Retal inks $800m Sultan Haitham City projects development deal

21/03/2026 03:50 AST

Saudi Arabia's Retal Urban Development Company has announced that it has entered into an agreement with Omani authorities for the development of Neighbourhoods 3, 15, and 17 within Sultan Haitham City, Oman's largest urban development project, at a total investment of $800 million.

Spanning over 1,395,661 sq m area, these neighbourhoods will be delivered in phases aligned with the city's long-term implementation plan, said Retal in a statement.

This strategic deal marks one of the most significant real estate commitments announced following MIPIM 2026 and underscoring the scale of opportunities within the sultanate's Future Cities Programme.

Retal's agreement adds a significant Saudi partnership to Sultan Haitham City and its investment aligns with Oman's long-term plans and demonstrates the scale of opportunities available to regional developers within the programme's city-scale projects.

"We have built our reputation on delivering communities that endure; neighbourhoods where design quality, functionality, and liveability combine to create lasting value for residents and investors," remarked its Chief Strategy Officer Eng. Mohammed Al Mohammadi, Chief Strategy Officer.

"Sultan Haitham City presents exactly the kind of long-term, implementation-committed environment in which we invest with confidence," he stated.

In addition to the Retal agreement, Oman formalised a specialised healthcare cooperation with Al Daham Real Estate of Saudi Arabia and Kubba of Turkey, supporting the development and operation of advanced medical facilities within the sultanate.

Jamal Al Hadi, Ministerial Advisor for Media at MOHUP, said: "The agreements signed at MIPIM 2026 reflect the tangible momentum behind Oman's Future Cities Programme. International partners are choosing Oman because our projects are grounded in delivery certainty, backed by government commitment, and designed to create lasting value."

"Each agreement represents a concrete commitment from a partner who has examined our projects, assessed our delivery track record, and chosen to invest - a very different conversation from the one most countries had at MIPIM. We look forward to building on these relationships throughout 2026 and beyond," he added.

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