Majid Al Futtaim and Oman Tourism Development Company (OMRAN) will develop a OMR 5bn ($13bn) mixed use project that will serve as a new urban centre for Oman’s capital city, Muscat.
Upon completion in three key stages, Madinat Al Irfan will feature more than 11,000 residential units, 100,000 sqm of retail space, 700,000 sqm of office space, as well as a number of cultural and lifestyle offerings.
The eastern area currently being developed by OMRAN sits alongside Wadi Park close to the newly opened Muscat International Airport.
It will be developed over a period of 20 years and is anticipated to create more than 30,000 direct and indirect jobs in the country.
Peter Walichnowski, CEO of OMRAN, said: “This is another important step forward in the transformation of Muscat’s real estate and tourism offering towards setting a new international benchmark for urban development living.
“Using the most innovative and sustainable development and business partnership approaches, while remaining true to Oman’s unique and rich cultural heritage – Madinat Al Irfan is fast becoming a key catalyst for economic and social growth and opportunities.
“When you look at what is being achieved here, I truly believe this is the most exciting urban development in the Gulf region today – and today’s partnership with Majid Al Futtaim is key to this.”
“Our partnership with Majid Al Futtaim is a clear demonstration of how OMRAN’s public-private strategic partnership approach is successfully bringing together the highest standards of expertise and quality with local knowledge and passion, which is now resulting in the rapid development of the local tourism industry and economy as a whole.
“We are already seeing this positive impact at Madinat Al Irfan, with the Oman Exhibition and Conference Centre precinct, which is now making a vital contribution to Oman’s MICE sector, serving as a centerpiece for wide range of major local and international events.”
Alain Bejjani, Chief Executive Officer at Majid Al Futtaim – Holding, said: “Our long-standing commitment to this country has led us to invest OMR 705mn and create employment opportunities for more than 42,000 people. We are Oman’s largest non-energy Gulf investor and a long-term contributor to the local economy.”
Majid Al Futtaim will be responsible for managing the development of all assets as part of the western area of Madinat Al Irfan. The first phase of the project, scheduled for completion by 2023, will see investment in land infrastructure that will enable the development of mixed-use components.
Madinat Al Irfan will be the second mixed-use community by Majid Al Futtaim in Oman following Al Mouj Muscat, currently home to more than 2,000 families and will include 6,000 residential units when completed by 2025.