Investor presentation · Bandar Al Khairan, Muscat, Sultanate of Oman

AlKhyran Heights Resort & Residences

A boutique coastal resort and freehold residences on the highest summit of Bandar Al Khairan, 45 minutes from Muscat — a phased, documented development, open to investors.

View the documentation Contact the team

Project in development — pending technical, regulatory and financial validations

Projections from the 2026 financial model — no return is guaranteed. Detailed figures are presented in the Investment section.

01 — Executive summary

A rare site, a flawed 2020 concept — and the plan that fixes it

One plan, three moves: reposition to the boutique standard the site commands, phase the capital keys-first, and monetise 79 freehold villas inside Oman's Integrated Tourism Complex regime.

AlKhyran Heights occupies a semi-flat plateau of 113,477 m² rising to 150 m — the highest point in the area — above the Bandar Al Khairan marine reserve, 35 km from central Muscat and 45 minutes from the international airport. The 2020 concept (3★, 199 keys, OMR 39.84 M committed in a single phase) did not capture this value: it returned a 0.2% IRR. This study rebuilds the project on 2025–2026 market data into an institutional-grade investment.

The plan: reposition to boutique 4★+/5★ — the route Anantara is taking one bay away (121 keys, OMR 36 M, opening 2027) — at a blended ADR of OMR 74.7 (~USD 194), in the lower third of Muscat luxury resort rates (USD 220–480). Phase the capital keys-first: phase 1 opens at OMR 16.4 M for 150 keys. Sell the 79 villas as freehold inside the ITC: +OMR 12.6 M collected 2030–2032, priced below market benchmarks and lifted by Oman's Golden Residency (10-year residency from OMR 200k invested in an ITC).

With the 2026 market correction (−11.7% revenue) already embedded in the ramp, the model delivers stabilised EBITDA of OMR 1.95 M on OMR 4.82 M revenue — an 11.9% yield on cost and an 11.3% project IRR (10.0% floor excluding exit premium). At 60/40 debt-equity: stabilised DSCR 2.37×, projected equity IRR of 15–17% (2026 model, including a year-10 exit), break-even at ~30% occupancy, and +40% to +59% value creation at stabilisation (exit cap 8.5–7.5%).

11.3%

Project IRR, unlevered (floor 10.0%)

15–17%

Projected equity IRR (2026 model, levered)

2.37×

Stabilised DSCR (lenders require 1.25–1.50×)

2030

Opening — after the 2026–27 supply wave

The offer at a glance
Phase-1 capital	16.4 M OMR (≈ USD 42.6 M)
Equity ticket (40%)	6.56 M OMR (≈ USD 17 M)
Unlevered project IRR	11.3% (floor 10.0%)
Projected levered equity IRR	15–17% (2026 model, projections — not guaranteed)
Value creation at stabilisation	+40% to +59%
Cumulative downside scenario	IRR ≈ 5–6%, DSCR ≈ 1.6× — capital preserved (§12)
Investor protections	Escrow, certified milestones, independent audit, veto rights (§11)

A committed, gated timeline2027 secures the project — ITC classification (Q1), environmental approvals (H1), operator and architect selection, financing close — before any capital is drawn. Groundbreaking end-2027, opening 2030, self-funded phase 2 from 2031. Oman provides the frame: triple investment grade, 3.5% growth in 2026 (IMF), public debt at 36% of GDP, 100% foreign ownership, and a national tourism strategy targeting 11.7 million visitors by 2040.

02 — The asset & the destination

A coastal plateau that no longer exists in Muscat

Altitude is the asset's first quality: unobstructed sea views east and north from every parcel, where Muscat's shoreline is now saturated with beach-level developments.

