Majid Al Futtaim Properties, the main developer, proprietor and operator of buying malls, inns and complementary combined-use communities within the MENA area, as we speak introduced an OR180m funding to construct ‘Mall of Oman’, an excellent regional mall, the Sultanate’s largest buying and leisure vacation spot. The announcement was made throughout a signing ceremony attended by George Kostas, Alain Bejjani and Talib Omar from Majid Al Futtaim Properties, and HE. Mohsin Al Sheikh, Chairman of Muscat Municipality and Mr. Hamad Al Rasbi, Director Common Funding from Muscat Municipality.
“In the present day is a milestone event for Oman’s residents and vacationers, as we unveil our plans for Mall of Oman – set to be the Sultanate’s largest and most complete buying vacation spot,” stated George Kostas, CEO of Majid Al Futtaim Properties. “Mall of Oman additional demonstrates our dedication to the Omani market and to our progress plan within the wider MENA area. Oman’s new purchasing and leisure vacation spot is predicted to generate 1500 jobs for its development and an extra 3500 jobs as soon as opened, and can improve the Sultanate’s retail and leisure providing for each residents and vacationers. The Mall of Oman may also present a chance for our retail companions to additional set up their companies within the Muscat market in retail and leisure locations of unparalleled high quality and worth.”
The undertaking will start subsequent yr (2014) the place Mall of Oman will probably be constructed on 157,000 sqm of land and can supply a premium buying expertise, encompassing 350 shops along with a robust leisure element. The landmark venture will outline the rising Bauwsher District in Muscat, and can set unprecedented requirements for the rising retail and leisure panorama in Oman.
Anchor tenants at Mall of Oman will embrace Carrefour, VOX Cinemas and Magic Planet; the latter, along with a number of different manufacturers, will make their first entry to the Sultanate by way of the Mall of Oman.
Majid Al Futtaim Properties has been working in Oman since 2001 with the opening of the primary shopping center in Muscat, Muscat Metropolis Centre. Since then it has invested greater than OR150m within the Sultanate, producing greater than 7000 jobs in development and operation of its present belongings. Along with Muscat Metropolis Centre, Majid Al Futtaim additionally owns and operates Qurum Metropolis Centre, which it opened in 2008, and is at present creating The Wave combined-use venture, a 50-50 three way partnership with the Authorities of Oman.
Majid Al Futtaim Properties is presently renovating and upgrading your complete retail supply of each Muscat Metropolis Centre and Qurum Metropolis Centre and is investing over OMR 30 million within the redevelopment and enlargement of each belongings, that are as a consequence of be accomplished in 2014.
Majid Al Futtaim Properties continues to take a position as a part of its enlargement technique within the Center East and North Africa. The corporate began development of its flagship ‘Mall of Egypt’ undertaking in Cairo earlier this yr and opened its ‘Beirut Metropolis Centre’ shopping center in Lebanon final April. It additionally introduced main funding plans in Dubai to improve and increase its portfolio of inns and buying malls together with an funding of greater than AED900 million to broaden the world-famend Mall of the Emirates.
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Supply: Press Launch