Turkey’s Artas wins $400m Oman waterfront contract

• Al Khuwair Downtown
• $400m development in Muscat
• Oman ‘moving ahead’ with projects

Oman has awarded Turkey’s Artas Holding a OR150 million ($400 million) contract to build a residential development project, despite ongoing conflict in the wider Gulf region. 

The agreement to construct the Al Khuwair Downtown project in Muscat was awarded by Oman’s ministry of housing and urban development at the MIPIM 2026 global real estate event in France last week.

The waterfront project consists of more than 400 residential and commercial units, a cultural centre, leisure park and a marina, the ministry said in a statement.

“Despite the regional conflict, we are still moving ahead with our projects, which reflect growing interest from international investors in the sultanate in attracting strategic partnerships,“ the ministry’s media advisor Jamal Al Hadi said. 

The ministry is also supervising the construction of the $2.6 billion Sultan Haitham City, Oman’s biggest urban development project spread over 14.8 million sq m, as part of the country’s economic diversification plans. 

Last week the head of Oman’s economic and free zones said that the latest attacks in the country are not affecting investment projects. 

The sultanate has been the target of a number of Iranian attacks this month. On Friday, two drones struck an industrial area of Al-Awahi in Sohar, killing two foreign workers and injuring several others. 

A day earlier, a Thai-flagged bulk carrier was attacked approximately 13 nautical miles off the coast of Oman and ships in two terminals were evacuated last week following Iranian aerial attacks.

These incidents are part of the ongoing US and Israeli attacks on Iran that have resulted in retaliatory attacks on Gulf state targets.

Further reading:

• Oman sets up food depots to try to circumvent Iran war
• Oman says latest attacks not affecting investment projects 
• Oman contends with Iran war passenger backlog