MUSCAT: The 21st Oman Real Estate, Design & Build Exhibition and Conference witnessed the signing of an Omani-Saudi partnership and development agreement between the Ministry of Housing and Urban Planning and Saudi Arabia’s Retal Urban Development Company to develop an integrated residential project in Sultan Haitham City, with investments exceeding OMR 320 million under the off-plan sales development model.

The agreement reflects the growing strength of investment and real estate partnerships between the Sultanate of Oman and the Kingdom of Saudi Arabia, while reinforcing Oman’s position as an attractive destination for regional and international investment amid the rapid urban and economic momentum witnessed across the Sultanate.

The project marks Retal Urban Development Company’s official entry into the Omani market, representing a new milestone in the expanding economic cooperation between Oman and Saudi Arabia. It also highlights the increasing appeal of Oman’s major urban developments, particularly Sultan Haitham City, as leading destinations for high-quality real estate investment and integrated urban development.

The project spanning on more than 1.3 million square meters, and will feature a built-up area of approximately 640,000 square meters, including more than 2,000 residential units comprising villas and apartments, alongside integrated facilities and commercial and service components designed to support modern and sustainable lifestyles.

The project reflects contemporary urban development trends focused on integrated communities, quality of life, service accessibility, and sustainability, in line with Oman’s future city vision and national urban development objectives.

Eng. Kamal bin Ahmed, CEO of Retal Urban Development Company, stated that the agreement represents a strategic milestone in the company’s regional expansion plans, noting that entering the Omani market through Sultan Haitham City reflects the company’s confidence in Oman’s investment environment and the growing opportunities within its real estate sector.

He added that Retal will leverage its expertise in integrated urban development to deliver a modern residential experience that enhances quality of life and provides diverse real estate offerings that meet the aspirations of both citizens and investors.