Egypt’s Talaat Moustafa to invest $4bn in Oman

Talaat Moustafa Group, a leading Egyptian real estate developer, says it will invest OR1.5 billion ($3.9 billion) in Oman to expand in the GCC region after entering Saudi Arabia last year.

Two projects will be developed in west Muscat, offering 13,000 residential and hotel units, the company said in a statement.

The developer has signed an agreement with Oman’s Ministry of Housing and Urban Planning to start the developments.

Hisham Talaat Moustafa, chairman of Talaat Moustafa Group Muscat, said the two projects on adjacent land plots will be linked by an electric train.

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

The tourism development will be built along the Al-Shakhakhit coast on 2.2 million square metres of land with a 1,760m beachfront and will include a yacht marina, a hotel, villas linked by artificial lakes and residential buildings, the company said.

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

No details were shared on when construction will begin.

• Omani tourism struggles against fierce Gulf competition
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• Club Med resort tipped to help Oman hit tourism targets

In March 2024, Talaat Moustafa Group launched its first GCC project, Banan City, a 10 million square metre development northeast of Riyadh.

The developer’s real estate sales exceed EGP1 trillion and holds Egypt’s largest land portfolio of over 107 million square metres.