Oman inks $900m sustainable tourism project Yiti, Muscat.
Diamond Developers, the mastermind behind The Sustainable City in Dubai, has entered into a partnership agreement with the Oman Tourism Development Company (OMRAN Group), the executive arm of the sultanate for tourism development. The agreement entails the development of first phase of the Yiti Tourism masterplan with an investment value of approximately AED3.3 billion ($900 million). A joint venture called Sustainable Development Investment Company (SDIC) has been established to carry out the execution of this phase as part of the deal.
Hashil Bin Obaid Al Mahrouqi, CEO of OMRAN Group, said: “The signing further attests to OMRAN Group’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. “We are delighted to collaborate with Diamond Developers as they are one of the leading and reputable companies in building sustainable cities in the region,” added Al Mahrouqi. The first phase of the Yiti project, which covers 900,000 square metres, will focus on constructing a fully sustainable mixed-use project, the sultanate’s first.
Phase one will include green public spaces, residences, tourism, commercial, and educational facilities, all with well-balanced and integrated components. dubai sustainable city Diamond Developers is behind the Dubai Sustainable City project. Visitors and residents will also enjoy a variety of lifestyle experiences, including restaurants, cafés, shops, an equestrian centre and a farm.
The two sides announced that full details of the project will be revealed at the official launch ceremony later this year. Faris Saeed, chairman of Diamond Developers, 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.”
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