Egypt’s Talaat Moustafa starts work on $4bn Oman projects

Egyptian real estate developer Talaat Moustafa Group (TMG) has begun construction of two residential communities in Oman with investments worth $4.4 billion.

The two projects are being built in the outskirts of Muscat, offering a total of 13,000 residential homes, shopping malls and hotels, the Ministry of Housing and Urban Planning announced on Tuesday in a broadcast by Oman Television. 

The first project is in the Sultan Haitham City, will be built on a 2.7 million square metre plot of land. It will include a 190,000 sq m sports club and commercial and service areas covering 140,000 sq m.  

The second project will be built in Manumah on 2.2 million sq m of land with a 1.76 km beachfront that will include a yacht marina, a hotel, residential buildings and villas linked by artificial lakes, the Ministry of Housing and Urban Planning said.

About 50 percent of the total area of the projects will be set aside for green spaces and open areas.

The Gulf state has unveiled a range of development projects so far this year to attract investors and shore up its economy. In May, it announced two new smart cities in the mountain region of Jebel Akhdar and in Muscat’s Bawshar Heights to be sold to Omanis, expatriates and investors. 

Further reading:

• Oman awards $640m power supply contracts
• Oman spends $2.6bn building and expanding roads
• Masdar appoints Chinese contractor for Oman solar plant