Omran signs RO 122m in Muscat deals, launching Irfan's first homes

Summary

• Omran signed three development agreements worth over RO 122 million in Madinat Al Irfan and Yiti.
• Egypt's Hassan Allam arm Grova takes the first residential phase of the 7 million sq m destination.
• The deals open a new pipeline for contractors and bring foreign capital into Omani tourism property.

The latest

Three development agreements worth more than RO 122 million were signed Monday for projects in Madinat Al Irfan and Yiti in Muscat governorate, Oman Observer and Muscat Daily reported. Oman Tourism Development Company, known as Omran Group, split the package between two residential schemes with Egypt's Grova Developments and a RO 78 million resort phase with Aurelian Development.

Details

• The breakdown: The agreements total more than RO 122 million, divided between RO 44.5 million for two residential projects in Madinat Al Irfan and RO 78 million for a single tourism phase in Yiti, according to Oman Observer and Muscat Daily. All three were signed on Monday, 13 October 2026.
• The Egyptian partner: Omran signed the two Madinat Al Irfan agreements with Grova Developments, the real-estate arm of Hassan Allam Holding of Egypt. One covers a residential neighbourhood costing RO 29 million, the second branded residences costing RO 15.5 million. Hassan Allam Construction will build both.
• First homes: The two deals mark the launch of the first residential phase at Madinat Al Irfan, a destination spanning 7 million square metres with a plan for 10,000 residential units, per the two outlets. No completion or handover dates were announced for either project.
• The Yiti phase: In Yiti, Omran signed with Aurelian Development for Yiti Hills and Oases, valued at RO 78 million and described as the fourth phase of the Yiti Integrated Tourism Development. It covers roughly 200,000 square metres and includes a five-star resort plus 490 residential units.
• Aurelian's mandate: Aurelian will handle design, construction, marketing and sales for the Yiti project, making it responsible for the full delivery chain rather than development alone. The announcement did not name the resort operator or the hotel brand attached to the five-star component.
• The official framing: Azzan bin Qassim al Busaidy, Under-Secretary for Tourism at the Ministry of Heritage and Tourism and chairman of Omran, said destinations such as Madinat Al Irfan combine tourism, residential and commercial components. Omran CEO Ayad Ali al Balushi said the launches reflect the group's focus on partnerships.
• Who was in the room: Hassan Allam, chairman and chief executive of Hassan Allam Holding, and Aurelian chief executive Dimitri Tikhonov attended the signing alongside Omran's leadership. Financing structures and the equity split between Omran and its two partners were not disclosed.
• The scale test: At RO 122 million, the package converts to roughly $317 million, among the larger single-day real-estate commitments announced in Muscat. Omran is the Omani government's tourism development arm, making it the counterparty on both destinations rather than a passive landowner.

Background

Madinat Al Irfan and Yiti are two of Omran's flagship master-planned destinations in Muscat governorate, developed as mixed-use tourism and residential districts. Yiti is being delivered in phases; the agreement signed Monday is the fourth.

Between the lines

The structure of the package is as telling as its size. Omran is not building the homes itself: Grova takes the Irfan residential phase and Aurelian carries design through sales in Yiti, shifting execution and commercial risk onto private developers. The arrival of Hassan Allam, one of Egypt's largest contractors, on the first residential tranche signals Omran is sourcing both capital and construction capacity abroad rather than only domestically.

What's next

Watch for construction start dates and first unit releases at Madinat Al Irfan, the naming of a hotel operator for the Yiti five-star resort, and whether Omran announces further tranches toward its 10,000-unit target.

Source: Oman Observer, Muscat Daily