Al Mouj Muscat: Master Developer Profile, Ownership and Projects

For Sale

• From $257,820
• $99,131

For Sale

ALMAR Residences by Aurelian, Al Mouj — Freehold Apartments & Penthouses in Muscat, Oman

• From $257,820
• $99,131

Al Mouj, Muscat, Oman

• Bed: 1
• Baths: 2
• 837 sq ft
• Apartment, Penthouse

Details

21 hours ago

21 hours ago

For Sale

For Sale

Bellevue, Al Mouj — Smart Freehold Apartments in Muscat, Oman

Al Mouj, Muscat, Oman

• Apartment

Details

2 months ago

2 months ago

For Sale

• Starting from $221,000

For Sale

Azura Beach Residences, Al Mouj — Freehold Beachfront Apartments in Muscat, Oman

• Starting from $221,000

Al Mouj, Muscat, Oman

• Apartment, Townhouse

Details

2 months ago

2 months ago

For Sale

• Starting from $439,754
• Up to $1,746,069

For Sale

Vistal by Victoria Swarovski, Al Mouj — Branded Freehold Residences in Muscat, Oman

• Starting from $439,754
• Up to $1,746,069

Al Mouj, Muscat, Oman

• Apartment, Penthouse, Villa

Details

2 months ago

2 months ago

For Sale

• Starting from $882,000
• 3-bedroom from $1,504,700

For Sale

The St. Regis Residences, Al Mouj — Branded Freehold Living in Muscat, Oman

• Starting from $882,000
• 3-bedroom from $1,504,700

Al Mouj, Muscat, Oman

• Apartment, Townhouse

Details

2 months ago

2 months ago

Al Mouj Muscat: The Master Developer Behind Oman’s First Integrated Tourism Complex

Al Mouj Muscat is the company that planned, financed and still runs the Al Mouj waterfront community on the coast of Muscat, in front of the airport. It is owned by three shareholders, Majid Al Futtaim of the UAE (50%), OMRAN Group of Oman (40%) and the state-owned Tanmia (10%), according to OMRAN’s own project page, and it was set up in 2006 as the Sultanate’s first Integrated Tourism Complex, the zoning category that lets foreigners buy freehold. This profile is about Al Mouj Muscat as the master developer and community operator, not about a single builder: the company has built and sold many homes itself, but some of the projects we list inside the community are built by other companies. Below we set out, for each of them, the developer, the brand licensor and the master developer.

The short version is this. Al Mouj Muscat has a long, verifiable record: homes handed over to owners since at least 2019, a golf course, a 400-berth marina, hotels, a retail district and a school, all in daily use. Its masterplan continues to grow, with further phases launched in 2025 and 2026.

Al Mouj Muscat at a Glance

Who Owns Al Mouj Muscat: Majid Al Futtaim, OMRAN and Tanmia

Al Mouj Muscat is described in nearly every source as a joint venture or public-private partnership. The shareholding is stated on OMRAN’s project page as OMRAN Group 40%, Majid Al Futtaim 50% and Tanmia 10%. The same split was reported by AGBI in June 2025, which called Majid Al Futtaim the 50% holder, OMRAN the owner of 40% and Tanmia the holder of the rest.

Each shareholder plays a different role. Majid Al Futtaim is the Dubai-based retail, leisure and property group; it brings community-building and mall experience. OMRAN Group, formally the Oman Tourism Development Company, is the government’s tourism-development vehicle. According to a report in the Gulf Daily News, OMRAN’s ownership moved to the Oman Investment Authority, which then reconstituted its board; so the 40% is, in practice, a sovereign holding. Tanmia, the Oman National Investments Development Company, is described as state-owned. In plain terms, 50% of the equity sits with a foreign private group and 50% with Omani state entities. Our separate profile of OMRAN Group covers the state side and lists Azura Beach Residences as one of its joint ventures.

In June 2025 Muscat Daily reported a memorandum of understanding with Sohar International for a RO63 million credit facility, structured as term and revolving loans, to speed up residential, commercial and hospitality development. AGBI separately reported a US$160 million loan to fund expansion. A shareholder in the master developer is not a shareholder in a sub-developer’s building, and the contracting party for each third-party project is its developer.

