Omran, Dar Al Arkan to build $1.5bn mixed-use project in Yiti
MUSCAT, March 24, 2022
Dar Al Arkan, a leading real estate company in Saudi Arabia and the GCC, and Oman Tourism Development Company (Omran Group), the executive arm of sultanate for tourism development, have signed an agreement to develop ‘AIDA’ one of the largest premium, mixed-use real estate projects located in the Yiti area in Muscat.
The project marks Dar Al Arkan’s first entry into Oman to drive the development of the property market and support the growth of Oman’s real-estate sector in accordance with Oman Vision 2040.
The value of the investment in the project from both parties will reach SR6 billion ($1.5 billion), and it will be developed in three stages on a 3.5 million sq m area.
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.
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.
On the new venture, 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," he stated.
"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,” he added.
Omran Group CEO Hashil Bin Obaid Al Mahrouqi said: "We are delighted to work with Dar Al Arkan on this master project that is being developed with world class expertise. We believe they 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 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, as well as drive foreign investment and stimulate key economic sectors that will help achieve Oman Vision 2040," he stated.
The project is one of the largest urban developments in Oman, extending to a total area of over 11 million sq km. Its masterplan was designed to ensure innovative standards in urban development and place-creation, and adoption of architectural foundations in harmony with the rich natural surroundings.
In line with the Sultanate'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.-TradeArabia News Service
