Sustainable Finance

Oman Launches $1 Billion Sustainable Tourism in Yiti City

Published on: 2 April 2022 07:10 PM
by KnowESG

OMRAN Group, a tourism development company, commemorated the launch of 'The Sustainable City – Yiti' in association with Diamond Developers, a leading company in developing sustainable communities, with an investment worth $1 billion.

The project aims at bringing more tourists to Muscat. The first phase of investment entails 1657 energy-efficient residential units and 300 villas. It also includes shops, schools, horse-riding facilities and the SEE lab to display the latest green technology. The final two stages of the project will announce later this year.

The Omran Group says the city will be the first of its kind in the Gulf state to meet global best practices in sustainable development. The project will facilitate energy generation from solar and biogas by 2025, grow vegetables, recycle waste and water, and establish a car-free zone where only autonomous shuttles are allowed.

The city is located in a picturesque landscape where one could experience the beauty of mountains and sea.

Mohammed Salim Al Busaidi, chairman of Oman Tourism Development Company, said: "As it’s being developed within one of the largest urban developments in the Middle East, it will open avenues for numerous lucrative investment opportunities for both local and international investors in line with the directions of the Oman Investment Authority.”

Faris Saeed, chairman of Diamond Developers, said: "The city would be “a working model for future cities”, in particular its use of sustainable energy, vertical farming, humidity harvesting and autonomous transport.