Name of borrower: Yiti Sustainable City
Amount: $162 million
Tenor: Unspecified
Underwriter: Ahli Islamic
Date: November 2023
Yiti is a sustainable city developed by Diamond Developers and the Oman Tourism Development Company with a commitment to carbon neutrality by 2040. It secured its first round of financing via this deal. Proceeds are expected to help minimise the project’s carbon footprint and underscore its role in promoting urban development in Oman.
With a total investment value nearing $1 billion to date, the project helps support Oman’s vision for sustainable tourism, while contributing to the country’s environmental preservation and economic diversification plans.
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