Oman’s Vision 2040 Gains Momentum with New Real Estate Partnerships

Ashoke Raj, Muscat | May 20, 2025 – Oman has officially opened its largest real estate and urban development event to date — the 20th Oman Real Estate Conference & Design and Build Week — held under the patronage of His Highness Sayyid Bilarab bin Haitham bin Tariq Al Said. This landmark event marks a turning point in the Sultanate’s strategy to position itself as a hub for smart cities, sustainable development, and real estate investment in the Gulf.

The highlight of the opening day was the announcement of more than OMR 2.3 billion worth of real estate and infrastructure projects. Central to this announcement was a major agreement between Oman’s Ministry of Housing and Urban Planning and Egypt’s Talaat Moustafa Group (TMG), one of the region’s leading real estate developers.

The partnership will see the development of two major urban projects in Muscat, with a combined investment of OMR 1.7 billion across a total area of 4.8 million square meters. The first project is a sustainable residential community within Sultan Haitham City, covering 2.6 million square meters. This development will feature integrated neighborhoods, parks, mosques, retail outlets, and a social-sports club, offering a high quality of life rooted in sustainable planning.

The second project, located in Seeb, will transform 2.2 million square meters of seafront land into a luxury tourism destination. It will include a five-star hotel, waterfront villas, a modern marina, and artificial lakes, making it a key attraction for high-end tourism and investment.

In a first for Oman, the two projects will be linked by a dedicated electric tram system, aimed at reducing carbon emissions and enhancing connectivity. This move reflects the country’s commitment to modern, environmentally conscious infrastructure.

“These agreements represent a strategic shift toward smart, inclusive, and investment-ready cities,” said H.E. Dr. Khalfan Al Shuaili, Minister of Housing and Urban Planning. “They are essential to achieving our Vision 2040 goals, which emphasize economic diversification, sustainable development, and strong private sector collaboration.”

TMG CEO Hisham Talaat Moustafa described the partnership as a “milestone entry into Oman” and affirmed the group’s intent to deliver global-standard developments that improve quality of life and attract international interest.

The six-day event features more than 180 exhibitors from across the region and beyond, showcasing real estate projects, construction technologies, and home design innovations. Visitors can explore model homes, access exclusive purchase incentives, and engage with developers directly.

A major component of the event is its conference program, which brings together over 40 speakers discussing key urban issues — from housing innovation and digital infrastructure to climate resilience and smart mobility. These sessions are aimed at fostering dialogue and generating actionable insights for Oman’s urban future.

In addition to the headline agreements, the Ministry announced 43 new usufruct agreements across various sectors such as food, sports, and industry. These agreements are part of a broader push to attract private investment and diversify economic growth.

The Ministry also highlighted ongoing efforts to expand the "Sorouh" program, which aims to develop integrated residential communities across several governorates in Oman. These projects are designed to address growing housing needs while promoting balanced regional development.

This year’s Oman Real Estate Conference & Design and Build Week not only stands as the country’s largest property event but also signals a bold new direction in urban planning and investment strategy. By combining large-scale partnerships, sustainable transport solutions, and future-ready city designs, Oman is laying a solid foundation for its next phase of growth.