Dar Alarkan Plans to invest $2 Billion in Real Estate Project in Oman

Dar Al-Arkan Real Estate Development Company intends to enter into a long-term joint investment of $2 billion to develop a real estate tourism project in the Sultanate of Oman over a period of time10 years, the company’s Chairman of the Board of Directors Yousef bin Abdullah Al Shelash said in a TV interview.

This step of the joint venture with the Omani Company for Development and Tourism (Omran) is in line with the company’s strategy to participate in investing in the tourism sector because of this sector’s strategic importance and its direct connection with Vision 2030.

The company clarified that the memorandum of understanding does not include any financial impact, and that the duration of the project ranges from 7 to 10 years. The joint project investment volume is expected to reach $2 billion. Any further developments in this regard will be announced later.

As stated in the television interview, by inquiring about Dar Al-Arkan’s plans to deal with digital currencies inside the Kingdom, Al Shelash said that a request has been submitted to the competent authorities and we are seeking to obtain approvals soon and to reach procedures for using these currencies in small amounts.

The company would like to clarify that this statement refers to the company’s assets outside the Kingdom, as there is currently no trading digital currencies inside the Kingdom.