~35 km

Muscat city centre

~45 min

Muscat Intl. Airport (13.16 M pax, 2025)

< 500 m

Nearest beach

0 m

Bandar Al Khairan reserve boundary

+150 m

Summit — area's highest point

The plateau sits between 140 and 150 m above the Bandar Al Khairan marine reserve. The nearest beach is under 500 m. The configuration is directly comparable to AIDA/Yiti (Dar Global + OMRAN) — a cliff plateau at 130 m, ~35 minutes from Muscat — which became in three years the sultanate's premium residential benchmark (villas OMR 385–808k, Trump Golf Villas ~USD 2.1 M, Cavendish Maxwell May 2025). Utilities are self-contained and already sized (desalination, sewage, four substations); the access road to build is only 300 m.

Bandar Al Khairan, ~30 km south-east of Muscat, is a marine reserve cited by Oman Vision 2040: 22+ dive sites, snorkelling, kayaking, mangrove and turtle grounds — a complete nature product under an hour from an airport serving 80+ destinations and 36 airlines. No branded resort is open there yet: the destination is on the eve of its go-to-market, with the first-mover advantage intact. A protected reserve caps competing supply permanently, and bay-front land scarcity supports rates for the long term.

The catalyst

Anantara signs the destination

Anantara Bandar Al Khairan — 121 keys, OMR 36 M, Musstir LLC (MB Holding) / Minor Hotels, opening 2027 — validates the location one bay away, creates the cluster effect (international signal, agency flows, access infrastructure) without closing the market: it leaves the family-boutique and residential niche open.

What the asset commands

A luxury-grade tariff address

Muscat luxury resorts in operation trade at USD 220–480/night (The Chedi from OMR 150, Al Bustan ~USD 412 average, Al Husn to USD 624). The gap between the rate the site commands and the cost the concept commands is precisely the operation's margin.

Access & utilities

Self-contained by design

Only a 300 m link road to build; desalination, sewage and four substations are integrated in the phase-1 capex (OMR 3.3 M) — the isolation premium HVS identifies for remote resorts is already priced in.

FIG. 1 — Official master plan (Rev 0, Dec 2020): the concentric amphitheatre places the hotel in the summit crown (+150 m), the 79 villas in terrace rings (+120/+130/+140/+145 m) facing the sea, utilities south, out of sight. "AlKhyran Heights" is the project name; the adjacent area and reserve are "Al Khairan" (Bandar Al Khairan). 2020 concept document — superseded, non-contractual.

03 — Program & master plan

Phase 1: 150 keys — crown hotel, luxury villas, gastronomy, spa

The master plan organises the site in concentric terraces around the summit: hotel and luxury villas claim the best sea-view crown; standard and eco villas step down the slopes; family leisure (aqua park, phase 2) sits on the flat southern land. The layout follows contour lines, preserves drainage channels, and separates pedestrian and vehicle flows. A note on vocabulary: the 2020 plan calls the units "chalets" by architectural typology; legally and commercially they are freehold ITC villas — 150–300 m² facing the sea, the same product nature sold to foreigners at Al Mouj, AIDA or Hawana.

Component	Units / size	Position in plan
Crown hotel (phase 1)	120 keys (est.)	Summit crown, best sea view
Luxury villas — 300 m² each (phase 1)	30	Summit ring +145/+150 m, sea-facing
Standard villas — 150 m² (phase 2)	28	Stepped terraces +130/+140 m
Eco villas — 150 m² (phase 2)	21	Stepped terraces, eco materials
Fine-dining restaurant (phase 1)	186 m²	Scenic point
Wellness centre & spa (phase 1)	400 m²	Therapeutic gardens
Aqua park & family leisure (phase 2, self-funded)	—	Flat southern land — triggered by proven occupancy
Land bank: 250+ keys & marina (phase 3)	—	Separately budgeted reserve, outside the model

Guided views

FIG. 2 — Interactive 3D concept model (drag to orbit, scroll to zoom). Conceptual illustration — non-contractual (Nov 2026), generated from the project perspectives; final architecture subject to detailed design and permits.

