TMG Holding to develop $4.7bn real estate projects in Oman
Leading Egyptian developer Talaat Moustafa Group Holding (TMG Holding) said it has entered into an agreement with Oman's Ministry of Housing and Urban Planning to develop two large-scale projects in the sultanate at an investment of RO1.8 billion ($4.7 billion).
The agreement marks TMG Holding's first venture into Oman and aligns with the company's regional expansion strategy focused on developing integrated smart cities across the Middle East.
Announcing the key projects, TMG Holding said the first one will cover 2.7 million sq m in Sultan Haitham City, west of Muscat.
Strategically located near Muscat International Airport, the mixed-use development will include villas, apartment buildings, a 190,000 sqm social and sports club, and 140,000 sqm of commercial and service areas.
The second development will span 2.2 million sq m in Al Shakheekhit, a coastal area west of Muscat and near Beit Al Baraka Palace.
It will boast luxury seafront villas connected to a lagoon, a luxury hotel, residential units, a yacht marina, and chalets along a 1,760-m-long beachfront on the Gulf of Oman. The project will also include the 215,000 sqm Al Naseem Heritage Park, a large green space with views across the development.
The deal was signed by Omani Minister of Housing and Urban Planning, Dr Khalfan Al Shueili and TMG Holding Chairman Hisham Talaat Moustafa in the presence of senior officials.
Both the projects will be carried out by the group's Oman-based development arm - Talaat Moustafa Group Muscat for Real Estate Development.
TMG Holding aims to deliver around 12,900 residential units across the two projects, including approximately 9,200 conventional and serviced apartments. The developments will be executed concurrently, it stated.
"Both these projects aim to replicate TMG Holding's successful integrated community model established in Egypt through its flagship developments Madinaty, Noor, and Al Rehab, as well as its recent expansion into Saudi Arabia," said a company spokesman.
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