DarGlobal launches $4.2bn coastal destination project in Muscat

Core Insights - DarGlobal and Art District Real Estate Development have partnered to develop the Marine, Art & Digital District (MAD) in Muscat, Oman, covering over 1.5 million square meters with a gross development value of OR1.6 billion ($4.2 billion) [1][2] - The project aims to create an integrated location combining residential, hospitality, cultural, retail, and business facilities, supporting Oman's economic diversification strategy [2][3] Group 1 - The MAD project will be developed in multiple phases over the next 12 years [1] - The district will feature international art exhibitions, digital business incubators, a financial center, and a year-round program of cultural events [4] - The initiative is designed to attract foreign investors and entrepreneurs, fostering new business models related to property ownership and digital enterprises [5] Group 2 - DarGlobal's portfolio includes developments in 14 cities across nine countries, with an international development pipeline exceeding $19 billion [6] - The company recently acquired 28,800 square meters of land for a mixed-use project in Jeddah, Saudi Arabia [6] - The CEO of DarGlobal emphasized that MAD will empower enterprise, attract global talent, and unlock new economic value for Oman [3][5]