3D view — front — 3D model — terrace front elevation · Conceptual — non-contractual

3D view — coastal side — 3D model — coastal approach · Conceptual — non-contractual

3D view — top — 3D model — plan view of the amphitheatre · Conceptual — non-contractual

3D view — aerial — 3D model — aerial perspective · Conceptual — non-contractual

04 — Project perspectives

The resort as it is envisioned

High-definition architectural perspectives of the project concept — summit hotel crown, terraced villas, wellness and dining above the sea.

Aerial view — Overview — terraced master plan on the +120/+150 m platforms · Conceptual render — non-contractual

Cliffside — Overview — the resort stepping down the coastal slope at dusk · Conceptual render — non-contractual

Arrival and reception — Hotel — arrival court & reception pavilion at dusk, phase 1 · Photograph supplied by the promoter, Nov 2026

Restaurant — Hotel — fine-dining restaurant at the scenic point · Conceptual render — non-contractual

Villa interior — Villas — panoramic interior, sea-facing suite, phase 1 · Photograph supplied by the promoter, Nov 2026

Luxury villa — Villas — luxury villa, private pool over the sea · Conceptual render — non-contractual

Eco villas — Villas — eco villas blending into the rocky landscape · Conceptual render — non-contractual

Spa pavilion — Common areas — spa treatment pavilion above the reserve, phase 1 · Photograph supplied by the promoter, Nov 2026

Spa pool — Common areas — infinity pool facing the sunset · Conceptual render — non-contractual

Majlis lounge — Common areas — majlis lounge & panoramic terrace at night, phase 1 · Photograph supplied by the promoter, Nov 2026

Promenade — Landscape — marina promenade and stepped gardens (phase 3 option) · Conceptual render — non-contractual

Photographs were supplied by the promoter (Nov 2026). All other visuals are CONCEPTUAL RENDERS — non-contractual, not approved designs. The marina shown in some renders is a phase-3 option outside the phase-1 model. Final architecture subject to detailed design and permits.

“Demand is real, rated and growing — 2026 is a cycle, not a trend.”

05 · Market

A record 2025, a 2026 pause — and no integrated resort under one hour from the airport

Oman closed 2025 at 3.97 million visitors with hotel revenues of OMR 297.3 million (+22.2%) and market occupancy of 56.7%. H1 2026 softened to 46.3% on new supply — a classic absorption cycle inside a market the IMF sees growing 3.5% in 2026, with Muscat airport at 13.16 million passengers. Meanwhile, not one integrated resort operates within an hour of the airport.

Muscat hotel occupancy — FY 2024 / FY 2025 / H1 2026 (%)

Source: NCSI hotel statistics · 9M 2026 revenues −11.7% YoY (new supply absorption)

How to read 2026

2026 opens softer — H1 occupancy 46.3%, nine-month hotel revenues −11.7% — as fresh keys are absorbed. The structural drivers are intact: record 2025 demand, airport traffic at 13.16 M passengers and rising, IMF growth of 3.5%, and Vision 2040 tourism investment. We underwrite the resort at 48% occupancy in year one — below the 2025 market average of 56.7%.

Supply — what is confirmed, and what is missing

Project	Keys	Status	Read
Anantara Bandar Al Khairan — next to our site	121	Opening 2027 (official)	Demand catalyst; luxury tariff address
W Muscat (Marriott)	279	Operating since 2019	OMR 32.7 M bank financing precedent
JW Marriott Muscat	304	Under construction	USD 98.7 M QNB facility — banks lend here
Jumeirah Muscat Bay · St Regis Al Mouj	206 · 250	Operating (2022 / 2024)	Luxury supply grows — none integrated, none in Bandar Al Khairan
Integrated resort < 1 h from Muscat airport	—	None	This site is the only candidate

Price proof — Muscat luxury achieved rates (2025–2026)

Resort	Typical rate	Position
Al Husn (Shangri-La)	USD 624	Top of market
Al Bustan Palace (Ritz-Carlton)	≈ USD 412	Grand heritage resort
St Regis Al Mouj	USD 384	New luxury, marina district
The Chedi Muscat	OMR 150 ≈ USD 390	Design icon, 21-acre gardens
Shangri-La Barr Al Jissah	≈ USD 285	Family resort anchor
Jumeirah Muscat Bay	≈ USD 221	Newest bay resort

Achieved online rates, standard rooms — the resort's planned OMR 75–185 (USD 195–480) band sits inside the proven range. Sources §14.

