Talaat Moustafa Group’s (TMG) regional presence will soon expand to Oman, after the local real estate giant inked an agreement with the Omani Housing Ministry to develop two mixed-use developments in the Gulf nation, according to a company disclosure (pdf). The projects will see investments of OMR 1.5 bn and provide 13k residential and hotel units, according to a statement (pdf). The developer estimates that combined sales will reach OMR 1.8 bn — equivalent to USD 4.7 bn.

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The first project is a 2.7 mn sqm “integrated smart residential city” in Sultan Haitham City, set to offer villas, residential apartments, a social and sports club, and a commercial and services area. It will be modeled after TMG’s local projects Madinaty and Al Rehab.

The second project is a 2.2 mn sqm beachfront residential and tourism development in the coastal area of Al Shakhakhit, which will feature a yacht marina, a hotel, sea view villas, cabins, and residential apartments.

TMG is also looking to step foot into the Iraqi market: TMG is currently in negotiations withthe Iraqi government to build an administrative city in Baghdad that could cost upwards of USD 10 bn.

Last year, TMG launched its first overseas project — Saudi Arabia’s SAR 65 bnBenan City, which is being developed in eastern Riyadh’s Al Fursan in partnership with the Saudi National Housing Company.

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