Kuwait-listed United Real Estate Company (UREC) said on Wednesday that it has signed a contract to develop a tourism complex on Oman’s Masirah Island.

UREC said in a bourse disclosure statement that its subsidiary in the Sultanate – UREC Oman - signed the deal for the project, which will span an area of around 60,000 square metres.

"UREC Oman has signed a contract with South Al-Sharqiyah governorate to develop and operate an integrated tourism complex in the Masirah province,” the firm said.

The complex comprises hotels as well as residential and commercial units and its annual contract value is 12,000 Omani rials ($31,000) with a 50-year term, the firm said without specifying the project cost.

In February 2025,  Oman Electric Transmission Company (OETC) launched a $187million interconnection project to link the Masirah island with the main electricity network.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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