Retal signs SAR 3.1B Oman housing development deal

Retal Urban Development Co. said it signed a development agreement on May 10 with Oman’s Ministry of Housing and Urban Planning for a project valued at SAR 3.1 billion (OMR 320 million), according to a statement to Tadawul.

Under the agreement, Retal will serve as the lead developer for an integrated residential community covering zones 3, 15, and 17 within Sultan Haitham City, Muscat over a nine-year period.

The project will comprise more than 2,000 residential units, including villas and apartments, as well as commercial and mixed-use components and community facilities.

The development will follow an off-plan sales model and include integrated infrastructure, green spaces, retail outlets, and public amenities. It aims to provide an integrated and self-sustaining residential environment that serves Omani citizens and investors.

Retal said the related financial impact is expected to start appearing in its results from 2027 and continue throughout the project’s development period.

The project, marking Retal’s first venture in Oman, supports the company’s regional expansion strategy.

There are no related parties to the deal, the statement said.