The niche this project occupies

High-altitude sea-view resort with private-cove access, villas plus hotel plus spa under one operator, self-contained utilities — aligned with Vision 2040 and the MHT's USD 31 billion tourism pipeline. Nothing comparable exists within an hour of the airport; Anantara's 2027 opening validates the bay before our first guest arrives.

06 · Why Oman

Investment-grade again — and built for foreign capital

Sovereign & macro

Ratings: Fitch BBB− (Dec 2025), Moody's Baa3 (Jul 2025), S&P BBB− (Sep 2024) — all stable outlooks.
Debt: ≈ 36% of GDP, down from ~60% in 2020; IMF growth 3.5% in 2026.
Gateway: Muscat airport 13.16 M passengers (2025, +12.6%); 3.97 M visitors.
Currency: OMR pegged to USD (1 OMR = 2.6008 USD) — no FX risk on dollar revenues.

Legal framework for foreign investors

FCIL (RD 50/2019): 100% foreign ownership permitted; investment capital protected; no expropriation without compensation.
ITC regime (RD 12/2006): freehold ownership for foreigners inside Integrated Tourism Complexes — this site qualifies.
Golden Residency (ROP 87/2026): investment from OMR 200,000 → 10-year renewable residency — every villa in this project qualifies.
Title: clean, in the promoter's name; process started 2023 (MHT/MHUP). Land designation change is the Q1 2027 gate.

Fiscal & incentive stack

Item	Regime	In the model?
Corporate income tax	15%	Yes — fully applied
VAT	5%	Yes — fully applied
Tourism tax 4% · municipal 5% · land registration 3%	3–5%	Yes — fully applied
Tax holidays 5–15 years (tourism projects)	0% possible	No — upside not counted
Customs exemptions on hotel equipment	Case-by-case	No — upside not counted
MHT marketing support · Vision 2040 alignment	—	No — upside not counted

Incentives are excluded from the financial model: every riyal of incentive improves the published returns. AHK / PwC / royal decrees — sources §14.

07 · Land tenure & permits

What is confirmed, what is in progress, what remains to be validated

Land rights, development permits, tourist classification and ITC status are subject to legal and administrative verification. Authorisations obtained are distinguished from ongoing procedures and from validations still required.

Item	Status	Evidence / milestone
Land title — 113,477 m² parcel, registered in the promoter's name	Confirmed	Title deed & site surveys, 2023 (DIM-02)
Land-use re-designation to Integrated Tourism Complex (ITC)	In progress	File with MHT / MHUP since 2023 — milestone Q1 2027; no construction draw before designation
Environmental impact assessment (EIA)	In progress	Milestone H1 2027, before any capital draw
Tourist classification of the hotel	To be validated	Filed after detailed design; 4★+/5★ positioning targeted
Operator letter of intent (LOI)	To be validated	Target H1 2027 — a phase-0 gate
Bank financing — the 60/40 structure is envisaged, not committed	To be validated	Indicative terms only; financing close is a 2027 gate

Sources: title register DIM-02 and 2026 model (DIM-03) — full register in §14.

08 · Financial model

The engine: OMR 16.4 M in, 11.3% project IRR, 15–17% on equity

Phase 1 costs OMR 16.4 million, drawn 2027–2029 and financed 60/40 (debt OMR 9.84 M at 5.5% over 20 years, equity OMR 6.56 M). On opening in 2030 the resort ramps 48% → 65% occupancy at a blended ADR (average daily rate) of OMR 74.7 (~USD 194), reaching OMR 4.82 M revenue and a 40.5% EBITDA margin by 2033. Villa sales of OMR 12.6 M deleverage the structure to OMR 0.84 M residual debt by 2032.

