Majid Al Futtaim to add $1.3bn in Oman by 2020
The UAE developer's total Oman investments will be worth $1.8bn by 2020, and will include the $714m Mall of Oman and $116m City Centre Sohar
Majid Al Futtaim, the UAE firm with mall, retail, and leisure developments across the Middle East, revealed its total investment in Oman by 2020 will amount to $1.8bn (OMR705m).
This information came on the heels of the developer's announcement stating its Oman investments by 2020 will be increased by $1.3bn (OMR515m).
Its portfolio in the Sultanate will include Mall of Oman, worth $714.2m (OMR275m); City Centre Sohar, valued at $116.8m (OMR45m); and, My City Centre Sur, estimated to cost $39m (OMR15m).
Additional investments, worth $467.5m (OMR180m), will also be made through Majid Al Futtaim's leisure and entertainment businesses, such as Magic Planet, Carrefour, and Vox Cinemas.
Mall of Oman, expected to open in 2020, will feature a 137,000 sqm retail space, as well as Oman's largest snow park.
A 13,200 sqm Carrefour-branded hypermarket, and a 292-key hotel, will also be developed as a part of the mall's total offering.
City Centre Sohar will span 40,000 sqm, and is due to open in 2018.
My City Centre Sur, set for a 2017 opening, will comprise 16,500 sqm of retail space, and include a Magic Planet outlet as well.
Through all these developments, Majid Al Futtaim expects to create 42,000 direct and indirect job opportunities in the country over the next five years.
Muscat's City Centre Qurum shopping mall, which opened in 2008, is also being expanded by the developer.
Revamped facilities will include the introduction of the Centrepoint shopping store, and additional car parking spaces.
Majid Al Futtaim is also working on the next phase of Al Mouj, Muscat, a mixed-use waterfront development in the Sultanate.