Latest news with #20thOmanRealEstateConferenceandExhibition
Muscat Daily
19-05-2025
- Business
- Muscat Daily
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.
The Star
19-05-2025
- Business
- The Star
Oman real estate expo kicks off in Muscat
MUSCAT, May 19 (Xinhua) -- The 20th Oman Real Estate Conference and Exhibition opened here on Monday at the Oman Convention and Exhibition Center, with a series of major investment agreements signed. Organized by the Ministry of Housing and Urban Planning in cooperation with the Oman Real Estate Association, the event, running through Saturday, brought together over 40 local and international speakers and 180 exhibitors to explore the development of smart and sustainable cities. The opening day witnessed the signing of nine partnership and development agreements with a combined investment value exceeding 2.3 billion Omani rials (approximately 6 billion U.S. dollars), including two deals with Egypt's Talaat Moustafa Group, one of the region's top real estate developers. Under the first agreement, the group will develop parts of Sultan Haitham City on an area spanning 2.6 million square meters. This project aims to create a modern urban hub aligned with Oman Vision 2040, combining residential, commercial, and lifestyle components. The second agreement involves the transformation of coastal land in Al-Seeb province into a tourism destination. The project will cover more than 2.2 million square meters and include residential zones, a luxury hotel, artificial lakes, and a marina. Additionally, the conference introduced two flagship urban projects: A' Thuraya City in Bawshar province, envisioned as a smart and sustainable city, and the Al Jabal Al Aali project for tourism development in the Hajar Mountains. These initiatives are part of Oman's ongoing efforts to support economic diversification through boosting real estate and tourism development.