Scenario 11.3% project IRR·2.37× DSCR (debt cover)·OMR 24.4 M exit value

Methodology: cash flows 2027–2039, year-10 exit, three scenarios (downside / central / favourable) from the 2026 model (DIM-03). Projected figures — no return is guaranteed. Hotel operating flows, villa sales and investor distributions are separate flows; distributions only once DSCR ≥ 1.4×.

Operating ramp — 2030–2033 (OMR M)

Year	Keys	Occupancy	Revenue	EBITDA	Margin
2030	150	48%	3.56	1.44	40.5%
2031	150	55%	4.08	1.65	40.5%
2032	150	62%	4.59	1.86	40.5%
2033	150	65%	4.82	1.95	40.5%

Blended ADR OMR 74.7 (~USD 194); net cash flow to shareholders OMR 1.13 M → 1.62 M; DSCR 2.37×; break-even ≈ 30–32% occupancy (≈ ADR OMR 55).

Revenue mix by segment, 2030–2033 (OMR M)

Hotel operations only — rooms · F&B · spa · other. Villa sales are a separate development flow (cash-flow chart). Source: 2026 model (DIM-03).

Phase-1 capex OMR 16.4 M (allocation)

Accommodation 8.6 · infrastructure 3.3 · F&B + spa 1.6 · roads & utilities 1.0 · fees 1.2 · contingency 0.7 · Source: 2026 model (DIM-03)

Cumulative project cash flow 2027–2039 (OMR M)

Includes OMR 12.6 M villa sales (2030–2032) and OMR 22.9 M exit at an 8.5% cap in 2039. Cash-positive from 2032. Source: 2026 model (DIM-03).

Sensitivity — project IRR under stress

Scenario	Project IRR	vs 11.3% base
Capex −10%	12.9%	+1.6 pt
ADR +10%	12.7%	+1.4 pt
Occupancy −5 pts	10.2%	−1.1 pt
Capex +10%	10.0%	−1.3 pt
ADR −10%	9.9%	−1.4 pt
EBITDA margin −5 pts	9.5%	−1.8 pt
Catastrophe: capex +15%, ADR −15%, occupancy −10 pts, margin −8 pts	≈ 5–6%	DSCR ≈ 1.6× · exit OMR 15.8 M at a 9.0% cap — capital preserved

No single plausible stress pushes the project below its 10% floor except the margin shock; the combined catastrophe case still preserves capital. Model: cash flows 2027–2039, exit at year-10.

“Three moves: secure the land, build the core, let the land bank pay for the rest.”

09 · Development plan

A gated roadmap — capital is only exposed after each gate is passed

The 2020 concept failed because it tried to build everything at once, on an unsecured title, without an operator. This plan inverts that: three sequenced moves, each unlocked by a milestone, each fundable on its own.

Move 1 — Secure (2027)

Land designation change to ITC (Q1 2027), EIA approval and operator LOI (H1 2027), financing close (2027). Capital at risk before these gates: studies and fees only.

Move 2 — Build the core (2027–2030)

120-key hotel, 30 luxury villas, restaurant and spa — OMR 16.4 M drawn 5.74 / 7.38 / 3.28 across 2027–2029. Opening 2030, the year after Anantara has established the bay.

Move 3 — Monetise (2030–2033)

Sell 79 villas for OMR 12.6 M (30/45/25% across 2030–2032), deleverage to OMR 0.84 M residual debt, then decide phase 3 — a 250+ key land bank and marina option — from strength.

