Majid Al Futtaim to build Oman's largest development at a value of $13bn
OMRAN, Majid Al Futtaim have entered into a joint venture to develop a mixed-use community that will serve as a new urban centre for Muscat
Oman Tourism Development Company (OMRAN) and UAE-based Majid Al Futtaim have entered into a joint venture to develop a mixed-use community that will serve as a new urban centre for Muscat.
Located in the western area of Madinat Al Irfan, the project spans over 4.5 million square metres. The joint venture project investment value is estimated at $13bn (OMR5bn) over a period of 20 years and is anticipated to create more than 30,000 direct and indirect jobs in the country.
Madinat Al Irfan is the Sultanate’s largest urban development project and is set to contribute to Oman Vision 2040.
HE Dr Ali bin Masoud Al-Sunaidy, chairman of OMRAN, siad: “The development of Madinat Al Irfan is a great addition to Muscat and reflects the vision of His Majesty Sultan Qaboos bin Said to diversify the Omani economy.
“The benefits to the local economy and tourism are already being realized, but it will also bring great economic and social benefit to the whole of the Sultanate.
“The overall scale of the project is unprecedented and directly aligns with the government’s vision to invest in sustainable developments to strengthen and diversify the economy of Oman for the future generations.”
Majid Al Futtaim will be responsible for managing the development of all assets as part of the western area of Madinat Al Irfan.
The project is scheduled for delivery in 2023 and will be completed over three stages.
Madinat Al Irfan will feature more than 11,000 residential units comprising villas, townhouses and apartments, 100,000m2 of retail space, 700,000m2 of office space, and a number of cultural and lifestyle offerings.
Hawazen Esber, chief executive officer of communities at Majid Al Futtaim – Properties, said: “Our long-standing commitment to this country has led us to invest OMR705m and create employment opportunities for more than 42,000 people.
“We are Oman’s largest non-energy Gulf investor and a long-term contributor to the local economy. We are pleased to partner with OMRAN to unveil our second mixed-use development in the Sultanate and to be part of what is set to be the largest development in Oman, and we look forward to bringing this exciting new community to life, while contributing to Oman’s future growth.”