Dar Global, the London-listed luxury real estate developer, said on Sunday that it will develop a large-scale mixed-use coastal destination in Oman under the name MAD – Muscat Marine, Art & Digital District in partnership with local firm Art District Real Estate Development.
The project, located along Oman’s coastline, will span more than 1.5 million square metres and (sqm) carry an estimated gross development value (GDV) of about 1.6 billion Omani riyals ($4.2 billion) across all phases, the company said in a statement.
The full development is expected to be delivered over a 12-year period.
According to the press statement, MAD will integrate luxury residential communities, cultural venues, world-class marinas, curated retail, next-generation finance and business parks, and premium hotels. It will also integrate a district-wide digital economy with digital licensing, asset exchange, and ecosystem rewards.
The statement did not disclose detailed construction timelines or funding structures for the project but said it will target affluent travelers, global investors, art collectors, tech founders and creative entrepreneurs by offering live-work-play environments within a single integrated waterfront ecosystem.
Dar Global is also developing the 3.5 million sqm AIDA mixed-use project in Muscat in a joint venture with Omran Group.
(Writing by SA Kader; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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