Sustainable Development & Investment Company, a joint venture between Oman Tourism Development Company (Omran Group) and Diamond Developers, a leading developer of sustainable communities, has awarded a contract for the construction of plaza, commercial, residential & office buildings at the proposed US$ 1bn Yiti sustainable city project.
The contract, the value of which is approximately US$ 195M the equivalent of 75M Omani riyals, was awarded to Galfar Engineering & Contracting W.L.L Emirates, a multi-discipline engineering and construction company that is engaged in major EPC projects in oil & gas and other sectors including civil, mechanical, electrical and instrumentation works.
Scope of the recent Yiti sustainable city contract
The contract covers the construction of a total number of 1,657 homes as well as 300 villas, that have been designed to be energy-efficient. It also covers the development of several facilities and amenities including schools, shops, and a center for horse riding. A “SEE lab” that will showcase the latest advancements and trends in green technology will also be developed under this contract.
The developer plans two more development phases that will reportedly be announced later this year.
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The announcement for the contract in question was made by Galfar in a filing to the Muscat Stock Exchange. The company commented that such contracts were essential in boosting the company’s endeavors concerning expansion plans. The company also acknowledged that winning the contract is a significant milestone when it boils downs to magnifying the company’s revenues.
