OMAN —Al Kathiri Holding Company, through its wholly owned subsidiary Msandh Al-Emdad Limited Co., has received a Letter of Award dated 6 October 2026 from Talaat Moustafa Group Muscat Company for Real Estate Development (TMG) to execute works within the Jood Project in Sultan Haitham City, Oman. The award is valued at OMR 11.29 million, and covers the residential villas construction works package under Package V1.1, including the construction of 160 residential villas and rough grading works.
The awarded works will be delivered in accordance with the applicable specifications, drawings and contractual documents. The planned execution period is 24 months from the commencement date, which will be established under the final agreement and following completion of the relevant contractual procedures. The parties currently expect to sign the formal contract on 5 November 2026.
The award strengthens Al Kathiri Holding’s expansion beyond Saudi Arabia and marks the first project secured by Msandh Al-Emdad outside the Kingdom. Al Kathiri Holding is a Saudi public joint stock investment group with interests spanning real estate development and contracting, industry and infrastructure, transportation and logistics, marine manufacturing, and hospitality. The group has positioned international expansion and revenue diversification as part of its broader growth strategy.
TMG is a major real estate developer with a focus on integrated urban communities. In Oman, its Jood development is a large-scale smart residential community in Sultan Haitham City, combining villas and apartments with retail, leisure, healthcare, education and social facilities in line with Oman Vision 2040.
For the construction market, the award adds another international residential development opportunity for Saudi contractors and supports the growing participation of regional construction companies in Oman’s urban-development pipeline. Jood is being developed as an integrated community, making the villa package relevant to the broader expansion of residential infrastructure and supporting services in Sultan Haitham City.
However, the OMR 11.29 million amount is not yet the definitive contract value. The Letter of Award remains subject to completion of the value-engineering process and final agreement between the parties on the scope and value of the works. Al Kathiri Holding expects the project’s financial impact to begin appearing in its consolidated financial statements from the first quarter of 2027 and continue over the execution period. The company said it will disclose material developments, including the final contract value, as they arise.
