Muscat – The first construction contract for the Sustainable City – Yiti project has been awarded by developers to Galfar Engineering and Contracting Company. The sultanate’s largest contacting company will build central plaza and commercial, residential and office buildings at the Sustainable City – Yiti.
The Sustainable City – Yiti project is being developed by Sustainable Development & Investment Company, which is a joint venture between Oman Tourism Development Company (Omran Group) and Diamond Developers, a leading developer of sustainable communities.
‘We are pleased to inform our esteemed shareholders that Sustainable Development & Investment Company has awarded Galfar a contract for the construction of plaza, commercial, residential and office buildings at Sustainable City – Yiti project,’ Galfar said in a filing to the Muscat Stock Exchange.
The value of this tender is approximately RO75mn with an execution period of 26 months, Galfar noted.
‘This project will further strengthen Galfar’s order book and enhance its marketing share in integrated tourism projects in Oman. We take this opportunity to express our appreciation to Sustainable Development & Investment Company for the confidence vested on Galfar through award of this project,’ Galfar said.
Omran Group recently celebrated the launch of the Sustainable City – Yiti in partnership with Diamond Developers.
With an investment value of nearly US$1bn, the fully-integrated, urban, mixed-use master project reflects Omran Group’s goals towards driving the social and economic development through sustainable tourism projects that attract foreign direct investment in line with Oman Vision 2040 and the National Tourism Strategy.
Spread over an area of 1mn sqm, the Sustainable City – Yiti – will be developed within the Phase 1 of the Yiti Integrated Tourism Development Masterplan.
Slated for completion by 2025, the project will feature 1,657 eco-friendly and energy-efficient residential units including 300 villas. Designed for comfort, practicality, and contemporary style, the spacious three and four bedroom villas will also offer significant savings on utility bills.
The Sustainable City – Yiti is the first project in Oman that meets the global green practices and is in adherence to the highest sustainability standards.