MUSCAT: HH Sayyid Theyazin bin Haitham al Said, Minister of Culture, Sports and Youth, on Monday, will preside over the laying of the foundation stone for the Joud project in Sultan Haitham City and the Yamal city project in Al Manouma.
The move reflects the Sultanate of Oman's attractiveness as a promising regional hub for urban investment.
The implementation of these two projects comes within the framework of strengthening investment partnerships and expanding the presence of international companies in the Omani market. It also reflects the growing confidence of global investors in the Sultanate of Oman's real estate sector.
This trend is in line with the priorities of Oman Vision 2040, which places economic diversification and financial sustainability at the forefront of its pillars. It also focuses on empowering the private sector to lead urban development, expanding the base of quality investments, and stimulating the construction sector through well-organised urban development projects that enhance the growth of non-oil sectors and strengthen the real estate sector's position as a key contributor to the national economy.
The implementation of the projects comes after the signing of an agreement last May on the sidelines of the 20th Oman Real Estate Conference and Exhibition and Oman Design & Build Week, with an investment value exceeding RO 1.7 billion.
The Joud project spans 2.7 million square metres and offers a smart, sustainable community with over 7,000 diverse residential units. Yamal project occupies 2.2 million square metres with a 1,760-metre beachfront on the Sea of Oman. It features a world-class marina, international hotels, marine activities and more than 6,000 residential and hotel units overlooking the sea and marina. This reflects the confidence of regional and international investors in the Sultanate of Oman's ability to provide an attractive and efficient environment for major urban development projects.
The Joud and Yamal projects represent a significant milestone in the Sultanate of Oman's urban development, achieving a comprehensive economic and social impact by generating direct and indirect job opportunities and boosting investment in the real estate sector through high-quality projects.
This partnership embodies the Sultanate of Oman's ability to attract high-quality investments and value-added capital through projects that deliver tangible economic and social outcomes. It underscores the Sultanate of Oman's open horizons for global investment and urban development opportunities, underpinned by smart urban planning and a long-term economic vision.
On Tuesday, Talaat Moustafa Group, the developer of the two projects, in collaboration with the Ministry of Housing and Urban Planning, will launch sales for the Joud project in Sultan Haitham City and the Yamal coastal city in Al Manouma. The Joud project offers an integrated residential community featuring diverse housing units, green spaces, integrated service, commercial, recreational, medical and educational facilities as well as social and sports amenities.
Yamal City project is an integrated tourist and residential community that provides a world-class marina, water sports, hotels and various services, and residential units overlooking the sea and marina. -- ONA