Agreement signed for first phase of Yiti integrated tourism development

Business Thursday 13/January/2022 14:30 PM
By: Times News Service
Agreement signed for first phase of Yiti integrated tourism development

Muscat: As part of its ongoing efforts to expand tourism investments through strategic alliances, the Oman Tourism Development Company (Omran Group) has entered into a development partnership agreement with Diamond Developers, a major real estate development company.

The agreement entails the development of the first phase of the Yiti Tourism master plan with an investment value of approximately $1 billion. In conjunction with this partnership, a joint venture called Sustainable Development and Investment Company (SDIC) has been established to execute this phase.

“Omran Group’s partnership with Diamond Developers marks a major milestone in Yiti Development as we together begin the first phase of this integrated urban destination in Muscat. 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 in line with Oman Investment Authority’s directions in realising the ambitious goals of Oman Vision 2040 and supporting the delivery of the National Tourism Strategy,” said Hashil Bin Obaid Al Mahrouqi, CEO of Omran Group.

“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.  Their approach is in line with our vision of adopting the foundations of placemaking and harnessing sustainability in all aspects of the development.” Al Mahrouqi added.

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 of its kind community that promotes sustainable living.

The first phase will include green public spaces, residences, tourism, commercial, and educational facilities, all with well-balanced and integrated components. Visitors and residents alike will enjoy a variety of unique lifestyle experiences, including restaurants, cafés, shops, an equestrian centre, a farm along with other distinctive components that create a meaningful green-living environment. The two sides announced that full details of the project will be revealed at the official launch ceremony later this year.  

Commenting on the occasion, Engineer 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.”

Founded in 2003, Diamond Developers embodies a fundamental change in the concept of future cities; building, and maintaining sustainable, evidence-driven and intelligent, live-work-and-thrive cities. Their replicable and scalable cities bring forward the 2050 Paris Agreement targets, enhance the quality of life, and bring significant in-country value. The company is committed to enabling, empowering, and supporting partners around the world to realise the cities of tomorrow, today.

The Yiti masterplan, which covers an area of over 11 square kilometres, is one of Oman's largest integrated urban destinations. The development aligns with Omran Group's role towards supporting the local economy, forging solid partnerships with leading regional and international developers. Furthermore, The development will bring significant in-country value to the community, tapping into local talent, promoting innovation, and providing opportunities to grow local markets. The first phase is expected to generate 900 direct and indirect jobs and many business prospects for local businesses and SMEs.