Yiti Plaza SC

pending

IFC is considering a US$200 million debt financing package to Sustainable Development Investment Company (the “Company” or “SDIC”) which will comprise an (i) A loan of up to US$100 million from IFC’s own account, and (ii) the rest to be mobilized from parallel/B lenders. SDIC is a joint venture between SEE Holding Limited (“SEE Holding”), a leading Middle East sustainable developer of residential and retail real estate assets, and Oman Tourism Development Company (“OMRAN”), the Oman Investment Authority for tourism and heritage. SEE Holding is a Dubai-based real-estate development company specializing in the construction and management of residential districts with a low carbon footprint. SEE Holding has so far developed sustainable cities in Dubai, Sharjah and Abu Dhabi, and is finalizing construction of the sustainable city in Muscat. The sustainable cities’ design and operational philosophy aim to create mixed residential-commercial urban districts that are self-sufficient in terms of energy, water and waste management, with medium to long term objectives of achieving a zero-carbon footprint of all construction and subsequent activities within the cities. OMRAN is the Oman Investment Authority for tourism and heritage and is SEE Holding’s partner for the development of The Sustainable City – Yiti in Oman (“TSCY”). OMRAN oversees the development of hospitality infrastructure throughout the country, including the Omani Riviera, a 11,000,000 m2 mixed development to the East of Muscat, which includes TSCY. SDIC is a joint venture of OMRAN (50%) and SEE Holding (50%), created to develop TSCY. TSCY is a mixed residential and commercial development extending over approximately 100 hectares in proximity of the Yiti village, approximately 40 km East of Muscat. TSCY includes a marina, two hotels, 132 serviced apartments, 300 houses, and the Plaza District, which consists of 17 buildings with 1,225 apartments, approximately 13,400 m2 of office space, and approximately 14,600 m2 of commercial space. TSCY also includes shared services (water desalination plant, waste management plant and associated biogas-fueled thermal plant, solar photovoltaic power generation systems, wastewater treatment plant, district cooling, and general urban infrastructure) and facilities for use by residents and non-residents of the TSCY, such as a mosque, a school, sport facilities, a public beach, an equestrian center and an autism center. Construction of TSCY started in 2021 and completion of all residential units, hotels and shared infrastructure is planned for the end of 2027. The land allocated to TSCY had previously been earmarked for development in 2007 and extensive coastal defense and surface water management works had been carried out as part of such development, which was, however, abandoned in 2010 for commercial reasons. The financing package will be utilized to fund the completion of the construction of the Plaza District, encompassing apartments, commercial and retail spaces (the “Project”) within TSCY.SDIC has contracted several general construction contractors to develop the individual units that make up the TSCY. General infrastructure works and the construction of Plaza District are being carried out by a Construction Contractor that is one of the largest engineering and construction companies in the country, operating in multiple sectors, including civil construction, infrastructure development and oil & gas.