The Oman Tourism Development Company (OMRAN Group) has partnered with real estate development company Diamond Developers to deliver the first phase of the Yiti Integrated Tourism Development.
As part of the partnership agreement, the two firms will develop the first phase of the Yiti Tourism, the integrated urban destination in Muscat with around $1bn investment.
OMRAN said that joint venture called Sustainable Development and Investment Company (SDIC) S.A.O.C has been launched to undertake the first development phase of the Yiti Tourism masterplan.
OMRAN Group CEO Hashil Bin Obaid Al Mahrouqi 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 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.
“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.”
Covering an area of 900,000m2, the first phase of the Yiti project involves the construction of a fully sustainable mixed-use project.
It will comprise green public spaces, residences, tourism, commercial, and educational facilities in addition to restaurants, cafés, shops, a farm, and an equestrian center.
The Yiti masterplan, which covers more than 11km2 of area, is said to be one of largest integrated urban destinations in Oman.
The first phase of the project is expected to create 900 direct and indirect jobs.
Officials from OMRAN Group and Diamond Developers during partnership agreement signing ceremony. Credit: The Oman Tourism Development Company (OMRAN Group).