The project will contribute to providing promising investment opportunities and creating a fertile environment to attract capital and foreign direct investment
Dar Al Arkan and Oman Tourism Development Company (Omran Group) have inked a deal to develop ‘AIDA’, which is billed as one of the largest premium, mixed-use real estate projects 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 line with Oman Vision 2040.
According to a statement, the value of the investment from both parties will reach $1.5bn and the project will be developed in three stages on an area of 3.5mn sqm. Through the partnership, Dar Al Arkan will develop a mixed-use project in Yiti and Yankat areas, 20-minutes from Downtown Muscat.
Situated on a hilltop, the project will be developed 100m above sea level and will comprise 3,500 residential units of medium-sized villas, townhouses, and low-rise apartments. It will feature two hotels, a plaza filled with cafes and restaurants, a gated promenade with luxury retail and premium wellness centres, and gyms, cradled by a gorgeous outdoor landscape, stated Omran.
“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 environmentally friendly approach to building a large, mixed-use development that fits in with the characteristics of the area,” said Ziad El Chaar, vice chairman of Dar Al Arkan Properties.
He added, “AIDA sits atop one of the world’s highest peaks, a place where all the noise is quietened, composing a beautiful symphony. Overlooking one of the most breath-taking horizons in the world, will lie a place bubbling with inspiration.”
Omran group CEO Hashil Bin Obaid Al Mahrouqi remarked, “We are delighted to work with Dar Al Arkan on this master 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.”
The project extends over a total area of over 11mn sqkm. Its masterplan was said to be designed to ensure innovative standards in urban development and place-creation, and adoption of architectural foundations in harmony with the rich natural surroundings.
In line with the Sultanate’s ambitious plans for economic diversification, the project plays a pivotal role in increasing the contribution of the tourism sector to support the national GDP, the statement concluded.