Dar Global secures NBO funding for landmark Oman project
MUSCAT, 28 days ago
Dar Global, the London-listed luxury real estate developer, said it has secured financing from the National Bank of Oman (NBO) to support the development of AIDA, one of the most ambitious and transformative real estate projects in the region.
The funding marks a significant milestone in the progress of the AIDA project, reinforcing its position as a landmark destination that will redefine luxury living in Oman, said Dar Global in a statement.
A joint venture with Omran Group, Oman’s leading entity for tourism development, AIDA seamlessly blends luxury golf, residential, and hospitality experiences.
With its opulent mansions, limited-edition villas, and sophisticated apartments, the project will further elevate Oman’s global standing as a premier destination for tourism, living, and investment, it stated.
CEO Ziad El Chaar said: "As a milestone project AIDA is not only slated to elevate the luxury real estate offering of Oman but also deliver tangible economic growth by attracting investment, creating jobs, strengthening the tourism and related sectors."
"Designed to blend seamlessly with Muscat’s natural beauty and cultural heritage, the project will further enhance the country’s position as a premium global destination. Securing financing from NBO pronounces strong endorsement of AIDA’s potential, marking a crucial step toward its successful realisation," he added.
Ghadeer Iqbal Al Lawati, the Assistant General Manager - Head of Project Finance & Syndication, said: "At NBO, we are committed to supporting transformative projects that drive economic growth and strengthen Oman’s position as a premier destination. We are proud to support Dar Global in bringing the AIDA project to fruition."
"This development is positioned to become a landmark destination, attracting tourists and investors alike, and contributing significantly to Oman's Vision 2040 objectives. AIDA reflects our confidence in its vast potential to elevate Oman’s global appeal and contribute to the nation’s long-term prosperity," he stated.
Strategically perched atop cliffs overlooking the Gulf of Oman, AIDA spans 3.5 million sq m, offering a blend of premium residences, world-class hospitality, and exceptional leisure amenities.
Among its signature attractions is the $500 million Trump International Oman, featuring a 140-key luxury resort and an 18-hole championship golf course designed to global standards, said Dar Global in its statement.
Additionally, the master-planned community includes the Marriott Residences, a $100 million development that embodies the hospitality giant’s renowned standards of sophisticated living.
The first phase of the project, set for completion by 2027, involves the design and construction of critical infrastructure, including roads, water and electricity networks, utility installations, drainage, and sewage systems, as well as the development of the surrounding road network within AIDA, it stated.
The Trump International Oman is scheduled to open in December 2028, it added.-TradeArabia News Service
