Majid Al Futtaim $1.3bn investments to create jobs

 | May 03, 2016

undefinedMajid Al Futtaim (MAF) will create 42,000 new job opportunities in Oman as part of an investment of 515 million Omani rials ($1.337 billion) over the next five years, it said on Monday.

The company will invest millions of riyals on major projects including 275 million rials on the Mall of Oman, 45 million rials for City Centre Sohar, 15 million rials on My City Centre Sur and the remainder in its existing retail, leisure and entertainment businesses, according to a statement.

These projects are expected to generate an estimated 42,000 jobs, the company said. MAF has already invested 190 million rials in three projects since 2001, creating more than 23,000 jobs in their construction and operation.

MAF in February reported annual revenue of 27.3 billion United Arab Emirates' dirhams ($7.43 billion) in 2015, an 8 percent year-on-year increase. This was on the back of earnings from 19 shopping malls and 12 hotels, according to Zawya Projects.

It also holds the Carrefour franchise in 38 markets in the Middle East, Africa and central Asia, operating about 150 outlets in 13 countries.

 

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