The Oman Tourism Development Company also referred to as Omran Group and Dar Al Arkan have come together in a deal to develop AIDA mixed-use projects in Yiti and Yankat Areas, one of the largest premium mixed-used projects in Muscat, the capital and most populated city in Oman.
The project, which marks Dar Al Arkan’s first entry into Oman, aims to contribute towards the provision of promising investment opportunities as well as the creation of a fertile environment that will attract capital and foreign direct investments. It will also contribute towards Oman’s drive for the development of its property market as well as the real estate sector, in line with Oman Vision 2040.
AIDA Mixed-Used Project overview
The AIDA Mixed-Used Project will be developed on an area of 3.5 million square meters piece of land located on top of a hill and approximately 100 meters above sea level, at a cost of about US$ 1.5bn which will be availed by both Dar Al Arkan and Oman Tourism Development.
The project will include 3,500 residential units of townhouses, low-rise apartments as well as medium-sized villas. The project will also feature a plaza filled with restaurants and cafes, two hotels, gyms, a gated promenade with luxury premium and retail wellness centers, all accompanied by a breathtaking outdoor landscape.
Vice-Chairman of Dar Al Arkan Properties, Ziad El Chaar, explained that the project aims to ensure that an environmentally friendly and sustainable approach is used with the building a mixed-use development in the area.