Saudi Arabia-based Dar Al Arkan and Oman Tourism Development Company (OMRAN Group) have signed an agreement at Expo 2020 Dubai to develop AIDA, one of the largest premium, mixed-use real estate projects located in the Yiti area in Muscat.
It marks Dar Al Arkan's first entry into Oman to drive the development of the property market and support the growth of Oman's real estate sector in accordance with Oman Vision 2040. The investment value from both parties will reach SR6 billion ($1.6 billion), and will be developed in three stages an area of 3.5 million square meters (37.7 million square feet).
Through the partnership, Dar Al Arkan will develop a mixed-use project in the Yiti and Yankat areas, 20-minutes from downtown Muscat, situated 100 meters (328 feet) above the shores and overlooking the Sea of Oman in Muscat, comprising of 3,500 residential units, two hotels, a plaza with cafes/restaurants, a gated promenade with luxury retail and more.
“Oman has always
