Dar Al Arkan, OMRAN Group sign deal to develop SAR 6 bln project in Muscat

Signing the agreement ceremony

Dar Al Arkan, a Saudi-based real estate developer, and Oman Tourism Development Co. (OMRAN Group) - the executive arm of Oman’s tourism development, signed a partnership agreement to co-develop SAR 6 billion “AIDA” project, the companies said in a joint statement.

The AIDA project, a mixed-use real estate project located in the Yiti area of Muscat, marks Dar Al Arkan’s first entry into Oman. It aims to drive the development of the property market and support the growth of Oman’s real-estate sector in line with Oman Vision 2040.

The project will be developed in three stages on an area of 3.5 million square meters.

Under the partnership, Dar Al Arkan will develop a mixed-use project in Yiti and Yankat areas, situated 100 meters above the shores and overlooking the Sea of Oman in Muscat. It will comprise 3,500 residential units of medium-sized villas, townhouses, and low-rise apartments, in addition to two hotels of 450 rooms, a plaza filled with cafes and restaurants, a gated promenade with luxury retail and other amenities.