Dubai's Diamond Developers signs up for $1b mixed-use project in Muscat
Diamond Developers enters JV with Omran group for first phase of Yiti development
Dubai: The developer behind Sustainable City communities in Dubai and Sharjah is putting its stamp on a project in Muscat. Diamond Developers will build the first phase of the Yiti Tourism project in Oman, with an investment value of around $1 billion.
This follows a deal struck with Oman Tourism Development Co. (Omran Group) and sees the setting up of a joint venture – the Sustainable Development and Investment Company.
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 community that promotes sustainable living. Full details of the project will be revealed at the official launch ceremony later this year.
“The signing further attests to Omran Group’s strategic vision in expanding the nation’s tourism sector and continuing to play a pivotal role as a catalyst and enabler of lucrative investment opportunities in the country,” said Hashil Bin Obaid Al Mahrouqi, CEO of OMRAN Group.