Oman Tourism Development Company (Omran) has signed a partnership deal with UAE-based Diamond Developers to set up the first Sustainable City in the sultanate at an investment of AED3.7 billion ($1 billion) within Phase One of its mega Yiti Tourism masterplan.  

 

The executive arm of the sultanate for tourism development, Omran had last year launched the Yiti, a

master-planned development that sets a new model for urbanisation connecting and extending the city of Muscat, enriching its offerings and possibilities, through a multi-phased expansion approach.

 

Spanning over 11 million sq m, the Yiti Development is a massive venture, strategically located overlooking the Sea of Oman. It will be spread over four phases, offering a plethora of opportunities for domestic and foreign direct investments alike.

 

Phase One covers 900,000 sq m area and will focus on constructing a fully sustainable mixed-use project, the sultanate's first-of-its-kind community that promotes sustainable living. 

 

The Sustainable City brand, the first fully operational sustainable community in the Middle East, is all set to make it foray within the first phase of the Yiti project. To develop the project, Omran and Daimond Developers are setting up a new joint venture, Sustainable Development Investment Company. 

 

The project 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, 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.

 

Announcing the key partnership, Omran CEO Hashil Bin Obaid Al Mahrouqi said: "This 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'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 realising the ambitious goals of Oman Vision 2040 and supporting the delivery of the National Tourism Strategy, he added.

 

Diamond Developers Chairman Faris Saeed said: "We are very excited to join hands with Omran to execute our first project in Oman, and to work together on preserving the sultanate’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," he added.-TradeArabia News Service