MUSCAT: Sustainable Development and Investment Company (SDIC) has secured RO 38.5 million ( $100 million) in financing from the International Finance Corporation to develop The Plaza at The Sustainable City – Yiti.
SDIC, a joint venture between OMRAN Group and SEE Holding, said the $100-million financing agreement would accelerate the delivery of the commercial and community component of the sustainable urban development.
The IFC is the World Bank Group’s private-sector investment arm.
The Plaza is planned as the central commercial and social district of The Sustainable City – Yiti, featuring retail outlets, restaurants, wellness facilities, entertainment venues and community spaces.
The project is intended to serve residents and visitors while strengthening the city’s long-term commercial and lifestyle offering.
Saif Sulaiman al Yarubi, Chairman of SDIC, said the financing represented an important step in the development’s progress.
“As the development progresses, we remain committed to delivering a vibrant and sustainable destination that seamlessly integrates residential, commercial, hospitality and lifestyle experiences,” he said.
The project was designed to create long-term value for residents, visitors, investors and the Sultanate of Oman, Al Yarubi added.
Faris Saeed, Founder and Chairman of SEE Holding, said the IFC’s participation represented a vote of confidence in The Sustainable City – Yiti, Oman’s investment environment and the development’s sustainability model.
“Transforming the way cities are built requires partners who share the conviction that sustainability is the foundation of long-term economic growth,” Saeed said.
The project seeks to demonstrate that environmental responsibility, commercial performance and quality of life can be pursued together, he added.
Abdullah Jefri, IFC’s Division Director for the Gulf Cooperation Council, said the development showed how cities could respond to rising demand for housing while pursuing sustainability targets.
“It reflects the World Bank Group’s commitment to supporting scalable projects that create jobs, improve lives and shape cities that are better prepared for the future,” Jefri said.
The financing agreement forms part of efforts by SDIC, its shareholders and the IFC to attract responsible investment and support sustainable urban development in line with Oman Vision 2040.
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