MUSCAT : The OPEC Fund for International Development has approved financing of up to $40 million for the Plaza District at The Sustainable City – Yiti, providing fresh funding for one of Oman’s major sustainable urban developments.

The financing is part of $645 million in new commitments approved by the Vienna-based development institution for projects across 14 countries in Africa, Asia, Europe and Latin America.

Of the total financing announced on September 16, $435 million will support public-sector projects while $210 million has been allocated to private-sector operations.

In Oman, the funding will go towards the development of the Plaza District at The Sustainable City – Yiti, a large mixed-use community being developed near Muscat.

The Sustainable City – Yiti is being developed through a partnership between OMRAN Group and Diamond Developers and forms part of the wider Yiti Integrated Tourism Development Masterplan.

Spread across around one million square metres of beachfront land, the development is designed to combine residential, hospitality, commercial and leisure facilities with infrastructure aimed at reducing its environmental footprint.

The Plaza District will include 17 buildings with 1,225 apartments, as well as approximately 13,400 square metres of office space and 14,600 square metres of commercial space.

The broader community is planned to include 300 villas, hotels, serviced apartments and a marina. Infrastructure supporting the project includes renewable energy, desalination, wastewater treatment, district cooling and waste-management systems.

The development is targeting net-zero emissions by 2040, with sustainability measures including renewable energy use, water recycling, waste diversion, electric mobility and lower-carbon construction practices.

Handover of the Plaza District is currently planned for December 2027.

The latest financing adds to the OPEC Fund’s involvement in major infrastructure and industrial projects in Oman.

In 2024, the institution approved a $180 million first tranche as part of a $392 million financing package for the roughly 70-km Khasab-Diba-Lima road project in Musandam Governorate. The project is aimed at improving transport links and facilitating the movement of people and goods.

The Fund has also provided a $50 million long-term financing facility for United Solar’s $1.6 billion polysilicon manufacturing project at Sohar Freezone.

For all the latest news from Oman and GCC, follow us on Twitter, Instagram and LinkedIn, like us on Facebook and subscribe to our YouTube page, which is updated daily.