Dar Al Arkan, the leading real estate company in Saudi Arabia, and Oman Tourism Development Company (OMRAN Group) have signed an agreement to develop ‘AIDA’ one of the largest premium, mixed-use real estate projects located in the Yiti area in Muscat.
The project 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 value of the investment in the project from both parties will reach $1.6 billion, and it will be developed in three stages on an area of 3.5 million square meters.
Through the partnership, Dar Al Arkan will develop a mixed-use project in Yiti and Yankat areas, situated 100 meters above the shores and overlooking the Sea of Oman in Muscat, comprising of 3,500 residential units of medium-sized villas, townhouses, and low-rise apartments. A destination with two charming hotels of 450 rooms, a plaza filled with cafes and restaurants, a gated promenade with luxury retail and other amenities.
“We are excited to become part of this unique project. 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 eco-friendly approach to building a large, mixed-use development that fits in with the characteristics of the area.”
The project is one of the largest urban developments in Oman, extending to a total area of over 11 million square kilometers. The project master plan was designed to ensure innovative standards in urban development and place-creation, and the adoption of architectural foundations in harmony with the rich natural surroundings.
Mr. Hashil Bin Obaid Al Mahrouqi, CEO of OMRAN Group, said that “We are delighted to work with Dar Al Arkan on this master project that is being developed with world-class expertise. 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.”