Oman Tourism Development Company (Oman Construction Group) signed three strategic development agreements on Tuesday with Hassan Allam Group, represented by its real estate arm, GROWA Developments, and also with Aurelia Development. These agreements aim to implement integrated residential and tourism projects in Madinat Al Irfan and the integrated tourism project of Yiti. The total value of development and investment for these projects is estimated to exceed 122 million Omani Rials (318 million USD).
Signing of Agreements
The agreements were signed by Izan Qasim Al-Busaidi, Deputy Minister of Heritage and Tourism for Tourism and Chairman of the Board of Oman Construction Group, and Hassan Allam, Chairman and CEO of Hassan Allam Group, in the presence of Sayyid Ibrahim Said Al-Busaidi, Minister of Heritage and Tourism, Engineer Iyad Ali Al-Balushi, CEO of Oman Construction Group, and Sharif Sadiq, CEO of GROWA Developments.
Development and Investment Strategy
These agreements align with Oman Construction Group's strategy to strengthen partnerships with experienced investors and developers, attract foreign investment, and accelerate the development of priority tourism and urban destinations in the Sultanate of Oman. These agreements reflect the diversity of investment opportunities in both destinations and the direction of Oman Construction Group towards attracting developers with the necessary expertise to develop integrated residential and tourism components.
In this regard, Izan Qasim Al-Busaidi stated that the development of integrated tourism destinations is a vital part of the Sultanate of Oman's strategy to build a diverse, competitive, and sustainable tourism sector. Projects like Madinat Al Irfan combine tourism, residential, commercial, and lifestyle components in a connected environment, thereby enhancing the value and appeal of the destinations.
Furthermore, Engineer Hassan Allam from Hassan Allam Group announced that the group is looking to develop residential communities in Oman that people take pride in and call home. These communities should reflect authentic Omani identity, and through collaboration with Oman Construction Group, GROWA Developments will realize this goal in Madinat Al Irfan.
The development agreement with Aurelia Development was also signed to invest in and implement the Hills and Oases of Yiti project, which is the fourth phase of the overall integrated tourism project of Yiti. This agreement is part of Oman Construction Group's ongoing efforts to attract foreign investment and strengthens the Sultanate of Oman's position as one of the attractive investment destinations.
