Oman Yiti Phase IV Tourism Residential Project Signed with OMR 78 Million Investment

en.Wedoany.com Reported - On October 13, Oman Tourism Development Company OMRAN Group signed a development agreement with Aurelian Development for the Yiti Hills and Oases project, with an investment scale of OMR 78 million, approximately USD 203 million. The project is located within the master plan of Yiti Integrated Tourism Development, covering an area of approximately 200,000 square meters, and is planned to include a five-star luxury resort hotel and 490 residential units, constituting the fourth phase of the integrated tourism development project.

Under the agreement, Aurelian Development will oversee the design, construction, marketing, and sales management of Yiti Hills and Oases. The project adopts a mixed hotel and residential development model, with 490 residential units planned for the residential component and five-star resort facilities for the hotel component, with both asset types incorporated into the approximately 200,000-square-meter development area.

Yiti Hills and Oases is located within the Phase IV planning area of Yiti Integrated Tourism Development. OMRAN Group is responsible for driving the overall project development and, through signing a separate development agreement with Aurelian Development, has determined the implementing entity and development scale for this phase. The agreement dated October 13 specifies Aurelian Development's management responsibilities in the design, construction, and sales stages.

On the same day, OMRAN Group also signed two residential development agreements with Grova Developments, a subsidiary of Hassan Allam Holding, for the first phase of Madinat Al Irfan, valued at OMR 29 million and OMR 15.5 million respectively, totaling OMR 44.5 million. Together with the Yiti Hills and Oases project, the total development and investment value of the three agreements exceeds OMR 122 million, approximately USD 318 million. The two residential projects at Madinat Al Irfan will be constructed by Hassan Allam Construction, with separate agreements signed from the Yiti project.