Thursday, August 16, 2018

Destination Reports


Omran in tie-up for new urban hub
August 2018 368

Oman Tourism Development Company (Omran), the executive arm of the Government of Oman for the development of the tourism sector, and Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa, and Asia, are forging a strategic partnership to develop the western area of Madinat Al Irfan. The joint venture will see the development of a vibrant mixed-use community that will serve as the new urban centre for Muscat.

The new mixed-use community is located at the western area of Madinat Al Irfan and spans over 4.5 million sqm. The joint venture project investment value is estimated at RO5 billion ($13 billion) 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; creating a modern downtown for residents, businesses and visitors.

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

Majid Al Futtaim will be responsible for managing the development of all assets as part of the western area of Madinat Al Irfan, cementing its position as a leading community developer in the Sultanate, and unlocking further investment and expansion opportunities. 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.

This new partnership plays a major role in Oman’s national economic diversification agenda and reflects Omran’s strategic role as a catalyst of investment that forges solid partnerships with trusted developers like Majid Al Futtaim to create sustainable urban destinations and significant socio-economic benefits to the Sultanate.







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