Al Raid boss says Oman mall developers 'complement each other'
The potential to grow Oman's retail sector remains high, vice chairman Shaikh Raid bin Abdullah al Araimi told Construction Week
Rather than engaging in completion, mall developers in the Omani market “complement each other” given the scope for growth in the country’s retail sector, the vice chairman of Al Raid Group told Construction Week.
“I think we work very closely with hand in hand to create a very strong customer experience,” Shaikh Raid bin Abdullah al Araimi said, when asked how the Al Raid Group’s latest mall – the 7ha Al Araimi Boulevard in Muscat – fits into Oman’s current retail landscape, which already counts mall development heavyweight Majid Al Futtaim as a leading player.
“At Al Raid, we do not really focus on competition as much as we focus on new markets based on innovation and added value,” he said, adding that “the retail market in Oman requires more malls to be developed”.
“The international standard for retail space if 20ft2 per capita. In Oman it currently stands at 9-10ft2 per capita. The US alone has 60ft2 per capita, so Oman still has huge potential for new malls to open. Therefore, mall developers have scope to work to complement each other.”
Featuring a glass atrium, as well as a skylight spanning 5,190m2, Al Arami Boulvard is located in Muscat’s Al Khoud locality near Muscat International Airport.
Is it touted to become Oman’s largest shopping mall once it opens later this year.
Majid Al Futtaim, which boasts one of the region’s largest portfolio’s of mall and retail space, opened City Centre Muscat in 2001. It was the Sultanate’s first retail mall, which now totals 70,484 m2 attracting 10.2 million visitors annually.