Saudi Dar Alrkan, Oman’s Omran partner in $1.6bn deal to bolster tourism

RIYADH: Saudi real estate developer Dar Alarkan has partnered with the Omani Tourism Development Co. in a deal estimated at SR6 billion ($1.6 billion) to bolster tourism.

The ten-year deal will involve developing a real estate project in three stages over an area of 3.5 million square meters in Muscat, Oman, according to a bourse filing.

Dar Alarkan said the transaction is expected to impact its financial statements starting from 2027.

The joint venture comes in line with the Saudi-based company’s plans to invest more in the tourism sector.