Arab Finance: Oman Tourism Development Company (OMRAN Group) has signed two agreements with Grova Developments, the real estate development arm of Hassan Allam Holding, for residential projects worth around $115 million at Madinat Al Irfan in Muscat, as per a press release.
The projects will form the destination’s first residential phase and mark Grova’s entry into Oman as part of its regional expansion. They comprise a residential neighborhood valued at approximately $75 million and a $40 million branded residences development. Hassan Allam Construction will build both projects.
Spanning 7 million square meters, Madinat Al Irfan is one of OMRAN Group’s flagship urban developments. Its master plan includes 10,000 homes alongside business, hospitality, retail, lifestyle, and nature-based components. The initial residential projects will introduce housing options catering to different lifestyles and investment preferences within the wider destination.
“Through our partnership with OMRAN Group, Grova by Hassan Allam Holding brings this ambition to Madinat Al Irfan. Building on Hassan Allam Holding’s presence in Oman, we unite our experience in investment, development, construction and long-term operations around one purpose: to build communities that grow richer with life over time," Hassan Allam, Chairman and CEO of Hassan Allam Holding, said.
"We see Madinat Al Irfan as an opportunity to help shape a new chapter for Muscat, where thoughtful architecture, welcoming spaces and a strong sense of belonging create lasting value for generations,” Allam noted.
Ayad Ali Al Balushi, CEO of OMRAN Group, commented: “The launch of these projects reflects OMRAN Group’s continued focus on building meaningful partnerships with investors and developers who can translate investment opportunities into high-quality developments that create long-term value. Madinat Al Irfan is a strong example of this approach, with residential development now adding another dimension to the destination and supporting its evolution as an integrated urban and investment destination.”
