MAF To Develop $467m Mall of Oman Project
The mall, set to become the largest shopping destination in the Sultanate, will house 350 stores.
Dubai-based retailer Majid Al Futtaim Properties (MAF) announced plans to develop an OMR180 million ($467.5 million) shopping mall in Oman.
Mall of Oman, spread across 157,000 sqm, will include 350 stores and will be located in the Bauwsher District in Muscat. Anchor tenants will include Carrefour, VOX Cinemas and Magic Planet, MAF said in a statement.
Work on the project, set to be the Sultanate’s largest shopping destination, will begin in 2014 and it is slated for completion in the fourth quarter of 2017.
George Kostas, CEO of Majid Al Futtaim Properties said: “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.”
MAF began operations in Oman in 2001 with Muscat City Centre and has invested over OMR150 million and generated more than 7000 jobs in the country since then, the statement said.
Along with 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 Omani government.
MAF is presently investing over OMR30 million to renovate and upgrade both Muscat City Centre and Qurum City Centre, which are due to be completed in 2014.
The company, which operates 16 malls across the MENA region, is also increasing overall regional investments as part of its expansion strategy.
The company started construction of its ‘Mall of Egypt’ project in Cairo earlier this year and opened its ‘Beirut City Centre’ shopping mall in Lebanon last April.
It has also announced major investment plans in Dubai to expand its portfolio of hotels and shopping malls, including an investment of over Dhs900 million to upgrade Mall of the Emirates.