Muscat – Khazaen Economic City signed a partnership and development agreement with Al Dar Al Arabia Real Estate Development company on Sunday to establish a mixed-use project under the integrated tourism complex (ITC) framework, with an investment value of RO18mn.

The project will be developed over an area of nearly 14,000sqm and aims to support Oman’s expanding real estate and urban development sector through the creation of an integrated residential and commercial destination.

Officials said the project reflects continuing efforts to develop modern urban communities that cater to population growth and economic expansion, while enhancing the quality of urban living in the sultanate.

The mixed-use development is expected to include residential, commercial and service facilities, creating a comprehensive destination for residents, businesses and investors. The project is also expected to strengthen the appeal of Oman’s property market and contribute to the growth of integrated urban developments.

The project is scheduled to commence in the final quarter of this year and will feature retail outlets, office spaces, residential apartments, and modern facilities designed to support a wide range of commercial and service activities.

Officials from both companies described the agreement as an important step towards delivering high-quality real estate projects based on modern urban planning and sustainability principles. They noted that the project aligns with the objectives of the Ministry of Housing and Urban Planning to develop integrated communities offering a high standard of living and diverse services.

They added that the ITC model will create new investment opportunities for citizens, residents and foreign investors, while stimulating economic activity and supporting sectors linked to property, construction and services.

The project comes amid growing momentum in Oman’s property sector, driven by increasing demand for modern mixed-use developments that combine residential, commercial and lifestyle components within integrated urban environments.