Muscat – Sustainable Development & Investment Company (SDIC), a joint venture between Omran Group and SEE Holding, has signed a RO38.5mn (US$100mn) financing agreement with the International Finance Corporation (IFC), the private sector arm of the World Bank Group, to support the development of The Plaza at The Sustainable City – Yiti.

The agreement marks a further step in the development of the project and strengthens international backing for sustainable urban development in Oman.

IFC’s project disclosures put the total development cost of The Plaza District at about US$370mn.

The Plaza will form the commercial and social heart of The Sustainable City – Yiti, with retail, dining, wellness, entertainment and community facilities. The wider development is a mixed residential and commercial project spanning about 100 hectares, around 40km east of Muscat, and includes a marina, hotels, serviced apartments, residences, offices and commercial space.

Saif Sulaiman Al Yarubi, Chairman of SDIC, said the financing marked an important step in the project’s development. “As the development progresses, we remain committed to delivering a vibrant and sustainable destination that seamlessly integrates residential, commercial, hospitality, and lifestyle experiences, creating long-term value for residents, visitors, investors, and the sultanate,” he said.

Faris Saeed, Founder and Chairman of SEE Holding, said IFC’s support represented “a strong vote of confidence in The Sustainable City – Yiti, and in a development model that proves environmental responsibility, commercial success, and quality of life can advance together”.

Abdullah Jefri, IFC’s Division Director for the GCC, said the project demonstrated how cities could respond to growing housing demand while advancing sustainability goals.

“It reflects the World Bank Group’s commitment to supporting scalable projects that create jobs, improve lives, and shape cities that are better prepared for the future,” he said.