History of Al Mouj Muscat From 2006 to 2026

The legal basis for the whole scheme is Royal Decree 12/2006, the system governing ownership of real estate in Integrated Tourism Complexes, with its executive regulation issued as Ministerial Decision 191/2007, both described in a Times of Oman summary of the legal framework. Under it, Omani and non-Omani individuals and companies may own built units or plots inside a designated ITC for residence or investment. The National dated the opening of ITC zones to foreign buyers to February 2006 and reported that Al Mouj Muscat began selling in 2007. The company’s own site marks 2026 as its twentieth year and counts 67 international awards, according to the company.

The record from public reporting runs like this:

• 2006: company established; ITC regime opens to foreign ownership. Greg Norman first visited the site in 2006 and conceived the links course, according to golf-trade coverage.
• 2007: first home sales, according to The National (2,400 units sold from 2007 to May 2019).
• May 2019: The National reported 2,200 homes handed over and the project about 50% complete. Kempinski Hotel Muscat and Mysk Al Mouj were operating, and the Ghadeer villas were launched in April 2019.
• June 2019: Oman Observer reported a celebration of the handover of more than 2,000 properties, with about 8,000 residents of 80 nationalities.
• June 2022: company briefings reported by Muscat Daily and again later that month gave: 75% complete, more than 2,500 residences delivered, roughly 2,200 still to build for a planned total of 4,770, 8,000 residents from 85 countries, 2,200 permanent jobs, and US$3.5 billion of total development cost.
• June 2025: a RO63 million Sohar International facility announced as a memorandum of understanding; AGBI reported a US$160 million loan to expand the community to 10,000 units.
• July and October 2025: Azura Beach Residences phases 1 and 2 launched.
• March 2026: Azura Beach Residences III and IV launched, described as the final coastal release.
• April 2026: a leadership transition was announced; chief financial officer Ahmed Al Massan became acting CEO.
• May 2026: sub-development agreement with Aurelian Development for ALMAR Residences.

What Al Mouj Muscat Has Delivered

The table sets out the delivered-homes figures published over time: roughly 2,000 in mid-2019, 2,500 in 2022, around 3,300 in 2026. That is about 1,300 homes across seven years, or roughly 190 a year, a measure of the pace at which the community delivers finished homes.

The company’s website lists a 400-berth marina, an 18-hole championship golf course, more than 90 retail and dining venues, a 6 km beach, nine parks, an international school and nursery. The April 2026 announcement counts four hotels, 96 retail outlets and 61 community amenities. The hotels include Kempinski Hotel Muscat and Mysk Al Mouj by Shaza (582 rooms combined, per Muscat Daily in 2022), and the St. Regis Al Mouj Muscat Resort, which opened on 1 June 2024 according to One Mile at a Time. IHG announced a 251-key voco hotel for Al Mouj with a Q4 2025 opening, owned by Golden Group Holding, in a July 2025 Oman Observer report, and a 150-room Okura Resort has been announced for 2027, per Hospitality Net. The company’s own site says seven hotels in total: two completed, three in progress and two planned. The golf club, described by Golf Digest Middle East as a Greg Norman links course along two kilometres of shoreline, has hosted DP World Tour and Asian Tour events.

The company also reports an economic footprint: RO880 million (about $2.2 billion) of foreign direct investment since launch, RO878 million contributed to GDP, 2,200 direct jobs and 5,738 indirect jobs, as published in a Zawya syndication of an Oman Observer release. These are the company’s figures.

How Each Third-Party Project Relates to Al Mouj Muscat

Each of the five projects below is described as “in Al Mouj” and sold as ITC freehold. The table sorts the parties into three roles. A developer builds the building, signs the sale and purchase agreement and is responsible for handover. A brand licensor lends a name or design signature and is usually not the party that delivers the building. The master developer provides the land context, the infrastructure and the community rules.

The St. Regis Residences: Alfardan builds, Marriott lends the brand

The residences sit within the St. Regis Al Mouj Muscat Resort. According to Marriott’s October 2019 announcement, Marriott International signed an agreement with Alfardan Group to bring the St. Regis brand to Oman. Oman Observer described Alfardan as the developer. The Qatari conglomerate’s own page lists the project as 269 hotel apartments and 169 branded residences.

