Leading Saudi developer Retal has announced that it had signed a key agreement with Oman’s Ministry of Housing and Urban Planning to develop an integrated residential community in Sultan Haitham City in Seeb, Muscat Governorate.

Under the agreement, Retal will act as the lead developer for Zones 3, 15 and 17 of the project, which has an estimated value of SAR3.1 billion ($830 million), said Retal in its filing to Saudi bourse tadawul.

Spanning over 1.3 million sq m area, the premium development will boast more than 2,000 residential units with a mix of villas and apartments, alongside commercial and mixed-use premium components and community facilities.

This project marks the company’s first development venture in the Sultanate of Oman, it stated.

Retal said the project will be implemented under an off-plan sales model and supported by infrastructure networks, green spaces, retail outlets and public amenities aimed at creating a self-sustaining residential environment for Omani citizens and investors.

The entire project is expected to be completed within nine years under the initial plan, with a positive financial impact anticipated from 2027 onwards throughout the development period, it added.-TradeArabia News Service