OMRAN Group Signs Yiti-Yenkit Development Agreement with the Ministry of Heritage and Tourism
12 September 2021
Continuing to maximise the potential of Oman’s promising tourism landscape and the national economy, Oman Tourism Development Company (OMRAN Group) – the executive arm of the Sultanate for tourism development – has signed a development agreement with the Ministry of Heritage and Tourism to establish Yiti- Yenkit development in the Governorate of Muscat.
The development agreement was signed by His Excellency Salim bin Mohammed Al Mahruqi, Minister of Heritage and Tourism, and Eng. Mohammed bin Salim Al Busaidi, Chairman of OMRAN Group, at the Ministry’s headquarters in Muscat, and in the presence of a number of officials from both sides.
The strategically planned Yiti-Yenkit project is one of the largest urban developments that will be established in the Sultanate, extending over a total area of 11 square kilometers. Surrounded by unique aspects of Oman’s natural wonders – sandy shores, majestic mountains, hills and valleys that extend over the topography, the development benefits from its pristine location overlooking the Sea of Oman, which creates further competitive advantages to the destination.
The approved master plan of the development adopts sustainability as a governing framework in all economic, social, cultural, and environmental aspects, to support its position as an integrated and vibrant destination within the social fabric of the city of Muscat. Furthermore, the urban master plan of this mixed-use development focuses on the foundations of placemaking, while enhancing the possibilities and opportunities to develop its tourism, residential, entertainment, commercial and community components in a comprehensive and thoughtful manner, in addition to attracting investments in line with the objectives of Oman Vision 2040 and the National Tourism Strategy.
Speaking at the occasion, His Excellency Salim bin Mohammed Al Mahruqi, Minister of Heritage and Tourism, said: “The signing of the development agreement of Yiti-Yenkit with OMRAN Group comes as a translation of the directions set in the National Tourism Strategy 2040, which is to enhance the tourism offerings in the Sultanate and the level of competitiveness of the sector by creating unique tourism opportunities and experiences in the most prominent tourist sites. We believe that such unique tourism experiences in the most prominent sites, will certainly strengthen the efforts of this vital sector in achieving the goals entrusted in Oman Vision 2040, which is to promote the contribution of non-oil sectors to the GDP, and attract foreign direct investments to Oman.”
Eng. Mohammed bin Salim Al Busaidi, Chairman of OMRAN Group, said. “This development reaffirms the pivotal role played by OMRAN Group in laying the foundations of tourism development and transforming important touristic sites into integrated destinations based on an overarching vision and strategic planning, aimed at advancing the growth of this sector. OMRAN Group’s accelerated growth mechanism seeks to maximize opportunities and increase the sector’s contribution to the national GDP, create a fertile environment to attract investment, and adopt the best development practices to create sustainable destinations.”
At the onset, OMRAN Group intends to implement the development in four different phases according to the urban master plan for each phase. Each of these will be presented to local and international investors urging them to participate in the development of the project’s various phases. The Group also envisions to form development partnerships and work closely with the private sector to establish this project, as well as explore new opportunities to attract foreign direct investments, thus achieving abundant economic and social returns, creating job opportunities in various fields, and generating business opportunities for SMEs.
OMRAN Group plays a crucial role in the development of the growing tourism sector in the Sultanate, in accordance with the Oman Investment Authority’s directions and policies to achieve the objectives of Oman Vision 2040, focusing on developing sources of economic diversification, enhancing non-oil revenues’ contribution to national GDP and attracting foreign direct investment (FDI) to the Sultanate. In addition, OMRAN Group develops tourism projects and assets, complexes and unique destinations that integrate with the value chain in this dynamic sector. The Group has formed multiple development partnerships with global and regional partners to develop mixed-use projects and integrated tourism complexes and further seeks to pave the way for global partners with considerable experience in tourism and real estate development sector to participate in achieving these goals.