MUSCAT: Oman Tourism Development Company (Omran Group) - the executive arm of the Sultanate of Oman for tourism development and Dar Al Arkan, the leading real estate company in Saudi Arabia and the GCC, have signed an agreement to develop ‘AIDA’ a premium, mixed-use project nestled within the masterplan of Yiti Integrated Tourism Development.
The project marks Dar Al Arkan’s first entry into the Sultanate of Oman to drive the development of the property market and support the growth of Oman’s tourism and real-estate sectors in accordance with Oman Vision 2040. The value of the investment in the project from both parties will reach $1.5 billion, and it will be developed in three phases on an area of 3.5 million square metres.
Through the partnership, Dar Al Arkan will develop a mixed-use project in Yiti and Yankat areas, 20-minutes from Downtown Muscat, a paradise with a distinctive terrain where the earthy atmosphere envelops as part of a large master development, situated 100m above the shores and overlooking the Sea of Oman in Muscat, comprising of 3,500 residential units of medium-sized villas, townhouses, and low-rise apartments. A place where two charming hotels of 450 rooms, a plaza filled with cafes and restaurants, a gated promenade with luxury retail and other amenities.
Hashil Obaid al Mahrouqi, CEO of Omran Group, said: “We are delighted to work with Dar Al Arkan on this master project that is being developed with world-class expertise. We share the same vision with regards to balanced and sustainable building practices, and this is a critical factor in the success of this project. The project is strategically designed as an extension to Muscat city to showcase the vision of progress and sustainable urbanisation. AIDA is where real life melts away, and inspiration begins in the middle of undisturbed nature, a mixed-use development where every inch allows you to gaze into never-ending blue waters to a horizon rich in brilliant colours. AIDA will become an attractive and sought-after destination with its many residential, entertainment, cultural, retail and recreational offerings that will put Oman on the regional and global tourism map.
“AIDA will become a very attractive and sought-after destination for its residential, entertainment and cultural offerings as well as drive foreign investment and stimulate key economic sectors in the country in line with the ambitious goals of Oman Vision 2040 and supporting the delivery of the National Tourism Strategy.”
Ziad el Chaar, Vice Chairman of Dar Al Arkan Properties, said: “We are excited to become part of this unique project. Oman has always offered an exceptional experience for residents and tourists, and the development of Yiti and Yankat areas will further elevate the nation’s offering and position it as a world-class destination. Our project in Oman builds on Dar Al Arkan’s strategic aspirations of elevating the standards and quality of the real-estate sector in the region, but most importantly, with this project, we’re working to ensure a sustainable and environmentally friendly approach to building a large, mixed-use development that fits in with the characteristics of the area. AIDA sits atop one of the world’s highest peaks, a place where all the noise is quietened, composing a beautiful symphony. Overlooking one of the most breath-taking horizons in the world, will lie a place bubbling with inspiration.”
The partnership agreement was signed at the Sultanate of Oman’s pavilion at Expo 2020 Dubai by Eng Mohammed bin Salim al Busaidy, Chairman of Omran Group, and Yousef al Shalash, Chairman of Dar Al Arkan Real Estate Development Company.
Yiti Integrated Tourism Development is one of the largest urban developments in the Sultanate of Oman, extending to total area of over 11 million square kilometres. The project is surrounded by unique aspects of the Sultanate of Oman's natural wonders, including its sandy shores, majestic mountains, curvaceous hills and valleys, and unique topography are naturally enveloping the breathtaking setting to make the most of Oman’s beauty.
In line with the Sultanate of Oman's ambitious plans for economic diversification, the project plays a pivotal role in increasing the contribution of the tourism sector to support the national GDP. Based on the position of Omran Group as the active national arm in the development of the tourism sector, the project will contribute to providing promising investment opportunities and creating a fertile environment to attract capital and foreign direct investment.