Muscat – As part of its ongoing efforts to expand tourism investments through strategic alliances, 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 Yiti Tourism masterplan with an investment value of approximately US$1bn. In conjunction with this partnership, a joint venture called Sustainable Development and Investment Company (SDIC) has been established to carry out the execution of this phase.

Hashil Obaid al Mahrouqi, CEO of Omran Group, said, “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.”

He further added, “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 place making and harnessing sustainability in all aspects of the development.”

The first phase of the Yiti project, which covers 900,000sqm, 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, and an equestrian centre, as well as 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, Faris Said, 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.“