Muscat, Oman - Al Kathiri Holding’s wholly owned subsidiary, Msandh Al-Emdad Ltd., has been awarded a residential construction package for the Jood development in Sultan Haitham City.
The award, issued by Talaat Moustafa Group’s Muscat Real Estate Development Co., is valued at approximately $29.4 million (OMR 11.29 million), equivalent to around SAR 110 million, excluding VAT.
The package covers construction of 160 villas under Package V1.1, together with rough grading works for the same package.
According to Al Kathiri’s disclosure, the current award value was set for award purposes and may not represent the final contract value.
The company said the package remains subject to value engineering and final agreement between the two parties on the scope of work and contract value before contractual procedures are completed.
Construction is expected to run for 24 months from the agreed commencement date.
Al Kathiri expects the project to begin contributing positively to its consolidated financial results from the first quarter of 2027 and throughout the implementation period.
The contract marks Msandh Al-Emdad’s first project outside Saudi Arabia and forms part of the company’s strategy to expand internationally and diversify its revenue base.
Jood is being developed by Talaat Moustafa Group in Sultan Haitham City, Al Seeb, Muscat. The masterplan includes 7,746 residential units ranging from villas to apartments, with nearly half of the development area allocated to green and open spaces.
The development is one of two major TMG projects in Oman, alongside the Yamal coastal destination, as the group expands its regional real estate portfolio.
