Omran and Majid Al Futtaim to develop $13bn mixed-use community in Muscat
Oman Tourism Development Company (Omran) and Majid Al Futtaim have announced a partnership to develop a $13 billion mixed-use community – the Sultanate’s largest urban development project – that will create a new downtown area for the Muscat capital district.
Situated in the Western area of Madinat Al Ifran, the joint venture will see the development of a mixed-use community that will become a new urban centre for Muscat. The partnership will also play a major role in the country’s national economic diversification agenda, a statement from Omran said.
Furthermore, the statement said that Omran will continue to play a strategic role as a ‘catalyst for investment that forges solid partnerships with trusted developers like Majid Al Futtaim to create sustainable urban destination and significant socio-economic benefits to the sultanate’.
Madinat Al Ifran is set to become Oman’s largest urban development project and will contribute significantly to Oman Vision 2040. The eastern area currently being developed by Omran sits alongside Wadi Park, which is just minutes from the newly opened Muscat International Airport. It is a multi-use district that is close to the Oman Convention and Exhibition Centre, which is a major venue in the Sultanate for international conferences, trade shows and concerts.
Located in Muscat’s urban corridor, the development will become the gateway to Oman, creating a modern downtown for residents, businesses and visitors.
The community covers more than 4.5 million square metres, with the joint venture project investment value estimated at $13 billion over a period of 20 years. It is anticipated to create more than 30,000 direct and indirect jobs in the country.
“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 realised, 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,” said Dr Ali bin Masoud Al-Sunaidy, chairman of Omran.
Planned to be developed in three stages, once complete, Madinat Al Irfan will consist of more than 11,000 residential units, comprising of villas, townhouses and apartments. In addition, there will be 100,000sqm of retail space, 70,000sqm of office space, and a number of cultural and lifestyle offerings, the statement added.
“In the heart of Muscat, Madinat Al Irfan is Oman’s largest urban development which exemplifies Omran’s leading role in fuelling expansion of the country’s tourism and real estate infrastructure, setting the benchmark for future sustainable urban lifestyle developments across the sultanate,” said Peter Walichnowski, CEO of Omran.
“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. Using the most innovative and sustainable development and business partnership approaches, while remaining true to Oman’s unique and rich cultural heritage – Madinat Al Irfan is fast becoming a key catalyst for economic and social growth and opportunities. When you look at what is being achieved here, 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.”
The development will serve as an integrated, sustainable and inclusive community, true to the values of Omani society, the statement continued. It asserted that Madinat Al Irfan will cater to all segments of the local community, providing ‘a model for future urban developments, not just locally, but across the region. It will create a new urban lifestyle not yet seen in the sultanate’.
“I am incredibly proud of the efforts made to seal this partnership and excited by the opportunity given to Majid Al Futtaim to continue playing a key role in Oman’s economic development. Our long-standing commitment to this country has led us to invest $1.83 billion 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,” said Alain Bejjani, chief executive officer at Majid Al Futtaim – Holding.
“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, and we look forward to bringing this exciting new community to life, while contributing to Oman’s future growth.”
The announcement was made during a signing ceremony and joint press conference at the Oman Convention and 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.