Dar Al Arkan, the leading real estate company in Saudi Arabia and the GCC, and Oman Tourism Development Company (OMRAN Group) – the executive arm of the Sultanate for tourism development, signed an agreement at Expo 2020 Dubai to develop ‘AIDA’ one of the largest premium, mixed-use real estate projects located in the Yiti area in Muscat.
This 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 investment value from both parties will reach SR6 billion, and will be developed in three stages on an area of 3.5 million square metres.
Through the partnership, Dar Al Arkan will develop a mixed-use project in Yiti and Yankat areas, 20-minutes from Downtown Muscat, situated 100m above the shores and overlooking the Sea of Oman in Muscat, comprising of 3,500 residential units, two hotels, a plaza with cafes/restaurants, a gated promenade with luxury retail and more.
Ziad El Chaar, Vice Chairman, Dar Al Arkan Properties: “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.”
Hashil Bin Obaid Al Mahrouqi, CEO, OMRAN Group: “We are delighted to work with Dar Al Arkan on this 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.”
