Oman Signs Three Development Deals for Madinat Al Irfan and Yiti Tourism Projects

Agreements signed in Madinat Al Irfan and Yiti

Oman’s tourism development authority announced on Tuesday that it had signed three strategic development agreements with Hassan Allam Holding Group, represented by its real estate arm GROVA Developments, and Aurelian Development. The deals cover integrated residential and tourism initiatives in Madinat Al Irfan and the Yiti Integrated Tourism Project, with a combined development and investment value exceeding OMR122 million ($318 million).

The signing ceremony featured Azzan Qasim Al Busaidi, Undersecretary of the Ministry of Heritage and Tourism for Tourism and Chairman of OMRAN Group’s Board, together with Hassan Allam, Chairman and CEO of Hassan Allam Holding Group. They were joined by 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.

Details of the Madinat Al Irfan residential projects

The agreements form part of OMRAN’s strategy to deepen partnerships with seasoned investors, attract foreign direct investment and speed up the rollout of priority tourism and urban locations across the Sultanate. They also reflect the range of investment possibilities offered by the two destinations and OMRAN’s push to bring in developers capable of delivering integrated residential and tourism components, which raises the appeal of the sites, widens housing and hospitality choices and advances economic diversification targets under Oman Vision 2040.

The launch of the first residential phase in Madinat Al Irfan, to be carried out by GROVA Developments, marks a new step in the destination’s evolution, reinforcing its vision as an integrated urban centre where residential, business, hospitality and lifestyle functions coexist in a connected environment.

Two residential schemes are envisaged for Madinat Al Irfan under the Hassan Allam partnership. The first is a neighbourhood valued at roughly OMR29 million ($75 million). The second is a luxury residential development to be operated under an international hotel brand, estimated at about OMR15.5 million ($40 million). Together they amount to nearly OMR44.5 million ($115 million). Hassan Allam Group will handle the construction work for both, drawing on its extensive engineering and construction expertise.

This collaboration aligns with OMRAN’s aim to build strategic ties with experienced investors and developers, helping to draw in capital, apply international know‑how and accelerate the development of key assets and destinations. Adding residential elements further strengthens Madinat Al Irfan’s role as an integrated urban and investment hub, expanding the benefits it offers to residents, investors and visitors.

Statements from Omani and Emirati leaders

Azzan Qasim Al Busaidi said that developing integrated tourism destinations is a vital component of Oman’s strategy to build a more diverse, competitive and sustainable tourism sector. He noted that projects like Madinat Al Irfan combine tourism, residential, business and lifestyle elements, thereby increasing the value and attractiveness of the destinations while opening fresh avenues for investment and broader economic participation. He added that this direction matches the objectives of Oman Vision 2040, especially in supporting tourism‑based economic diversification, encouraging private sector and international investment and creating destinations that deliver sustainable value for the economy and society.

Eng. Hassan Allam, Chairman and CEO of Hassan Allam Holding Group, remarked that the Group’s ambition in Oman is to create residential communities that people are proud to call home and that reflect authentic Omani identity. He explained that through the partnership with OMRAN Group, GROVA Developments – a subsidiary of Hassan Allam Holding – puts this ambition into practice in Madinat Al Irfan by applying 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.

Eng. Ayad Ali Al Balushi, CEO of OMRAN Group, stated that launching these projects shows OMRAN’s continued focus on forging effective partnerships with investors and developers capable of turning investment opportunities into high‑quality, long‑term value‑generating ventures. He described Madinat Al Irfan as a clear example of this approach, where residential development adds a new dimension and supports the destination’s growth as an integrated urban and investment centre.

Yiti Hills and Oases project with Aurelian Development

The agreement with Aurelian Development concerns the Yiti Hills and Oases project, which constitutes Phase Four of the master plan for the Yiti Integrated Tourism Project. The deal is part of OMRAN’s ongoing efforts to attract foreign direct investment and to strengthen Oman’s standing as an appealing investment destination.

Under the terms, Aurelian Development will manage the design, construction, marketing and sales of the project, which covers approximately 200,000 square metres and involves an investment volume of OMR78 million ($203 million). The works include the construction of a luxury five‑star tourist resort alongside 490 residential units built to the highest international standards.

Eng. Ayad Ali Al Balushi said that launching the Yiti Hills and Oases project represents a pioneering step that embodies OMRAN’s long‑term commitment to the vision of the Yiti Integrated Tourism Project. He added that the partnership illustrates the Group’s approach to attracting foreign direct investment and working with leading international developers to deliver value‑added projects, thereby diversifying the tourism product and directly driving economic growth and sustainable development for tourism initiatives in Oman.

Dmitri Tikhonov, CEO of Aurelian Development, commented that through Yiti Hills and Oases the company will ensure the delivery of a unique residential and tourism experience that raises the project’s prestigious standing by blending luxury hospitality with a modern lifestyle, keeping pace with the promising potential of Oman’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 offering exceptional experiences for visitors and residents.