MUSCAT: The Oman Tourism Development Company (Omran Group), the executive arm of the Sultanate for the development of the tourism sector, has announced the signing of a development partnership agreement with Dar Al Arkan, a leading real estate company in the Kingdom of Saudi Arabia and the GCC region.

The partnership aims to develop the Aida project within the general scheme of the integrated Yeti tourism project, which is one of the largest mixed-use tourism and real estate projects in the Sultanate. This project is Dar Al-Arkan’s first investment in the Sultanate of Oman with an aim to stimulate and support the growth of the Omani tourism and real estate sector in accordance with the objectives of the Oman 2040 vision. 

The two companies are investing about $1.5 billion in the project, to be developed in three phases, with a total area of about 3.5 million square meters. Under this partnership, Dar Al Arkan will develop this mixed-use project is located in the areas of Yeti and Winket, 20 minutes away from the city centre of Muscat, which is distinguished by its unique geographical and touristic features. 

The project, which will be built at an altitude of 100 meters above the shores of the Sea of Oman, will consist of 3,500 housing units, including medium-sized villas, townhouses and apartments. The project will also include two hotels with a total of 450 hotel rooms, in addition to a plaza for cafes and restaurants, and a park that includes luxury stores and other public facilities.

Hashel bin Obaid Al Mahrouqi, CEO of Omran Group, said, “We are pleased to collaborate with Dar Al Arkan on this major project, which is being developed with world-class expertise. The integrated tourism project Yeti has been strategically designed to be an extension of the city of Muscat, reflecting its progress and its sustainable urban vision. This project will become the focus of everyone’s attention with its residential, leisure, cultural and commercial offerings that will put Oman on the regional and global tourism map.” 

He added, “The project will become an attractive destination for its residential, entertainment and cultural offerings, in addition to encouraging foreign direct investment and stimulating key economic sectors in line with the objectives of Oman Vision 2040 and the national tourism strategy in support of the national economy.”

For his part, Ziad Al Shaar, Vice Chairman of the Board of Directors of Dar Al Arkan Real Estate Development Company, said, “We are very excited to participate in the development of this unique project that supports Oman’s endeavours to provide an exceptional experience for residents and tourists. “Our project is based on our strategic aspirations to raise the standards and quality of the real estate sector in the region, and most importantly, we follow a sustainable and environmentally friendly approach in developing a large mixed-use project that suits the characteristics of the region.” 

He added, “Aida is held on heights in a quiet place free from all noise, composing a beautiful symphony with a wonderful view of one of the most breathtaking horizons in the world, to be a place full of inspiration.”

The partnership agreement was signed by Eng. Mohammed bin Salem Al Busaidi, Chairman of the Board of Directors of Omran Group, and Yousef Al Shelash, Chairman of the Board of Directors of Dar Al Arkan Real Estate Development Company, at the Sultanate of Oman pavilion at Expo 2020 Dubai.

The Yetti Integrated Tourism Project is one of the largest urban development projects of Omran Group in the Sultanate of Oman, as it extends over a total area of more than eleven square kilometres. The general plan of the project was designed according to principles that ensure the establishment of innovative standards in urban development and place-making, and the adoption of architectural foundations in harmony with the rich surrounding nature.

In line with the Sultanate’s ambitious plans for economic diversification, the project plays a pivotal role in increasing the tourism sector’s contribution to supporting the Sultanate’s GDP. Based on the position of the Omran Group as an active national arm in the development of the tourism sector, the project will contribute to providing promising investment opportunities and creating appropriate incentives to attract capital and foreign direct investment.