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In a step that reinforces Madinat Al Irfan’s position as an integrated urban destination combining living, business, hospitality, and lifestyle, the Oman Tourism Development Company (OMRAN Group) signed two development agreements with "Grova Real Estate Development"—the real estate arm of Hassan Allam Holding—to implement the first phase of residential development in the city.

The agreements were signed by H.E. Azzan bin Qasim Al Busaidi, Undersecretary of the Ministry of Heritage and Tourism and Chairman of OMRAN Group, and Eng. Hassan Allam, Chairman and CEO of Hassan Allam Holding. The signing ceremony took place in the presence of H.E. Ibrahim bin Said Al Busaidi, Minister of Heritage and Tourism, along with senior executives from both companies.

Investment Details and Construction Scope

The partnership encompasses the development of two prominent residential projects with a total investment value of approximately $115 million USD:

First Residential District: Valued at approximately $75 million USD.

Luxury Branded Residences Project: Featuring an international hotel brand, valued at approximately $40 million USD.

Hassan Allam Construction will execute all construction works for both projects, leveraging the group’s extensive engineering and construction expertise to support urban development in the Sultanate.

Strategic Vision Aligned with "Oman Vision 2040"

This initiative aligns with OMRAN Group's strategy to build high-value investment partnerships with leading regional and international developers, accelerating the progress of priority tourism and urban destinations.

H.E. Azzan bin Qasim Al Busaidi emphasized that this cooperation supports the goals of "Oman Vision 2040" by diversifying the national economy and enhancing the attraction of foreign investment into the tourism and real estate sectors through sustainable, integrated communities.

Eng. Hashil bin Obaid Al Mahrouqi / Eng. Ayyad bin Ali Al Balushi, CEO of OMRAN Group, stated that introducing the residential component to Madinat Al Irfan unlocks new investment horizons and transforms available opportunities into quality, long-term value projects for both society and the economy.

Ambitions Beyond Construction: Building Communities

Eng. Hassan Allam expressed his pride in this partnership, highlighting the group's commitment to leveraging its 90+ years of integrated experience to create residential communities that reflect authentic Omani identity while fulfilling future aspirations. He added that this project marks a new chapter in Muscat's urban evolution, building upon the group’s strong presence in Oman over the past six years.

About Madinat Al Irfan and Hassan Allam Holding

Madinat Al Irfan: Located in the heart of Muscat across nearly 7 million square meters, it aims to develop around 10,000 residential units Alongside integrated commercial, hospitality, retail, and nature-based components.

Hassan Allam Holding: One of the leading groups in the Middle East, expanding through its real estate arm "Grova" in developing premium communities and mixed-use destinations across Egypt, Saudi Arabia, and Oman.