Dar Global launches $4bn city project in Oman
- Major coastal development
- Aims to lure investors and entrepreneurs
- Includes homes, marinas and hotels
The creation of a “multi-destination city” in Oman has been announced as part of the country’s plan to attract global investors and talent.
Dar Global, the Saudi Arabian London-listed real estate developer, and Art District Real Estate Development will partner to develop Muscat Marine, Art & Digital District (MAD), which will house luxury residential communities, cultural venues, marinas, retail outlets, finance and business parks and premium hotels.
Located along the sultanate’s coastline, the project covers over 1.5 million square metres. It will cost OMR1.6 billion ($4.2 billion) to develop and take 12 years to complete.
The city is targeting affluent travellers, global investors, art collectors, tech founders and creative entrepreneurs, Dar Global said in a statement.
International art exhibitions and other global events will be held there, said Dar Global CEO Ziad El Chaar.
No details were given about the project’s funding.
Last month the developer announced the appointment of the main contractor for the SAR2 billion ($531 million) Trump Tower on the Jeddah Corniche.
Further reading:
- Dar Global acquires land for luxury scheme in Jeddah
- Ziad El Chaar interview: ‘Why are Arabs not allowed to dream?’
- Dar Global targets Saudi expansion after land deals
El Chaar told AGBI that the developer will build 3,000 units in Saudi Arabia by 2030 and is accelerating its global expansion. This includes a luxury tokenised resort in the Maldives in partnership with the Trump Organization.
It has properties with a total gross development value of $19 billion across 14 cities in the GCC, UK, Spain, Greece and Bosnia.
Dar Global, a subsidiary and global development arm of Saudi-listed developer Dar Al Arkan, announced in March it was upgrading a Trump Organization golf course in Oman to championship level and expanding an adjacent $4 billion luxury gated community project.
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