Madinat Al Irfan:Oman Tourism Development Company (OMRAN Group) has signed three significant strategic development agreements with Hassan Allam Holding Group and Aurelian Development to advance residential and tourism projects in Madinat Al Irfan and the Yiti Integrated Tourism Project. The combined investment for these projects exceeds RO 122 million (USD 318 million).
According to Oman News Agency, the agreements were signed by Azzan Qasim Al Busaidi, Undersecretary of the Ministry of Heritage and Tourism and Chairman of OMRAN Group's Board of Directors, and Hassan Allam, Chairman and CEO of Hassan Allam Holding Group. The event was attended by key officials including 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 are intended to strengthen partnerships with experienced investors and developers, thereby attracting foreign direct investment and accelerating the development of priority tourism and urban destinations in Oman. The projects aim to enhance the attractiveness of the destinations while supporting economic diversification goals outlined in "Oman Vision 2040."
The first phase of residential development in Madinat Al Irfan will be handled by GROVA Developments, a subsidiary of Hassan Allam Holding. It includes two residential projects a RO 29 million (USD 75 million) residential neighborhood and a RO 15.5 million (USD 40 million) luxury development under an international hotel brand, totaling RO 44.5 million (USD 115 million). Hassan Allam Group will oversee construction, utilizing its engineering and construction expertise.
The agreement with Aurelian Development marks the commencement of the "Yiti Hills and Oases" project, part of the Yiti Integrated Tourism Project's master plan. This project, valued at RO 78 million (USD 203 million), will include a luxury five-star resort and 490 residential units over an area of approximately 200,000 square meters.
Eng. Ayad Ali Al Balushi emphasized that these initiatives align with OMRAN Group's strategy of forming strategic partnerships with international developers, supporting the development of key tourism assets. Dmitri Tikhonov, CEO of Aurelian Development, highlighted that the Yiti Hills and Oases project aims to blend luxury hospitality with a modern lifestyle, enhancing the project's standing in the Omani market.