Timeline & gates

Phase	Window	Deliverables	Gate to proceed
0 — Securing	2027	ITC designation, EIA, operator LOI, financing close	All four confirmed — else no construction capital is drawn
1 — Construction	2027–2029	Hotel 120 keys, 30 luxury villas, F&B 186 m², spa 400 m², utilities	Certified milestones, escrowed draws, independent audit
2 — Opening & sales	2030–2032	Opening 2030; villa sales OMR 12.6 M; occupancy 48→62%	Sales velocity ≥ plan before phase-2 villa construction completes
3 — Expansion option	2033+	Land bank 250+ keys, marina option (separate SPV)	Funded from retained cash + asset value, not new equity

Why the 2020 version was abandoned — and why this one is not

The 2020 study proposed a single-phase mega-build with no operator, no ITC designation and no demand catalyst nearby. This plan builds only what the market absorbs first, enters after Anantara has validated the bay, and keeps phase 3 as an option rather than a promise.

10 · Valuation & offer

What an investor buys, what it is worth, and how it exits

Exit valuation — year-10 EBITDA OMR 1.95 M (base)

Exit cap rate	Asset value	vs cost
8.5% (conservative)	OMR 22.9 M	+40%
8.0% (base)	OMR 24.4 M	+49%
7.5% (prime)	OMR 26.0 M	+59%

Oman resort transactions clear at 7.5–8.5% caps; a stabilised, branded, ITC-titled resort with a land bank argues for the base case or better. Catastrophe case: OMR 15.8 M at 9.0% — still ≈ cost.

Villa pricing vs Oman benchmarks (per unit)

Product	Price	Benchmark
30 luxury villas (Phase 1)	OMR 250,000	St Regis Al Mouj branded residences from OMR 339,000
28 standard villas (Phase 2)	OMR 110,000	AIDA/Yiti villas OMR 112,000–385,000+
21 eco villas (Phase 2)	OMR 95,000	Hawana Salalah entry product from OMR 98,000

Every unit qualifies its buyer for the 10-year Golden Residency (threshold OMR 200,000 met via unit + share of common assets, or directly for luxury villas). Total sales OMR 12.6 M; OMR 9.0 M applied to deleveraging.

The offer

Instrument	Equity in a single-asset Omani SPV (LLC), 100% foreign-owned under FCIL
Phase-1 capital	OMR 16.4 M
Structure	60% senior debt OMR 9.84 M (5.5%, 20 y) · 40% equity OMR 6.56 M
Equity returns	Projected IRR 15–17% (2026 model, incl. year-10 exit at the 8.0% base cap) · cash-on-cash 17.2% at stabilisation · projections, not a guaranteed return
Distribution policy	Annual distributions once DSCR ≥ 1.4×; sales proceeds to deleveraging first
Alignment	Promoter carry only above a 10% equity hurdle; veto rights for investors on budget, debt and phase-3 decisions
Exit routes	Asset sale to an operator/REIT, refinance + hold, or unit-by-unit villa sell-down

Banks already lend to this exact asset class here

Oman Arab Bank financed the W Muscat (OMR 32.7 M); QNB led a USD 98.7 M facility for the JW Marriott Muscat. Our OMR 9.84 M senior ask is small by comparison, at a conservative 60% LTC with a 2.37× DSCR.

11 · Governance

Protections an investment committee can underwrite

Seven structural protections

#	Protection	Mechanism
1	Escrowed draws	All construction payments against engineer-certified milestones; no advance payments
2	Independent audit	Big-4 or equivalent annual audit; quarterly investor reporting
3	Investor veto rights	Budget >5% variance, new debt, related-party contracts, phase-3 launch
4	Gated capital	Phase gates: no draw before ITC designation, EIA, operator LOI and financing close
5	Distribution lock-up	No distributions while DSCR < 1.4× or debt > 40% of asset value
6	Operator alignment	Operator fees partly performance-based; key-money or sliver equity targeted
7	Promoter hurdle	Carry only above a 10% equity IRR hurdle — investors are paid first

Capital discipline — three rules

Phase 1 only is financed now; phases 2–3 are funded by villa sales and retained cash, not new equity.
Contingency of OMR 0.7 M inside the budget; any overrun beyond +10% triggers the investor veto.
Sales proceeds deleverage before they distribute: residual debt OMR 0.84 M by 2032.

