Riyadh – Dar Alarkan Real Estate Development Company has signed a 10-year contract with Omani Tourism Development Company at a total value of SAR 6 billion.
The Saudi company will develop a project in three stages in the Yiti area of Muscat in Oman, according to a bourse filing on Sunday.
The mixed-use development will span an area of 3.50 million square metres.
Dar Alarkan pointed out that the financial impact of the project is expected to reflect starting from 2027.
The joint venture between the Saudi and Omani companies comes in line with investing more in the tourism sector given its importance to the Saudi Vision 2030.
It is worth noting that in the first nine months (9M) of 2021, the Saudi listed firm registered net profits after Zakat and tax worth SAR 76.13 million, an annual jump of 1,717% from SAR 4.19 million.
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