So the roles are clear: Alfardan is the developer and the party you contract with; Marriott is the brand licensor and, through St. Regis, supplies the service standard; Al Mouj Muscat is the master developer of the surroundings and owns neither the building nor the brand. Our listing page prices the collection at about $882,000 (OMR 339,126) for a one-bedroom of from 1,540 sq ft, $1,148,600 (OMR 441,633) for a two-bedroom of from 1,953 sq ft, and $1,504,700 (OMR 578,553) for a three-bedroom of from 2,421 sq ft. Service charges for a two-bedroom are listed at $70 per square metre a year (about OMR 26.9). Payment is described as 40% on signing and 20% a year for three years after delivery.

Vistal by Victoria Swarovski: LEO Developments builds, the name is a design collaboration

According to TradeArabia in December 2025, LEO Developments announced the launch of Vistal, “the first branded residential project endorsed by Victoria Swarovski” in Oman, with chairman Viktor Serenkov quoted. LEO Developments is the developer. Ms Swarovski is a design collaborator and endorser; the buyer’s counterparty is LEO Developments.

Our page lists a one-bedroom from $364,100 (OMR 139,995) at 737 sq ft and up, a two-bedroom from $611,200 (OMR 235,005), eight instalments ending on completion in Q4 2029, and a service charge of OMR 1.65 per square metre per month.

Bellevue: built by Ideal Building, an Omani company

Bellevue is built by Ideal Building, which describes itself as a company with six years of experience, headquartered in the Shatti Al Qurum area of Muscat, per its about page. Its services are building management, building services, brokerage and development. There is no brand licensor; the “smart” label refers to a home-automation system in every unit. Our page lists 108 apartments, of which 14 remained available when it was written, a one-bedroom from $337,800 (OMR 129,883) at 936 sq ft and a two-bedroom from $440,800 (OMR 169,486) at 1,227 sq ft. The payment plan is six instalments: 15% on signing including an OMR 3,000 booking fee, three more of 15% every five months, 20% at Q4 2027 completion and 20% six months after handover. Service charges start from OMR 10 per square metre a year.

Azura Beach Residences: the master developer’s own product

Azura is the one project on our list that is not by an outside builder. Al Mouj Muscat launched it, in the words of the July 2025 launch report, as an exclusive neighbourhood in the West Point precinct of the Al Marsa District: 309 homes in the first phase (286 apartments and 23 four-bedroom chalets), on 19,500 square metres of coastal land. Our listing title calls it a “Majid Al Futtaim JV”, a reference to the shareholder structure of Al Mouj Muscat: Majid Al Futtaim, OMRAN and Tanmia.

The phases build up as follows: phase 1 in July 2025, phase 2 in October 2025 (307 units per Oman Observer), and phases III and IV in March 2026 with 570 apartments and 41 four-bedroom duplex chalets (Gulf Construction). Adding the reported figures gives roughly 1,227 homes, our own arithmetic. Our page lists a starting price of OMR 85,000 ($221,068). Our page cites gross yields of 5 to 7%; see our guide to rental yields in Oman for how yields are calculated.

ALMAR Residences by Aurelian: a sub-developer appointed in 2026

ALMAR is the cleanest example of the sub-developer model. On 6 May 2026, Black & White Oman reported that Al Mouj Muscat had signed a sub-development agreement appointing Aurelian Development for a residential project of about 39,000 square metres with 176 apartments in the marina sector; the Oman Observer carried the same news with the acting CEO quoted. Aurelian is the developer and the seller; Al Mouj Muscat is the master developer that appointed it. There is no brand licensor.

Our page, based on the developer’s price list dated 1 October 2026, starts at OMR 99,131 ($257,820) for a one-bedroom paid fully upfront, or OMR 101,853 ($264,899) on the plan, with enabling works planned for January 2027 and handover indicatively in Q2 2029. The price list covers 36 of 176 units.

Al Mouj Muscat Projects Compared: Price, Size and Price per Square Foot

The summary table uses our own listing pages as the source for prices and sizes. Price per square foot is the entry price in US dollars divided by the stated entry size in square feet. For ALMAR we use the 77.75 square metre gross sellable area on our page; the net area is 72 square metres, which would give $333 instead of $308. Sizes are from the listing pages and may be net or gross.

The table shows a wide spread: ALMAR’s entry price per square foot is about 54% of the St. Regis figure ($308 against $573), and Bellevue’s is about 63%. The differences relate to brand, finish and project stage: the St. Regis is a built, operating address, while for ALMAR enabling works are planned for January 2027.