If everything goes wrong at once

The catastrophe scenario — capex +15%, ADR −15%, occupancy −10 pts, margin −8 pts — still returns an IRR of ≈ 5–6% with a DSCR of ≈ 1.6× and an exit value of OMR 15.8 M at a 9.0% cap. The structure is built so the worst realistic case preserves capital.

Questions investors ask

Why should I believe the occupancy ramp?

Because it starts below the market. Muscat hotels averaged 56.7% occupancy in a record 2025; we underwrite 48% in year one for a branded resort next to an operating Anantara, reaching 65% only in year four — in line with HVS ramp benchmarks for the Gulf.

What if the land designation stalls?

Then construction capital is never drawn. The ITC designation is the first gate (Q1 2027): studies and fees are the only capital at risk until it, the EIA, the operator LOI and financing close are all confirmed.

Who operates the hotel?

A branded operator under a management agreement, with LOI targeted for H1 2027. Anantara's arrival proves international operators will commit to this bay; fee structures with performance components and key-money are being negotiated.

How do I exit?

Three routes: sale of the stabilised asset to an operator, sovereign-backed fund or REIT at a 7.5–8.5% cap; refinance and hold with 17.2% cash-on-cash; or unit-by-unit villa sell-down (OMR 12.6 M of product at prices below comparable Omani resorts).

What is the currency and repatriation risk?

The Omani rial is pegged to the US dollar (1 OMR = 2.6008 USD) and FCIL guarantees free transfer of capital and profits. There is no FX mismatch: rates are dollar-linked, debt is local.

Why invest now rather than after opening?

Entry pricing. Investors entering before the 2027 gates fund at cost and capture the full development margin (+40–59% to exit value); after 2030 they would pay the stabilised valuation. The gates exist precisely so early capital is protected while it earns that margin.

13 · Conditions precedent

Before any investment is completed

Completion of the investment may be conditioned on the following validations. The protections described in §11 become effective only once contractualised.

1	Validation of land rights and ITC designation
2	Clarification of the regulatory framework (EIA, tourist classification, building permits)
3	Confirmation of budget and financing (capex, contingencies, debt terms)
4	Independent review of the financial model
5	Signature of the legal and governance documentation of the SPV (escrow, veto rights, reporting)

12 · Risks

The risk register — named, dated, mitigated

Risk	Level	Mitigation in the plan
Land designation change delayed beyond Q1 2027	High	Hard gate: no construction draw before designation; process running since 2023 with MHT/MHUP; clean title already in promoter's name
EIA conditions add cost or delay	Medium	OMR 0.7 M contingency; low-density masterplan; cove access designed around marine protection; H1 2027 milestone before capital draws
Operator terms below assumption	Medium	LOI is a phase-0 gate; multiple operators active in Muscat (Marriott, Jumeirah, IHG, Minor); performance-fee structure preserves margin
2026 demand softness extends	Medium	Opening is 2030 — after the absorption cycle; underwriting starts at 48% occupancy vs 56.7% market average in 2025
Construction cost inflation	Medium	T&T Gulf cost benchmarks; +10% capex stress still yields 10.0% IRR; fixed-price EPC targeted at financing close
Villa sales slower than 30/45/25%	Medium	Prices set below Hawana/AIDA/St Regis benchmarks; Golden Residency eligibility; deleveraging timeline flexes without covenant breach (DSCR 2.37×)
Financing terms worse than 5.5% / 20 y	Medium	Local precedents (W Muscat, JW Marriott) at larger sizes; 60% LTC; sovereign BBB−/Baa3 backdrop supports pricing
Competition from new luxury supply	Low	No integrated resort within 1 h of the airport; Anantara is a demand catalyst, not a substitute (121 keys vs 150+79 villas + spa + dive)
Exit cap-rate widening	Low	Base exit at 8.0% within the observed 7.5–8.5% Oman range; catastrophe case at 9.0% still ≈ preserves capital
Key-person dependency on promoter	Low	SPV governance, independent audit, veto rights, professional management from phase 0

14 · Sources

Every number has a name

Internal project documents (DIM register) and public sources, dated. Where a figure is an assumption, the model says so; everything else traces to the register below.

