OMRAN, Majid Al Futtaim form joint venture company to develop Madinat Al Irfan mega project in Oman
Oman Tourism Development Company (OMRAN), the tourism arm of the Government of Oman, and UAE-based Majid Al Futtaim, hosted a ceremony to lay the foundation stone at Madinat Al Irfan, dubbed Muscat’s "city for the future".
The ceremony also revealed the formation of a joint venture company between the two entities, named Madinat Al Irfan Development Company.
The company, which has been established to oversee the development and delivery of the new city, has a board of eight members, chaired by Talal Al Rahbi, Deputy Secretary General of the Supreme Council for Planning in the sultanate.
As the master developer of 4.9 million sq m of the core of Madinat Al Irfan, Majid Al Futtaim is currently crafting the first phase which includes serviced plots available for commercial, residential, educational, healthcare, leisure and hospitality developments.
Phase one of the city will be developed over the next five years and will also include public amenities.
Al Rahbi said: “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.”
Peter Walichnowski, CEO of OMRAN, said: “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.”
Hawazen Esber, CEO of Communities at Majid Al Futtaim – Properties added: “Our ambition is for Madinat Al Irfan to become a catalyst for economic diversification in Oman, and a benchmark in sustainability and urban design for the region.
“This exciting project in Muscat is a unique opportunity to activate the master plan - embedding the key learnings from our projects across the region - and establish flexible development guidelines which can unlock further investment opportunities, from developers, operators and individual investors in Oman and from across the region”, added Esber.
Majid Al Futtaim has made other significant investments in Oman, 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 the country hosting an estimated 350 outlets.