The launch-to-now price movement is visible on our own pages. Bellevue’s page gives a January 2025 launch price of about OMR 116,800 against OMR 129,883 now, an increase of about 11%. Vistal’s page gives OMR 133,546 at launch against OMR 139,995 now, about 5%. For method, see our guide to price per square metre in Oman.

How Buying Works Inside Al Mouj Muscat

The mechanics differ by developer, but the steps are the same. A reservation and booking fee hold the unit (OMR 3,000 at Bellevue per our page). A sale and purchase agreement then fixes the price, specification, instalments and handover date. For a building under construction, instalments should be paid into a project escrow account, and funds should be released against verified construction milestones. Our guide to Law 79/2025 and off-plan buyers explains what the escrow framework requires; buyers normally receive the escrow bank, the account name and the milestone schedule in writing together with the reservation documents.

Payment plans vary a lot. Vistal’s eight instalments run from 10% at signing to 15% at completion, with fixed calendar dates from September 2026 to January 2029. Bellevue’s run from signing to six months after handover. ALMAR’s is tied to construction stages: 10% at signing, six payments of 9% at piling, substructure, podium, fifth-floor slab, roof slab and facade, and 36% at practical completion. The St. Regis plan is 40% on signing and 20% a year for three years after delivery. Our guide to payment plans in Oman explains how to compare milestone-based and date-based schedules.

Service charges are a recurring cost. On our pages they are: Bellevue from OMR 10 per square metre a year; Vistal OMR 1.65 per square metre a month (about OMR 19.8 a year); and the St. Regis about $70 per square metre a year for a two-bedroom, roughly OMR 26.9. On a 100 square metre apartment that is OMR 1,000, about OMR 1,980, and about OMR 2,690 a year respectively, before any community-wide charge levied by Al Mouj Muscat. Our service charges guide explains what these normally cover and who sets them.

Our guide to selling property in Oman sets out the process and the transfer costs. The ITC regime also restricts selling a plot before construction is complete, except to mortgage it for construction financing, per the Times of Oman legal summary cited above; that applies to plots, not to completed units. Beyond the regime, each developer may add its own assignment rules, so read the resale clause in the sale and purchase agreement.

Cyclone and flood exposure is a general consideration on the Muscat coast; our cyclone and flood risk guide covers Cyclone Gonu in 2007 and Cyclone Shaheen in 2021. The finished floor level, drainage design and insurance requirements for a specific building can be confirmed with the developer.

Ownership Route and Residency Inside Al Mouj Muscat

Because Al Mouj Muscat is an Integrated Tourism Complex, buyers of any nationality can hold freehold title to a unit without an Omani sponsor, under Royal Decree 12/2006 and its regulation. That is the legal basis, and it applies to all five projects. Our guide to freehold property in Oman explains the regime, and our piece on what foreigners cannot buy explains where it stops. Freehold at Al Mouj does not carry over to the rest of Muscat.

Residency is a separate matter, and the two routes must not be mixed up. The Owner Visa is sponsor-free and has no minimum property value. The 10-year Golden Residency requires real estate in an ITC worth at least OMR 200,000 in a single property (about $520,160). Our comparison of Golden Residency and the Owner Visa sets out the two. Measured against the threshold, using entry prices from our pages:

On the entry prices in the table, the St. Regis entry unit is above the threshold, Vistal reaches it from the two-bedroom up, and the Bellevue and Azura entry prices are below it. In the ALMAR price list, 9 of the 36 priced units reach the threshold, and unit 331 is priced at OMR 199,368, just under it. A buyer who needs the Golden Residency should confirm with the developer which price counts: list price, price after any upfront discount, or price net of other deductions. Entry prices on our lists range from OMR 85,000 (Azura) to OMR 339,126 (St. Regis); the Golden Residency route requires a single ITC property of at least OMR 200,000. The developer does not grant residency; the authorities do, and rules change.

Key Features of Buying at Al Mouj Muscat

Key features, each with its source:

• A functioning community. Homes have been handed over since at least 2019 and the company reports more than 3,300 delivered; the golf club, marina, hotels and retail are open. Our developers guide describes Oman’s developers.
• A shareholder base of a large regional group and two state entities, with reported bank facilities in 2025.
• A legal route, Royal Decree 12/2006, that is long established, with more than a decade of buyers using it.
• For the St. Regis, a built and open resort, so the service standard can be inspected before purchase.

