Omran, Majid Al Futtaim ink $13bn JV for Muscat mega project – ITI

2018-06-30T19:29:57+00:00 June 30th, 2018|

Oman Tourism Development Company (OMRAN) and Majid Al Futtaim on Wednesday announced a partnership to develop the western area of Madinat Al Irfan.

The OR5 billion ($13 billion) joint venture between the executive arm of the Government of Oman for the development of the tourism sector and the UAE-based retail giant will see the development of a mixed-use community that will serve as the new urban centre for Muscat.

Madinat Al Irfan is the sultanate’s largest urban development project and is set to contribute to Oman Vision 2040.

Upon completion in three key stages, Madinat Al Irfan will feature more than 11,000 residential units comprising villas, townhouses and apartments, 100,000 sq m of retail space, 700,000 sq m of office space, as well as a number of cultural and lifestyle offerings.

The eastern area currently being developed by OMRAN is a multi-use district adjoining the Oman Convention & Exhibition Centre (OCEC), a venue for international conferences, trade shows and concerts.

The new mixed-use community is located at the western area of Madinat Al Irfan and spans over 4.5 million sq m. The joint venture project will run over a period of 20 years and is anticipated to create more than 30,000 direct and indirect jobs in the country.

Centrally located in Muscat’s urban corridor, the development will become the gateway to Oman, a statement said.

Dr Ali bin Masoud Al-Sunaidy, chairman of OMRAN, said: “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 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.”

Peter Walichnowski, CEO of OMRAN, added: “This is another important step forward in the transformation of Muscat’s real estate and tourism offering towards setting a new international benchmark for urban development living… I truly believe this is the most exciting urban development in the Gulf region today – and today’s partnership with Majid Al Futtaim is key to this.”

Alain Bejjani, CEO at Majid Al Futtaim – Holding, said: “Our long-standing commitment to this country has led us to invest OR705 million 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.”

Majid Al Futtaim will be responsible for managing the development of all assets as part of the western area of Madinat Al Irfan.

The first phase of the project, scheduled for completion by 2023, will see investment in land infrastructure that will enable the development of mixed-use components.

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