The agreement was signed by Faris Saeed, chairman of Diamond Developers, and Hashil Bin Obaid Al Mahrouqi, CEO of Omran Group

Diamond Developers recently signed a partnership agreement with the Oman Tourism Development Company (Omran Group) for the development of the first phase of Yiti Tourism Masterplan.

In conjunction with this partnership, a joint venture called Sustainable Development and Investment Company (SDIC) has been established for the execution of the project.

According to a press statement, the Yiti Tourism Masterplan has an investment value of approximately AED3.7bn (US$1bn).

“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.” Mahrouqi added.

The first phase of the Yiti project, which covers 900,000sq m, 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.

Further details about the project will be revealed at the official launch ceremony later this year, the release stated.

Faris Saeed, chairman of Diamond Developers, said, “We are very excited to join hands with Omran to execute our first project in Oman, and to work together on preserving the sultanate’s rich natural environmental resources in accordance with the best global green practices. Over the past decade, we have gained and harnessed invaluable knowledge from our working proof-of-concept, which we are leveraging to set new standards for building sustainable and resilient cities with the highest sustainable standards to achieve a carbon-neutral future that also suits the local culture, environment, and economy.”