The state-owned Oman Tourism Development Company (Omran Group) has formed a joint venture with Dubai’s Diamond Developers for the $1bn first phase of the 90ha Yiti tourism project.
This phase will include green spaces, residential units and tourist attractions as well as shops, schools, an equestrian centre and a farm. The final two stages of the scheme will be announced later this year.
Faris Saeed, Diamond Developers’ chairman, 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 environment.
“Over the past decade, we have gained and harnessed invaluable knowledge to set new standards for building sustainable and resilient cities with the highest standards to achieve a carbon-neutral future that also suits the local culture, environment and economy.”
Late last year it was announced that the $1bn Al Sahel resort would be built near the small fishing town of Qurayyat by a joint venture between Al Madina Real Estate and engineering outfit Fadhaa al Khaleej.