OMRAN and Majid Al Futtaim to develop Madinat Al Irfan in $1.92bn partnership
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, today announced a strategic partnership to develop the western area of Madinat Al Irfan.
Madinat Al Irfan is the Sultanate’s largest urban development project that will create a new downtown area for the Muscat capital district New mixed-use community, adjacent to Oman Convention & Exhibition Centre (OCEC), represents OMR 5 billion investment value over a 20-year period Joint venture project will comprise of more than 11,000 residential units, 100,000 sq.m of retail space, and 700,000 sq.m of office space
The joint venture will see the development of a vibrant mixed-use community that will serve as the new urban centre for Muscat. The announcement was made at a signing ceremony and joint press conference today at the Oman Convention & Exhibition Centre in Muscat, which was attended by members of the royal family, high-level government officials and senior leadership of OMRAN and Majid Al Futtaim.
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This new partnership plays a major role in Oman 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.
Madinat Al Irfan is the Sultanate’s largest urban development project and is set to contribute to Oman Vision 2040.The eastern area currently being developed by OMRAN sits alongside Wadi Park just minutes from the newly opened Muscat International Airport. It is a multi-use district adjoining the Oman Convention & Exhibition Centre (OCEC), a world- class 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 investment value is estimated at $1.92bn 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.
His Excellency Dr., Ali bin Masoud Al-Sunaidy, Chairman of OMRAN stated: “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.”