The Sustainable Development & Investment Company has awarded Galfar the tender for “Construction for the Infrastructure, Grading, and Earthworks at the Sustainable City Yiti.
“The value of this project is RO9 million with an execution period of 15 months, effective from March 2, 2022. We take this opportunity to express our appreciation to Sustainable Development & Investment Company for the ‘ confidence vested in Galfar through the award of this project,” the press statement said.
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 masterplan 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.
“OMRAN Group’s partnership with Diamond Developers marks a major milestone in Yiti Development as we together begin the first phase of this integrated urban destination in Muscat. 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 multi-fold, lucrative investment opportunities in the country in line with Oman Investment Authority’s directions in realising the ambitious goals of Oman Vision 2040 and supporting the delivery of the National Tourism Strategy,” said Hashil Bin Obaid Al Mahrouqi, CEO of OMRAN Group.
“We are delighted to collaborate with Diamond Developers as they are one of the leading and reputable companies in building sustainable cities in the region. Their approach is in line with our vision of adopting the foundations of placemaking and harnessing sustainability in all aspects of the development.” Al Mahrouqi added.
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. Visitors and residents alike will enjoy a variety of unique lifestyle experiences, including restaurants, cafés, shops, and an equestrian center, a farm along with other distinctive components that create a meaningful green-living environment. The two sides announced that full details of the project will be revealed at the official launch ceremony later this year.
