Telal Al Qurum Real Estate Secures Licence for Major Integrated Tourist Complex in Muscat
This comes following continuous efforts by the Omani group and in coordination with the sultanate’s Ministry of Housing and the Ministry of Heritage and Tourism
2 min
Telal Al Qurum Real Estate has announced that it has secured a license from Omani authorities to develop an integrated tourist complex in the Qurum area of Muscat. And the construction has already begun on a bridge to connect the key development zone to the road network.
This milestone comes right after all the persistent efforts done by the Omani group in collaboration with the Ministry of Housing and the Ministry of Heritage and Tourism.
Covering an area of 164,900 square meters, the Telal Al Qurm (TAQ) development will feature both residential and commercial spaces. The project aims to create a modern mixed-use urban community while preserving local culture and heritage.
Qurum, one of the most prestigious locations in the sultanate, is known for its unique blend of natural beauty and modernity.
This project will be an integrated tourist complex that harmoniously integrates many amenities and entertainment for residents and visitors through various units of hotel apartments and villas, and multiple services such as a shopping center, commercial spaces, and green spaces.
A total area of 49,920 sqm has been allocated to the roads network, gardens, and walkways on the development area.
The project also comprises more than one hotel, to be developed in co-ordination with leading international hospitality brand.
In addition, the project will include a community center offering various educational, recreational and sporting activities, making “Tilal Al Qurum” an ideal and comprehensive community for tourism, entertainment and sporting services, which contributes to an exceptional residence experience in the heart of the capital, Muscat.
A free-hold property, Telal Al Qurm Project will be open for sale to expats as well as the Omani nationals. These units will up for grabs at highly competitive prices, it stated.
“As we look forward to providing a distinguished residential experience that meets everyone’s expectations, this project will contain all modern services and facilities that meet the needs of residents and visitors alike,” said a company spokesman.
“In conjunction with obtaining a license to establish an integrated tourist complex, the company has completed all procedures for completing the construction of the bridge, which will connect the project to the modern road network,” he noted.
“Our commitment on obtaining approval to transform the project into an integrated tourist complex, in addition to starting construction of the bridge, has enhanced the value of investment in the project and will provide additional comfort for investors and residents,” he added.
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Strategic expansion boosts TECOM Group’s portfolio of commercial leasing GLA to over 10 million sq.ft.,
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TECOM Group has announced the launch of Grade-A office spaces at Dubai Internet City with the introduction of Innovation Hub Phase 3, a development valued at AED340 million, providing over 167,000 square feet of gross leasable area (GLA).
The Group, known for its specialized business districts in Dubai, also completed its AED1.7 billion strategic acquisition plan, along with the development of new office spaces in Dubai Internet City. This expansion brings TECOM Group’s total investments for 2024 to over AED2 billion, increasing its commercial assets portfolio to over 10 million square feet of GLA and 179 million square feet in land leasing.
Commenting on this Mr. Abdulla Belhoul, CEO of TECOM Group, said: The new strategic acquisitions and projects worth AED2 billion reflect TECOM Group’s vision of fostering sustainable growth,”.
“TECOM Group is committed to continuing its pivotal role in bolstering the UAE’s and Dubai’s knowledge-based economy and shaping the future of business through our world-class ecosystems that attract and empower globally renowned companies and talent across our 10 specialized business districts,” he added.
As part of its expansion, TECOM Group is developing six Grade-A office buildings in Phase 2 of Dubai Design District (d3), a project worth AED825 million, spanning 629,000 square feet of gross floor area. This development, set for completion by the first half of 2028, will significantly contribute to Dubai’s design, fashion, and creative sectors. The development will feature office spaces with views of the Dubai skyline, including the Burj Khalifa.
“Phase 2 of Dubai Design District (d3) is a landmark development that will significantly contribute to Dubai’s thriving design, fashion, and creative sectors. Spanning a GLA of more than 500,000 sq.ft., this new office space will be built in line with LEED certification standards and is set for completion by H1 2028. It promises to deliver substantial long-term growth and further elevate our design sector’s infrastructure, enabling d3 to attract global talent and solidify Dubai’s position as a premier global center for culture and creativity,” Belhoul added.
Development of Grade-A office spaces at Dubai Internet City
TECOM Group also announced the launch of Grade-A offices at Dubai Internet City with Innovation Hub Phase 3, an AED 340 million development that will address growing demand for high-quality commercial real estate in the city. Set for completion in mid-2027, Innovation Hub Phase 3 will offer premium office spaces and headquarters tailored to customer specifications across a GLA of more than 167,000 sq.ft.
The development follows Phase 2 of Innovation Hub, which offers a GLA of 366,000 sq.ft. and has been fully leased ahead of its scheduled delivery date of early-2025. Phase 1 of Innovation Hub continues to achieve full occupancy, serving as the regional headquarters for technology sector leaders from around the world.
Acquisition of two operational buildings at Dubai Internet City
The acquisition of two operational Grade-A office buildings at Dubai Internet City has been completed through an AED 420 million transaction that will add 334,000 sq.ft. of premium GLA to TECOM Group’s commercial portfolio. The buildings enjoy a high occupancy rate supported by regional and international companies, ensuring positive contributions to the Group’s revenue stream from this year.
Industrial portfolio grows
Aligned with Dubai’s and the UAE’s dynamic economic growth and transformative initiatives such as Operation 300bn, Make it in the Emirates, and Dubai Economic Agenda ‘D33’ that are nurturing the industrial and logistics sectors, Dubai Industrial City is cementing its position as the premier destination for the manufacturing sector.
TECOM Group is addressing increased demand for its world-class portfolio with the addition of a land bank spanning 13.9 million sq.ft. for industrial leasing at Dubai Industrial City through an AED 410 million transaction, raising its total managed land leasing portfolio to 179 million sq.ft. The additional land bank, for which the Group will start to recognize revenues within the course of the next 12 months, is attracting interest for long-term leasing purposes, confirming Dubai Industrial City’s position as the region’s leading hub for manufacturing and logistics customers from around the world.
Strong fundamentals
TECOM Group has continued to demonstrate solid performance across all business segments, driven by robust demand for its commercial and industrial assets from both existing and new customers and Dubai’s continued economic growth, ability to attract greenfield FDI projects, and ease of doing business.
The new acquisitions significantly expand TECOM Group’s portfolio, enabling its continued sustainable growth and further strengthening its strategic expansion plans, which are being funded through existing sources, including a revolving credit facility.
The Group will continue to maintain healthy leverage and liquidity position post transaction completion, with its solid financial position and improved credit terms providing
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
