Dar Al Arkan, the Saudi-based real estate company, and Oman Tourism Development Company have signed an agreement to develop AIDA, one of the largest mixed-use real estate projects in the sultanate.
The project marks Dar Al Arkan’s first entry into Oman and the value of the investment from both parties will reach SR6 billion ($1.6 billion).
The project will be developed in three stages on an area of 3.5 million square metres, a statement said.
Through the partnership, Dar Al Arkan will develop a mixed-use project in Yiti and Yankat areas, as part of a large master development, situated 100m above the shores and overlooking the Sea of Oman in Muscat.
It will comprise 3,500 residential villas, townhouses, and low-rise apartments, two hotels of 450 rooms, a plaza filled with cafes and restaurants and a gated promenade with luxury retail and other amenities.
Ziad El Chaar, vice chairman of Dar Al Arkan Properties, said: “We are excited to become part of this unique project. Oman has always offered an exceptional experience for residents and tourists, and the development of Yiti and Yankat areas will further elevate the nation’s offering and position it as a world-class destination.
“AIDA sits atop one of the world’s highest peaks, a place where all the noise is quietened, composing a beautiful symphony. Overlooking one of the most breath-taking horizons in the world, will lie a place bubbling with inspiration.”
Hashil Bin Obaid Al Mahrouqi, CEO of Omran Group, added: “We are delighted to work with Dar Al Arkan on this master project that is being developed with world class expertise… The project is strategically designed as an extension to Muscat city to showcase the vision of progress and sustainable urbanisation.
“AIDA will become an attractive and sought-after destination with its many residential, entertainment, cultural, retail and recreational offerings that will put Oman on the regional and global tourism map, as well as drive foreign investment and stimulate key economic sectors that will help achieve Oman Vision 2040.”
The project is one of the largest urban developments in Oman, extending to a total area of over 11 million square kilometres.
Headquartered in Riyadh, Dar Al Arkan is fast-growing its portfolio across the kingdom and expanding its international footprint to Dubai, Qatar and Bosnia.
Source:https://www.arabianbusiness.com/industries/construction/saudis-dar-al-arkan-set-to-make-oman-debut-with-1-6bn-aida-project