.'
He added, 'We are proceeding with implementation of strategic projects in Sultan Haitham City, which is central to future urban development in Oman. The agreements represent a tangible model of our ambitious development approach.'
Hisham Talaat Moustafa, CEO of TMG, expressed pride in entering the Omani market with what he described as strategic investment in two model developments.
'The two projects will be developed simultaneously on plots west of Muscat and connected by a tram. The agreements mark a milestone in Oman's urban and tourism development, creating jobs and enhancing the real estate and tourism sectors with high-quality projects,' he said.
Moustafa added that the Sultan Haitham City agreement with enhance its position as a benchmark for urban planning in the region, combining smart infrastructure with an advanced vision for sustainable growth.
The ministry said the agreements reflect Oman's ability to attract high-value investments and deliver projects with real economic and social impact.
Talaat Moustafa Group is one of the largest real estate and tourism developers in Egypt and a leading integrated institutions in the Middle East.
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