Hassan Allam Group, a pioneer in real estate development, has decided to expand its activities in Oman. The group will invest approximately $115 million to implement two residential projects in Al Irfan, located in the capital of Oman, Muscat. This initiative aims to strengthen the group's presence in the Gulf markets.
Investment Details
Jroufa Real Estate Development, which acts as the development arm of Hassan Allam Group, has signed contracts with the Omani company for tourism development "Oman Group". These contracts have been signed to initiate the early stages of residential development in this city, and Hassan Allam Group has been selected to carry out the construction activities for these projects.
The investments are segmented; approximately $75 million is allocated for the development of a residential neighborhood, while another $40 million is dedicated to a project for luxury residential units with a global hotel brand. The aim of these projects is to add residential components to Al Irfan, which offers a mix of commercial, hospitality, and administrative activities and is recognized as a comprehensive urban destination in Muscat.
Urban and Economic Developments
Al Irfan, covering an area of approximately 7 million square meters in the capital of Oman, has plans for development that include the creation of about 10,000 residential units along with commercial, hospitality, and administrative components. This city is also home to the Oman Convention and Exhibition Center and the JW Marriott Muscat and Crowne Plaza Muscat hotels. Development plans also include the Oman Global Financial Center, which will enhance the city's position in urban projects and investments.
Oman Group, as a key partner in these projects, is seeking to attract new investments and develop private sector partnerships in tourism and construction projects. These efforts align with Oman’s vision for diversifying the economy and increasing the share of tourism and investment in the country’s economic growth.
Azan bin Qasim Al-Busaidi, Deputy Minister of Cultural Heritage and Tourism and Chairman of the Board of Oman Group, stated that the development of comprehensive destinations helps diversify the tourism sector and encourages the flow of domestic and foreign investments. These actions are particularly in line with the overarching goals of "Oman Vision 2040."
Read more: Signing of Three Strategic Development Agreements in Oman