Internal project register

Ref	Document	Date	Used for
DIM-01	AlKhyran Heights feasibility study (original concept)	2020	Site data, masterplan basis, original program
DIM-02	Land title and site surveys, Bandar Al Khairan parcel	2023	Ownership, boundaries, topography, 150 m elevation
DIM-03	Updated financial model (this study)	2026	IRR, NPV, ramp, sensitivity, capex, structure
DIM-04	3D concept model and visualisations	2026	Masterplan plate, perspective renders, 3D model (generated with Tripo)

Public sources

Source	Type	Used for
IMF Article IV / WEO — Oman	Macro	Growth 3.5% (2026), debt ≈ 36% of GDP
Fitch (Dec 2025) · Moody's (Jul 2025) · S&P (Sep 2024)	Macro	Sovereign ratings BBB− / Baa3 / BBB−, stable outlooks
NCSI — Oman hotel & tourism statistics	Market	3.97 M visitors, occupancy 56.7% (2025) / 46.3% (H1 2026), revenue OMR 297.3 M, 9M 2026 −11.7%
Muscat International Airport (OACI/Oman Airports)	Market	13.16 M passengers (2025, +12.6%)
Cavendish Maxwell · Savills · Knight Frank — Oman market reports	Market	Residential/villa benchmarks (AIDA, Yiti, Al Mouj), cap-rate range 7.5–8.5%
HVS — Muscat hospitality & GCC operator fee surveys (×2)	Market	Occupancy ramp conventions, operator fee structures
Turner & Townsend — Gulf construction cost benchmarks	Cost	Capex per key, infrastructure cost checks
Minor Hotels / Anantara announcement · Oman Observer	Market	Anantara Bandar Al Khairan: 121 keys, OMR 36 M, opening 2027
MHT — Ministry of Heritage & Tourism	Policy	Vision 2040 tourism pipeline (USD 31 bn), ITC program, incentives
AACO / airline schedules	Market	Air connectivity trends
Royal Decrees 50/2019 (FCIL) · 12/2006 (ITC) · ROP 87/2026 (Golden Residency)	Legal	Foreign ownership, freehold in ITCs, 10-year residency from OMR 200,000
AHK · PwC Oman tax summaries	Legal	CIT 15%, VAT 5%, tourism/municipal taxes, registration 3%
Bank disclosures — Oman Arab Bank (W Muscat) · QNB (JW Marriott)	Finance	OMR 32.7 M and USD 98.7 M hospitality financing precedents
Developer listings — Hawana Salalah, AIDA, St Regis Al Mouj	Market	Villa price benchmarks OMR 98k / 112k / 339k
Achieved-rate checks — Chedi, Al Bustan, Al Husn, Jumeirah, Shangri-La, St Regis	Market	Luxury ADR range USD 221–624 (2025–2026)

15 · Contact

Request the investor data room

The full financial model (Excel), the DIM document register, legal opinions on FCIL/ITC structuring and the 3D model files are available in the data room under NDA. Site visits are organised monthly from Muscat — 45 minutes from the airport, the last 10 by boat if the sea is calm.

Data room

Model, DIM-01–04 register, source register with live links, draft SPV term sheet.

Site visit

Guided visit of the 113,477 m² parcel, the cove and the Anantara site next door.

Timeline

Gates close Q1–H1 2027; allocations are confirmed on a first-committed basis.

AlKhyran Heights Resort

OMR 6.56 M equity sought · projected equity IRR 15–17% (2026 model) · gates 2027 · target opening 2030

Request the investor dossier