In a disclosure to the Egyptian Exchange today, Tuesday, TMG stated that the projects will provide a natural hedge against local currency fluctuations, thereby strengthening its position as a major exporter of real estate and tourism services in Egypt and an expanding regional urban development force.
The Group expects to achieve total sales from these combined
units of OMR 1.8 billion (approximately $4.7 billion) over the lifespan of the
projects. Upon completion, they are also projected to contribute approximately
OMR 21 million (about $54.8 million) annually to the Group's recurring income
streams on a permanent basis.
Hisham Talaat Moustafa, Chairman of Talaat Moustafa Muscat for Real Estate Development, a subsidiary of the Group, signed the agreement for the two projects with Khalfan Al-Shuaili, the Omani Minister of Housing and Urban Planning, in the Omani capital, Muscat.
The two projects will be developed simultaneously, and are
expected to deliver approximately 12,900 residential units, including about 9,200
residential and hotel apartments. The projects span areas of 2.7 million and
2.2 million square meters, respectively, and are located within and near the
new Sultan Haitham City.
The first plot of land, measuring 2.7 million square meters in Sultan Haitham City, west of Muscat, will be developed into a smart, integrated residential city, mirroring TMG's projects in Egypt like Madinaty, Noor, and Al Rehab. This project will feature a range of villas and apartments, a social and sports club spanning 190,000 square meters, and commercial and service areas extending over 140,000 square meters. Its strategic location near Muscat International Airport is a significant advantage.
The second plot of land is located in the coastal
Al-Shakhakhit area and will be developed into a world-class residential and
tourist destination on the shores of the Gulf of Oman. It will provide all the
requirements for upscale and sustainable living, in addition to distinguished
hotel and entertainment services. This development is situated west of Muscat,
directly west of Bait Al Baraka Palace, covering an area of 2.2 million square
meters, and boasts a beachfront of 1,760 meters. The project will feature a
yacht marina, a luxury hotel, sea-view villas uniquely connected to lagoons,
and a collection of cabins and residential buildings. This project also
benefits from its strategic location, approximately 4 kilometers from Sultan
Haitham City and just minutes from Muscat Airport.
The project also features the Al-Naseem Heritage Park, a
215,000 square meter recreational area providing extensive green spaces and
scenic views for many of the development's units.
The two projects will emulate TMG's proven, unique sustainable community model, successfully implemented in Egypt and Saudi Arabia. They will offer premium housing and infrastructure, integrated services, with a strong focus on sustainability and smart technologies.