Real-estate developer DarGlobal and Art District Real Estate Development have partnered to develop Marine, Art & Digital District (MAD) in Muscat, Oman.
The project will cover more than 1.5 million square metres along Oman鈥檚 coastline with an estimated gross development value of OR1.6bn ($4.2bn).
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Construction and development are scheduled across multiple phases during the next 12 years.
The district aims to combine residential properties, hospitality facilities, cultural spaces, retail outlets, business parks, marinas, and hotels within one integrated location.
DarGlobal CEO Ziad El Chaar said: 鈥淢AD represents a defining step in how Oman鈥檚 coastline will be experienced and how its future economy will emerge.
鈥淭ogether with Art District Real Estate development, we are building a destination that goes beyond real estate to empower enterprise, attract global talent, support cultural production and unlock new economic value. MAD is a new gateway for Oman, one inspired by the sea and shaped by innovation.鈥�
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By GlobalDataMAD is set to support Oman鈥檚 ongoing economic diversification strategy by focusing on expanding the domestic culture, tourism, technology, finance, and investment sectors.
Planned features of the coastal destination include areas for international art exhibitions, digital business incubators, a financial centre, and a programme of cultural events throughout the year.
The developers have stated that MAD will provide infrastructure to support property transactions and business operations through digital licensing and asset exchanges.
These measures are intended to attract foreign investors and entrepreneurs while enabling new business models linked with property ownership and digital enterprise, said DarGlobal.
鈥淢AD is an ecosystem where creators, innovators and investors meet; not only to live or visit, but to participate. That participation defines the future of real estate, and we are proud to shape it in Oman,鈥� added El Chaar.
DarGlobal鈥檚 portfolio spans 14 cities from London to Dubai and nine countries. The company revealed last month that its total international development pipeline surpassed $19bn across several markets.
In September, it purchased 28,800m虏 of land for a mixed-use project in Jeddah, Saudi Arabia.