Al Mouj Muscat and Other Oman Developers

The table below summarises the model and location of Al Mouj Muscat and other Oman developers.

Al Mouj Muscat is a master developer that also appoints sub-developers, so homes in the community are sold either by the master developer or by the developer of each project. See also our directory of Oman developers for the full list.

What to Prepare When Reserving at Al Mouj Muscat

1. The contracting party named in the sale and purchase agreement: for Azura, Al Mouj Muscat; for ALMAR, Aurelian; for the St. Regis, Alfardan; for Vistal, LEO Developments; for Bellevue, Ideal Building. The commercial registration extract confirms the entity details.
2. The plot title or the sub-development agreement showing the developer’s right to the land.
3. The escrow account details and the milestone schedule, compared with the payment plan.
4. The dated handover schedule; dates in the brochure are compared with the dates in the agreement.
5. The service charge in writing, split into the building charge and any community charge payable to Al Mouj Muscat.
6. The unit price against the residency rule; for the Golden Residency, the developer’s written statement of which price counts.
7. An in-person visit to the community: the estate, the marina, the retail district and the existing residential streets.
8. The resale and assignment terms, and any restriction on short-term rental or furnishing.

Our handover calendar lists completed and upcoming Omani projects by handover date, and the rial peg guide explains the rial’s peg to the dollar for a multi-year plan.

Frequently Asked Questions

Who owns Al Mouj Muscat?

Al Mouj Muscat is owned by Majid Al Futtaim (50%), OMRAN Group (40%) and Tanmia (10%), according to OMRAN’s project page and AGBI. OMRAN and Tanmia are Omani state entities, and Majid Al Futtaim is a UAE private group.

Is Al Mouj Muscat the developer of every project in Al Mouj?

No, Al Mouj Muscat builds and sells some projects itself, such as Azura Beach Residences, and appoints or hosts others. Of the five we list, the St. Regis is by Alfardan Group, Vistal by LEO Developments, Bellevue by Ideal Building and ALMAR by Aurelian Development, which Al Mouj Muscat appointed as sub-developer in May 2026.

When was Al Mouj Muscat founded and what has it delivered?

Al Mouj Muscat was established in 2006 and began selling homes in 2007. The company reported more than 3,300 homes delivered in April 2026, plus a golf course, a 400-berth marina, hotels, retail and a school.

Does buying in Al Mouj Muscat give me residency?

Buying in Al Mouj Muscat does not give residency automatically. Ownership supports the sponsor-free Owner Visa, which has no minimum value. The 10-year Golden Residency needs a single ITC property of at least OMR 200,000 ($520,160). Among our five projects, the St. Regis entry unit is above that level, and Vistal reaches it from the two-bedroom up.

Is the St. Regis in Al Mouj Muscat built by Marriott?

No, the St. Regis at Al Mouj Muscat is not built by Marriott. Alfardan Group is the developer; Marriott International supplies the St. Regis brand and service standard under the agreement announced in October 2019. Al Mouj Muscat is the master developer of the location. Your contract is with the developer.

Which Al Mouj Muscat project is cheapest per square foot?

Inside Al Mouj Muscat, on our listing data, the cheapest is ALMAR Residences, at about $308 per square foot for the entry one-bedroom, followed by Bellevue at about $361. The target handover for ALMAR is Q2 2029 per the developer; Azura is not included because its unit sizes are not stated on our page.

Are off-plan payments in Al Mouj Muscat protected?

Off-plan payments in Al Mouj Muscat should go to a project escrow account under Oman’s off-plan rules, released against construction milestones. The escrow bank and account are normally named in the sale and purchase agreement. Our Law 79/2025 guide explains the framework.

Ask us about Al Mouj Muscat projects

Last checked: 9 October 2026. Sources: Al Mouj Muscat; OMRAN Group; AGBI; The National; Muscat Daily, April 2026; Muscat Daily, June 2026; Zawya on Azura; Times of Oman on the St. Regis; Alfardan Properties. Other sources are linked in the text. Prices, areas and dates are indicative and subject to the sale and purchase agreement. This page is general information, not legal, tax or investment advice.