Travel, Tourism & Hospitality
Omran, Dar Al Arkan to build $1.5bn mixed-use project in Yiti
Oman Tourism Development Company (Omran) has joined hands with leading Saudi real estate group Dar Al Arkan for the development of ‘AIDA’, a premium, mixed-use project within its Yiti Integrated Tourism Development, at an investment of $1.5 billion.
Oman Tourism Development Company (Omran Group), the executive arm of the sultanate for tourism development, has joined hands with Dar Al Arkan, a leading real estate company in Saudi Arabia, for the development of ‘AIDA’, a premium, mixed-use project nestled within Yiti Integrated Tourism Development.
Announcing the AIDA project today (March 24) on its twitter handle, Omran said 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 sq m.
The project marks Dar Al Arkan’s first entry into Oman to drive the development of the property market and support the growth of the country’s tourism and real-estate sectors in accordance with Oman Vision 2040.
Omran said the agreement with Dar Al Arkan will be signed later in the day.
As per the deal, Dar Al Arkan will develop the mixed-use project located 20 minutes from Downtown Muscat on a distinctive terrain.
Situated on a hilltop, the project which will be developed 100 m above sea level, will comprise 3,500 residential units of medium-sized villas, townhouses, and low-rise apartments.
It will feature two charming hotels, a plaza filled with cafes and restaurants, a gated promenade with luxury retail and premium wellness centres, and gyms, cradled by a gorgeous outdoor landscape, stated Omran.
Yiti Integrated Tourism Development is one of the largest urban projects in Oman, extending to total area of over 11 million sq km.
The project boasts some of the unique aspects of the sultanate’s natural wonders, including its sandy shores, majestic mountains, curvaceous hills and valleys, and unique topography, it added.-TradeArabia News Service