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AIDA Project
Overview
Establishing a mixed-use residential complex in Yiti, Muscat, on a total area of 3.5 million square meters, located 100 meters above the shores of the Sea of Oman. The project comprises 3,500 residential units including medium-sized villas, townhouses, and apartments, in addition to two hotels comprising 450 rooms, cafes and restaurants square, a gated promenade, stores and other amenities. The project will be developed in three stages at an estimated cost of SAR 9.015 million. The project is a joint venture between Dar Alarkan Real Estate Development Co. and Oman Tourism Development Co. (OMRAN Group).
Project Information
- Real Estate > Landlords and developers > Other Properties
- In Q4 2021, the company signed a memorandum of understanding (MoU) with OMRAN Group to develop the project.
- The company signed a SAR 6 billion partnership agreement with OMRAN Group to develop the project, expecting design works to start in Q1 2022.
- The company announced that the financial impact of project’s revenues is expected to show starting from 2027.
- In Q4 2022, the company announced the signing of an agreement between its subsidiary Dar Al Arkan Global and The Trump Organization to develop Trump’s signature residential villas, a hotel and a golf course in the project.
- In its 2022 board report, the company revealed that in March 2022, Yiti Tourism Development Company LLC, the developer of Yiti and Yenkit plots, and Dar Al Arkan Property Development SPC, entered into a development agreement under which Dar Oman, as a sub-developer will develop approximately 3.4 million sqm of land at Yiti and Yenkit.
- In its 2022 board report, the company revealed that the project is expected to be developed over 10 years with a plan to launch a phase every year. The last phase is expected to be completed in December 2034. The project is still in the permitting stage, with construction work is expected to start in H1 2023.
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In 2023 board report, the company revealed that the first phase of the project, consisting of 616 units, was launched in 2023. Infrastructure works are expected to commence in 2024. First phase is expected to be complete in 2027.
Owners
Related Parties
Financing Sources
Project Developments
A review of Dar Al Arkan projects, investors, board ownership changesArgaam Special20/04/2022
Dar Al Arkan Chairman expects total sales of $4.5 bln from Oman project, sees limited impact from higher interest ratesِArgaam21/11/2022
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