The International Finance Corporation (IFC), the World Bank Group’s private sector investment arm, is supporting the Plaza District at The Sustainable City – Yiti in Muscat through an Islamic green financing facility. The investment will help develop residential units, commercial spaces and community services within a low-resource urban environment.
The deal is International Finance Corporation’s first real estate investment in Oman and adds international financial backing to a project designed to bring housing, workplaces, retail, healthcare and education together in one community.
A International Finance Corporation Community Designed for Everyday Life
The Plaza is planned as the social and commercial heart of The Sustainable City – Yiti. The district will include 19 buildings with 1,225 residential units, along with offices, retail outlets, schools, healthcare facilities and other community services.
By combining these facilities in one area, the development aims to create more than a residential neighbourhood. It is intended to become a shared destination where residents, businesses and visitors can access essential services while contributing to the community’s economic and social activity.
The wider development is being built by the Sustainable Development Investment Company (SDIC), a joint venture between OMRAN Group and SEE Holding. Once completed, The Sustainable City – Yiti is expected to accommodate more than 10,000 residents and support around 2,200 direct and indirect jobs.
Focus on Energy and Water Efficiency
The Sustainable City – Yiti is being developed as a low-carbon urban community with a target of achieving net-zero emissions by 2040. Its design includes renewable energy, water recycling, circular waste management, local food production, clean transportation and infrastructure designed to withstand climate-related challenges.
All buildings within the Plaza are expected to achieve EDGE Advanced certification, reflecting their focus on resource efficiency. The project is projected to save more than 6,000 megawatt hours of energy and over 80,000 cubic metres of water each year.
Supporting Oman’s Vision 2040
SEE Holding Founder and Chairman Faris Saeed said the financing represents an important milestone for the development and reinforces the company’s commitment to creating an integrated destination combining residential, commercial, hospitality and lifestyle offerings.
SDIC Chairman Saif Sulaiman Al Yarubi also highlighted the project’s potential to create long-term value for residents, investors, visitors and Oman.
According to Abdullah Jefri, International Finance Corporation Division Director for the Gulf Cooperation Council, the project shows how urban developments can address housing demand while advancing sustainability goals. The investment also supports the World Bank Group’s priorities in Oman by promoting job creation, economic diversification and sustainable growth in line with Oman Vision 2040.
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