The Oman Tourism Development Company (OMRAN Group) has entered into a development partnership agreement with Diamond Developers, a major real estate development company. The agreement entails the development of the first phase of the Yiti Tourism master plan, with an investment value of approximately USD 1 billion.
In conjunction with this partnership, a joint venture called Sustainable Development and Investment Company (SDIC) S.A.O.C has been established to carry out the execution of this phase.
The first phase of the Yiti project, which covers 900,000 square meters, will focus on constructing a fully sustainable mixed-use project, the sultanate’s first-of-its-kind community that promotes sustainable living. The first phase will include green public spaces, residences, tourism, commercial and educational facilities, all with well-balanced and integrated components.
The Yiti masterplan is one of Omran’s largest integrated urban destinations. The development aligns with Omran Group’s role toward supporting the local economy and forging solid partnerships with leading regional and international developers.
Furthermore, the development will bring significant in-country value to the community, tapping into local talent, promoting innovation and providing opportunities to grow local markets. The first phase is expected to generate 900 direct and indirect jobs and many business prospects for local businesses and SMEs.
