New JV between Majid Al Futtaim and Omran to build the ‘City of the Future’
Oman Tourism Development Company (OMRAN), the executive arm of the Government of Oman for the development of the tourism sector, and Majid Al Futtaim, hosted an official foundation ceremony to further cement their partnership for Madinat Al Irfan, Muscat’s new ‘City for the Future’.
The foundation ceremony, held under the auspices of His Excellency Sayyid Khalid bin Hilal Al-Busaidi, Minister of the Diwan of the Royal Court, featured the official reveal of the joint venture company between OMRAN and Majid Al Futtaim, named Madinat Al Irfan Development Company SAOC. The company, which has been established to oversee the development and delivery of the new city, has a newly formed Board of eight members, chaired by His Excellency Talal Al Rahbi, Deputy Secretary General of the Supreme Council for Planning in the Sultanate.
Speaking at the ceremony, His Excellency Talal Al Rahbi, Chairman of the Madinat Al Irfan Development Company SAOC said: “We are delighted to celebrate the establishment of the Madinat Al Irfan Development Company SAOC and highlight the progress taking shape on the first phase of the new city. 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. We believe that Madinat Al Irfan’s mixed-use offering will transform Oman’s economy with significant socio-economic benefits to the Sultanate.”
As the master developer of 4.9 million sqm of the core of Madinat Al Irfan, Majid Al Futtaim is currently crafting the first phase of the master plan which includes serviced plots available for commercial, residential, educational, health care, leisure and hospitality developments. Phase one of the city, consisting of approximately 250,000 m2, will be developed over the next five years and will include public amenities. When completed, the first phase of the joint venture development will be a mixed-use community that will serve as the new urban centre for Muscat, integrating residential communities and places of commerce and leisure.
Peter Walichnowski, CEO of OMRAN, said: “Our partnership with Majid Al Futtaim is in line with our strategic approach to bringing together the highest standards of expertise in quality development with genuine local heritage and passion. This partnership will strongly contribute to the strengthening and diversification of the national economy to support Oman’s Vision 2040 through pioneering tourism infrastructure and lifestyle development. By partnering with Majid Al Futtaim, I have no doubt that we will create a fantastic array of world-class experiences for the benefit of the local community and international visitors alike.”
With a strong presence in Oman for 17 years, Majid Al Futtaim has made other significant investments in the Sultanate, including City Centre Muscat, My City Centre Sur, the first community mall in the Sultanate, and City Centre Qurum. In addition, the new Mall of Oman, set for completion in 2020, will be the biggest shopping destination of its kind in the Sultanate hosting an estimated 350 outlets set on a retail space of over 135,000-sq-m area.
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