Three
Strategic Development Agreements Signed in Madinat Al Irfan, Yiti

Muscat,
13 Oct 2026 (ONA) — Oman Tourism Development Company (OMRAN Group) signed today
three strategic development agreements with Hassan Allam Holding Group,
represented by its real estate arm “GROVA Developments,” and
“Aurelian Development,” to execute integrated residential and tourism
projects in Madinat Al Irfan and the Yiti Integrated Tourism Project. The total
development and investment value exceeds RO 122 million (USD 318 million).

The
agreements were signed by Azzan Qasim Al Busaidi, Undersecretary of the
Ministry of Heritage and Tourism for Tourism and Chairman of OMRAN Group’s
Board of Directors, and Hassan Allam, Chairman and CEO of Hassan Allam Holding
Group, in the presence of 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 fall within OMRAN’s strategy to strengthen partnerships with
experienced investors and developers, attract foreign direct investment, and
accelerate the development of priority tourism and urban destinations in the
Sultanate of Oman.

The
agreements reflect the diversity of investment opportunities offered by both
destinations and OMRAN Group’s direction toward attracting developers with the
expertise needed to develop integrated residential and tourism components. This
enhances the attractiveness of destinations developed by the Group, expands
housing and hospitality options, and supports economic diversification targets
under “Oman Vision 2040.”

The
launch of the first residential development phase in Madinat Al Irfan, to be
developed by Hassan Allam’s real estate arm, GROVA Developments, marks a new
stage in the destination’s growth, enhancing its vision as an integrated urban
city combining residential, business, hospitality, and lifestyle elements
within an interconnected environment.

The
two agreements include developing two residential projects in Madinat Al Irfan:
the first is a residential neighborhood valued at approximately RO 29 million (USD
75 million), and the second is a luxury residential development project under
an international hotel brand valued at about RO 15.5 million (USD 40 million),
bringing the total development value of the two projects to nearly RO 44.5
million (USD 115 million). Hassan Allam Group will undertake the construction
works for both projects, leveraging the Group’s extensive expertise in engineering
and construction to develop Madinat Al Irfan’s projects.

This
partnership aligns with OMRAN Group’s direction toward building strategic
partnerships with experienced investors and developers, contributing to
attracting investments, utilizing international expertise, and accelerating the
development of priority assets and destinations. Additionally, introducing
residential development reinforces Madinat Al Irfan’s role as an integrated
urban and investment destination, expanding the value provided by the city to
residents, investors, and visitors.

Azzan
Qasim Al Busaidi, Undersecretary of the Ministry of Heritage and Tourism for
Tourism and Chairman of OMRAN Group’s Board of Directors, stated that
developing integrated tourism destinations represents a vital component in the
Sultanate of Oman’s strategy toward building a more diverse, competitive, and
sustainable tourism sector. Projects such as Madinat Al Irfan combine tourism,
residential, business, and lifestyle components, thereby enhancing the value
and attractiveness of destinations while opening new horizons for investment
and broader economic participation. This direction aligns with the objectives
of “Oman Vision 2040,” particularly in supporting tourism-based
economic diversification, encouraging private sector and international
investments, and developing destinations that deliver sustainable value for the
economy and society.

For
his part, Eng. Hassan Allam, Chairman and CEO of Hassan Allam Holding Group,
stated that the Group’s ambition in the Sultanate of Oman is to develop
residential communities that people are proud to belong to and call
home—communities reflecting authentic Omani identity. He noted that through
partnership with OMRAN Group, “GROVA Developments,” subsidiary of
Hassan Allam Holding, embodies this ambition in Madinat Al Irfan by deploying
its integrated expertise in investment, development, construction, and
long-term operation toward a single goal: building communities that grow,
thrive with life, and increase in value over time.

In
turn, Eng. Ayad Ali Al Balushi, CEO of OMRAN Group, stated that launching these
projects reflects OMRAN Group’s continued focus on building effective
partnerships with investors and developers capable of transforming investment
opportunities into qualitative projects that generate long-term value. Madinat
Al Irfan represents a clear model of this approach, where residential
development adds a new dimension to the destination and supports its evolution
as an integrated urban and investment hub.

The
signing of the development agreement with “Aurelian Development” was
concluded to invest in and execute the “Yiti Hills and Oases”
project, which represents Phase Four of the master plan for the Yiti Integrated
Tourism Project. The agreement forms part of OMRAN Group’s ongoing endeavors to
attract foreign direct investment, contributing to solidifying the Sultanate of
Oman’s position among attractive investment destinations.

Under
this agreement, “Aurelian Development” will undertake the design,
construction, marketing, and sales management operations for the project, which
spans a total area of approximately 200 thousand square meters, with an
investment volume reaching RO 78 million (USD 203 million).

Development
works include constructing a luxury five-star tourist resort, in addition to
490 residential units designed according to the highest international
standards.

Eng.
Ayad Ali Al Balushi, CEO of OMRAN Group, stated that launching the “Yiti
Hills and Oases” project constitutes a pioneering step embodying our
continuous commitment to the long-term vision of the Yiti Integrated Tourism
Project. This partnership reflects the Group’s approach to attracting foreign
direct investment and collaborating with leading international developers to
deliver value-added projects, thereby enhancing the diversification of the
tourism product and directly driving economic growth and sustainable
development for tourism projects in the Sultanate of Oman.

From
his side, Dmitri Tikhonov, CEO of Aurelian Development, stated that through
“Yiti Hills and Oases,” the company will ensure the delivery of a
unique residential and tourism experience that elevates the project’s
prestigious standing by blending luxury hospitality with modern lifestyle,
keeping pace with the promising potential of the Omani market’s tourism and
real estate sectors.

It
is worth noting that the Yiti Integrated Tourism Project is one of the most
prominent mixed-use destinations at the national level, aiming to create
sustainable communities that promote economic diversity and support national
tourism assets by providing exceptional experiences for visitors and residents.

—Ends/AG