Retal Urban Development Company has signed its first development agreement in Oman, which involves the construction of more than 2,000 residential units within Sultan Haitham City in Muscat.

The developer has signed an agreement with Oman’s Ministry of Housing and Urban Planning to develop an integrated residential community at an estimated cost of 3.1 billion Saudi riyals ($822.83 million), it said in a statement to the Saudi stock exchange on Monday.

The integrated residential community will be developed in zones 3, 15 and 17, comprising 1.3 million square metres (sqm), within Sultan Haitham City.

The project will include villas and apartments, commercial and mixed-use components, as well as community facilities.

The development will be executed through the off-plan sale model and is estimated to take almost nine years to complete, the statement said.

No details were given about when work on the project will start.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.