Muscat: As part of its ongoing efforts to expand tourism investments through strategic alliances, Oman Tourism Development Company (Omran Group) has entered into a development partnership agreement with Diamond Developers, a major real estate development company.
The agreement entails the development of the first phase of Yiti Tourism masterplan with an investment value of approximately USD 1 billion. In conjunction with this partnership, a joint venture called Sustainable Development and Investment Company (SDIC) has been established to carry out the execution of this phase.
Hashil Obaid al Mahrouqi, CEO of Omran Group said: “Omran Group’s partnership with Diamond Developers marks a major milestone in Yiti Development as we together begin the first phase of this integrated urban destination in Muscat.
The signing further attests to Omran Group’s strategic vision in expanding the nation’s tourism sector and continuing to play a pivotal role as a catalyst and enabler of multi-fold, lucrative investment opportunities in the country in line with Oman Investment Authority’s directions in realizing the ambitious goals of Oman Vision 2040 and supporting the delivery of the National Tourism Strategy”.
He further added “We are delighted to collaborate with Diamond developers as they are one of the leading and reputable companies in building sustainable cities in the region. Their approach is in line with our vision of adopting the foundations of place making and harnessing sustainability in all aspects of the development.”
The first phase of the Yiti project, which covers 900,000 square metres, will focus on constructing a fully sustainable mixed-use project, the Sultanate of Oman's first-of-its-kind community that promotes sustainable living. The first phase will include green public spaces, residences, tourism, commercial, and educational facilities, all with well-balanced and integrated components. Visitors and residents alike will enjoy a variety of unique lifestyle experiences, including restaurants, cafés, shops, and an equestrian centre, as well as a farm along with other distinctive components that create a meaningful green-living environment.
The two sides announced that full details of the project will be revealed at the official launch ceremony later this year.
Commenting on the occasion, Eng Faris Said, Chairman of Diamond Developers said, “We are very excited to join hands with Omran to execute our first project in the Sultanate of Oman, and to work together on preserving Oman's rich natural environmental resources in accordance with the best global green practices. Over the past decade, we have gained and harnessed invaluable knowledge from our working proof-of-concept, which we are leveraging to set new standards for building sustainable and resilient cities with the highest sustainable standards to achieve a carbon-neutral future that also suits the local culture, environment, and economy.”
The Yiti masterplan, which covers an area of over 11 square kilometres, is one of the Sultanates of Oman's largest integrated urban destinations. The Development aligns with Omran Group's role towards supporting the local economy, forging solid partnerships with leading regional and international developers. Furthermore, the Development will bring significant in-country value to the community, tapping into local talent, promoting innovation, and providing opportunities to grow local markets. The first phase is expected to generate 900 direct and indirect jobs and many business prospects for local businesses and SMEs. --ONA