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Egypt’s Talaat Moustafa Group (TMG) and Oman’s Ministry of Housing and Urban Planning have agreed to develop two projects west of Muscat for 1.5 billion Omani Riyals ($3.89 billion).
The two projects, situated on adjacent land plots, will house nearly 13,000 residential and hotel units and will be linked by an electric train, the company said in a statement.
The residential development will be built on a 2.7 million square metre (sqm) land plot in Sultan Haitham City, mirroring the group’s Madinaty and other projects in Egypt.
The residential project will feature villas and apartments, in addition to a social and sports club covering an area of 190,000 sqm, as well as 140,000 sqm of commercial and service areas.
The tourism project will be developed along Al-Shakhakhit coast, covering 2.2 million sqm with a 1,760-metre beachfront on the Gulf of Oman. The project will have a yacht marina, a tourist hotel, sea view villas linked by artificial lakes, as well as cabins and residential apartments.
Oman’s foray marks the group’s second venture outside Egypt, following their first project in Saudi Arabia with Banan City, a 10 million sqm development northeast of Riyadh.
(Writing by P Deol; Editing by Anoop Menon)
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