Majid Al Futtaim Properties to develop Mall of Oman, the Sultanate’s biggest mall in Muscat
Majid Al Futtaim Properties, the leading developer, owner and operator of shopping malls, hotels and complementary mixed-use communities in the MENA region, today announced an OR180m investment to build ‘Mall of Oman’, a super regional mall, the Sultanate’s largest shopping and entertainment destination. The announcement was made during 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 General Investment from Muscat Municipality.
“Today is a milestone occasion for Oman’s residents and tourists, as we unveil our plans for Mall of Oman – set to be the Sultanate’s largest and most comprehensive shopping destination,” said George Kostas, CEO of Majid Al Futtaim Properties. “Mall of Oman further demonstrates our commitment to the Omani market and to our growth plan in the wider MENA region. Oman’s new shopping and entertainment destination is expected to generate 1500 jobs for its construction and a further 3500 jobs once opened, and will enhance the Sultanate’s retail and entertainment offering for both residents and tourists. The Mall of Oman will also provide an opportunity for our retail partners to further establish their businesses in the Muscat market in retail and entertainment destinations of unparalleled quality and value.”
The project will begin next year (2014) where Mall of Oman will be built on 157,000 sqm of land and will offer a premium shopping experience, encompassing 350 stores in addition to a strong leisure component. The landmark project will define the growing Bauwsher District in Muscat, and will set unprecedented standards for the emerging retail and entertainment landscape in Oman.
Anchor tenants at Mall of Oman will include Carrefour, VOX Cinemas and Magic Planet; the latter, in addition to several other brands, will make their first entry to the Sultanate via the Mall of Oman.
Majid Al Futtaim Properties has been operating in Oman since 2001 with the opening of the first shopping mall in Muscat, Muscat City Centre. Since then it has invested more than OR150m in the Sultanate, generating more than 7000 jobs in construction and operation of its current assets. In addition to Muscat City Centre, Majid Al Futtaim also owns and operates Qurum City Centre, which it opened in 2008, and is currently developing The Wave mixed-use project, a 50-50 joint venture with the Government of Oman.
Majid Al Futtaim Properties is currently renovating and upgrading the entire retail offer of both Muscat City Centre and Qurum City Centre and is investing over OMR 30 million in the redevelopment and expansion of both assets, which are due to be completed in 2014.
Majid Al Futtaim Properties continues to invest as part of its expansion strategy in the Middle East and North Africa. The company started construction of its flagship ‘Mall of Egypt’ project in Cairo earlier this year and opened its ‘Beirut City Centre’ shopping mall in Lebanon last April. It also announced major investment plans in Dubai to upgrade and expand its portfolio of hotels and shopping malls including an investment of more than AED900 million to expand the world-renowned Mall of the Emirates.