Dubai – Mubasher: Majid Al Futtaim Group plans to invest $13.6 billion (AED 49.99 billion) in a megaproject in Oman, the largest in the Sultanate.
Oman Tourism Development Company (OMRAN) and Majid Al Futtaim had signed a strategic partnership deal to develop the western area of Madinat Al Irfan.
The deal aims to develop and form the new urban centre in Muscat, which is consistent with Oman Vision 2040, according to a press release.
The eastern of Al Irfan, currently being developed by OMRAN, is located along the Al Irfan valley and is minutes away from the recently opened Muscat International Airport.
The area is a multi-use district focusing on the Oman Convention & Exhibition Centre (OCEC) which attracts international events, conferences, and expositions.
The new multi-use project is located at the western area of Madinat Al Irfan and spans over 4.5 million square metres.
The project will be set up over a 20-year period with nearly OMR 5 billion in investments, and is projected to create more than 30,000 direct and indirect jobs.
“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 of Oman for the future generations,” chairman of OMRAN Ali bin Masoud Al-Sunaidy said.
