Dubai-based Diamond Developers, the mastermind behind the Sustainable City brand, the first fully operational sustainable community in the Middle East, has signed a development partnership deal with the Oman Tourism Development Company (OMRAN Group).
The agreement calls for the development of the first phase of the Yiti Tourism Master Plan, with an estimated investment value of $900 million. In line with this agreement, a joint venture called Sustainable Development Investment Company (SDIC) has been established to carry out the execution of this phase.
The first phase of the Yiti project, which covers 900,000 square meters, will focus on constructing a mixed-use project, the Sultanate’s first-of-its-kind 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.
Hashil Bin Obaid Al Mahrouqi CEO – OMRAN Group
“Our 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 of expanding the nation’s tourism sector and acting as a catalyst and enabler of multi-fold, lucrative investment opportunities in the country in line with Oman Investment Authority and Oman Vision 2040 and supporting the delivery of the National Tourism Strategy.“
Visitors and residents alike will enjoy a variety of unique lifestyle experiences, including restaurants, cafes, shops, and an equestrian center, a farmalong with other distinctive components that create a meaningful green-living environment. The full details of the project will be unveiled at the official launch ceremony later this year.
Engineer Mr. Faris Saeed, Chairman of Diamond Developers, said that “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 best global green practices.”
