Dar Al Arkan issues clarification on Oman project, usage of digital currencies

Logo of Dar Al Arkan Real Estate Development Co.

Dar Al Arkan Real Estate Development Co. issued a clarification on the statement of the Chairman of the board of directors, Yousef Al-Shelash, saying in a TV interview, on Dec. 16, that the company intends to enter into a long-term joint investment of $2 billion to develop a real estate tourism project in Oman over a period of 10 years.

The developer said in a bourse statement that this step of the joint venture (JV) with Omani Company for Development and Tourism (Omran) is in line with the company’s strategy of investing in the tourism sector because of its strategic importance and its direct connection with Vision 2030.

The memorandum of understanding (MoU) does not include any financial impact, and the duration of the project ranges from seven to 10 years.

The project investment volume is expected to reach $2 billion. Any further developments in this regard will be announced later.

A request was submitted to the competent authorities and the company is seeking to obtain approvals soon and to reach procedures for using digital currencies in small amounts. The statement refers to the company's assets outside the Kingdom, as there is currently no trading of digital currencies in the Kingdom.

According to data compiled by Argaam, Al-Shelash said in a recent interview that the developer is awaiting the regulatory approvals required for using digital currencies in the purchase and sale of real estate assets.

The company also plans to invest $2 billion in a real estate tourism project in Oman over 10 years.

Recently Omran Group signed a MoU with the company on a tourism project on Yitti beach.