IFC Backs First Sustainable Community in Oman with $100 Million Green Facility
IFC signs OMR 38.5 million Islamic green facility with SDIC to support Plaza District in The Sustainable City – Yiti, Muscat, Oman's first such community.
The story in focus
IFC has signed an OMR 38.5 million (US$100 million) Islamic green finance facility with SDIC to support the Plaza District in The Sustainable City – Yiti, Muscat. The project aims to deliver 1,225 apartments and commercial space, with the wider city targeting net-zero emissions by 2040 and over 10,000 residents.
- IFC's first real estate investment in Oman is an OMR 38.5 million (US$100 million) Islamic green facility for the Plaza District.
- The Plaza District will comprise 19 buildings with 1,225 residential units plus office, retail, school and healthcare space.
- The wider Sustainable City – Yiti is expected to house over 10,000 residents and create about 2,200 direct and indirect jobs.
Financing structure and purpose
The International Finance Corporation, the World Bank Group's private-sector arm, has signed an OMR 38.5 million (US$100 million) Islamic Finance Green facility with the Sustainable Development Investment Company (SDIC), a joint venture between OMRAN Group and SEE Holding. The facility is designated exclusively for the Plaza District development within The Sustainable City – Yiti in Muscat.
According to IFC, an Islamic Green Finance Facility provides Sharia-compliant financing for verified environmental projects under Green Loan Principles. IFC said the financing supports international financing into Oman and demonstrates innovative green Islamic finance structures to mobilize additional private capital. The deal marks IFC's first real estate investment in Oman.
Development scope and sustainability targets
The Plaza District is planned as the social and commercial heart of the city, comprising 19 buildings with 1,225 residential units, alongside office and retail space, schools, healthcare and social facilities. All buildings are expected to be EDGE Advanced certified, with anticipated annual savings of over 6,000 megawatt hours of energy and over 80,000 cubic meters of water.
The wider Sustainable City – Yiti is designed as a low-carbon urban community with renewable energy, water recycling, circular waste systems, local food production, clean mobility and climate-resilient infrastructure. It is expected to serve more than 10,000 residents and create approximately 2,200 direct and indirect jobs, with a net-zero emissions target by 2040. The investment aligns with World Bank Group priorities in Oman on job creation, sustainability and economic diversification under Oman Vision 2040.
What is the size and purpose of IFC's financing for The Sustainable City – Yiti?
IFC signed an OMR 38.5 million (US$100 million) Islamic green facility with SDIC to exclusively support the Plaza District, which includes 1,225 residential units and commercial space in Muscat.
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