Egyptian consortium plans for $1bln real estate project in Oman

A consortium of five Egyptian real estate, contracting, marketing, consulting, and management firms is planning to execute a real estate project in Oman with investments of up to $1 billion, Al Borsa News reported, citing Chairman of Alshams for Contracting Shams El Din Youssef.

In addition to Alshams for Contracting, the consortium comprises Alexandria Company for Investment and Development, the real estate marketing firm Real Mark, Construction and Project Management Consultancy, and another contracting company specialized in infrastructure projects, Youssef pointed out.

The consortium is currently in talks with the Omani government over the timeline and final investments of the project, he added.

He noted that the Omani government proposed the project to Alexandria Company for Investment and Development to benefit from the expertise of Egyptian firms for the development of an integrated city that includes residential, commercial, and administrative units.