George Kostas and Mohsen bin Mohammed al Shaikh
MAF to develop $466m super mall in Muscat
Muscat, December 22, 2013
UAE-based Majid Al Futtaim Properties, a major developer of shopping malls, has announced a RO180 million ($466 million) investment to build a super mall in Muscat, which will be Oman’s largest shopping and entertainment destination.
The announcement to develop the Mall of Oman was made during a signing ceremony attended by George Kostas, Alain Bejjani and Talib Omar from Majid Al Futtaim Properties, and Mohsin Al Sheikh, chairman of Muscat Municipality and Hamad Al Rasbi, director general Investment from Muscat Municipality.
“Today is a milestone occasion for Oman’s residents and tourists, as we unveil our plans for Mall of Oman – set to be the Sultanate’s largest and most comprehensive shopping destination,” said George Kostas, CEO of Majid Al Futtaim Properties.
“Mall of Oman further demonstrates our commitment to the Omani market and to our growth plan in the wider Mena region. Oman’s new shopping and entertainment destination is expected to generate 1,500 jobs for its construction and a further 3,500 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 in retail and entertainment destinations of unparalleled quality and value,” he added.
The project will begin in 2014 in the Bauwsher District in Muscat. Mall of Oman will be built on 157,000 sq m of land and will offer a premium shopping experience, encompassing 350 stores in addition to a strong leisure component.
Anchor tenants at Mall of Oman will include Carrefour, VOX Cinemas and Magic Planet; the latter, in addition to several other brands, will make their first entry to the Sultanate via the Mall of Oman.
Majid Al Futtaim Properties has been operating in Oman since 2001 with the opening of the first shopping mall in Muscat, Muscat City Centre.
Since then it has invested more than OMR 150 million in the Sultanate, generating more than 7000 jobs in construction and operation of its current assets. In addition to 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 Government of Oman. – TradeArabia News Service