Egypt’s Talaat Moustafa Group (TMG) and the Ministry of Housing and Urban Planning have agreed to develop two projects for RO1.5 billion ($3.89 billion).
The two projects will house nearly 13,000 residential and hotel units and will be linked by an electric train, the company said in a statement.
The signatories were Khalfan al Shueili, the Minister of Housing and Urban Planning, and Hisham Talaat Moustafa, Chairperson of the Board of Directors of Talaat Moustafa Group Muscat for Real Estate Development. The signing took place on 19 May 2025.
The ventures would provide about 13,000 residential and hotel units across more than 4.9m square metres. The two projects, situated on adjacent land plots west of Oman’s capital, Muscat, will be linked by an electric train, Moustafa added.
The first project involves developing a 2.7m square metre land plot in Sultan Haitham City into a smart, integrated-services residential area. Talaat Moustafa Group said this would mirror the model of its Madinaty project and other developments in Egypt.
The residential project will feature diverse models of villas and apartments, a social and sports club covering an area of 190,000 square metres, and commercial and service areas spanning 140,000 square metres. The project is located minutes from Muscat International Airport.
The second project will see an approximately 2.2m square metre land plot along the Al-Shakhakhit coast transformed into a tourism destination.
The site, with a 1,760-metre beachfront on the Sea of Oman, is directly west of Beit al Baraka Palace. This development will feature a yacht marina, a tourist hotel, villa areas with sea views linked by artificial lakes, as well as cabins and residential apartments.
The tourism project is located approximately 4 km from Sultan Haitham City and minutes from Muscat International Airport. It also intersects with the 215,000 square metre Al Naseem Heritage and Entertainment Park, which TMG said will provide vast green spaces and a distinctive view for various units of the project.
According to Talaat Moustafa Group, both the real estate and tourism projects will dedicate over 50% of their total area to expansive green spaces and open areas. They plan to offer comprehensive services, including religious, health, entertainment, and sports facilities, alongside daily and seasonal commercial offerings. The projects will also leverage smart technologies for management and operation.
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