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|14 November, 2018

Muscat's new City for the Future inaugurated at Madinat Al Irfan

Board members of joint venture company, Madinat Al Irfan Development Company SAOC, officially announced at foundation ceremony held on-site

Muscat's new City for the Future inaugurated at Madinat Al Irfan
  • Master plan for the first 250,000 sqm in progress
  • Through Madinat Al Irfan, Majid Al Futtaim will catalyse further investment opportunities in Oman

Muscat, Oman – Today, Oman Tourism Development Company (OMRAN), the executive arm of the Government of Oman for the development of the tourism sector, and Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa, and Asia, hosted an official foundation ceremony to further cement their partnership for Madinat Al Irfan, Muscat’s new ‘City for the Future’.

The foundation ceremony, held under the auspices of His Excellency Sayyid Khalid bin Hilal Al-Busaidi, Minister of the Diwan of the Royal Court, featured the official reveal of the joint venture company between OMRAN and Majid Al Futtaim, named Madinat Al Irfan Development Company SAOC. The company, which has been established to oversee the development and delivery of the new city, has a newly formed Board of eight members, chaired by His Excellency Talal Al Rahbi, Deputy Secretary General of the Supreme Council for Planning in the Sultanate.

Speaking at the ceremony, His Excellency Talal Al Rahbi, Chairman of the Madinat Al Irfan Development Company SAOC said: “We are delighted to celebrate the establishment of the Madinat Al Irfan Development Company SAOC and highlight the progress taking shape on the first phase of the new city. 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. We believe that Madinat Al Irfan’s mixed-use offering will transform Oman’s economy with significant socio-economic benefits to the Sultanate.”

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As the master developer of 4.9 million sqm of the core of Madinat Al Irfan, Majid Al Futtaim is currently crafting the first phase of the master plan which includes serviced plots available for commercial, residential, educational, healthcare, leisure and hospitality developments. Phase one of the city, consisting of approximately 250,000 sqm, will be developed over the next five years and will include public amenities. When complete, the first phase of the joint venture development will be a vibrant mixed-use community that will serve as the new urban centre for Muscat, integrating residential communities and places of commerce and leisure.

Peter Walichnowski, CEO of OMRAN, commented: “Our partnership with Majid Al Futtaim is in line with our strategic approach to bringing together the highest standards of expertise in quality development with genuine local heritage and passion. This partnership will strongly contribute to the strengthening and diversification of the national economy to support Oman’s Vision 2040 through pioneering tourism infrastructure and lifestyle development. By partnering with Majid Al Futtaim, I have no doubt that we will create a fantastic array of world-class experiences for the benefit of the local community and international visitors alike.”

Hawazen Esber, Chief Executive Officer of Communities at Majid Al Futtaim – Properties said: “Our ambition is for Madinat Al Irfan to become a catalyst for economic diversification in Oman, and a benchmark in sustainability and urban design for the region. With a proven track record in developing successful mixed-use destinations and our unique approach to placemaking – Al Mouj Muscat being a great example – we aim to deliver a world-class destination in the heart of Muscat that is people-centric and truly is a city for the future.”

Placemaking represents an integral part of Majid Al Futtaim’s strategy in developing mixed-use communities. The company launched the region’s first-ever neuroscience study, titled ‘What Makes Great Places’ in 2017, to define the principles of placemaking and their significance in community development.

“This exciting project in Muscat is a unique opportunity to activate the master plan - embedding the key learnings from our projects across the region - and establish flexible development guidelines which can unlock further investment opportunities, from developers, operators and individual investors in Oman and from across the region”, added Esber.

With a strong presence in Oman for 17 years, Majid Al Futtaim has made other significant investments in the Sultanate, including City Centre Muscat, My City Centre Sur, the first community mall in the Sultanate, and City Centre Qurum. In addition, the new Mall of Oman, set for completion in 2020, will be the biggest shopping destination of its kind in the Sultanate hosting an estimated 350 outlets set on a retail space of over 135,000-sq-m area.

For further information, visit: www.majidalfuttaim.com/ourbusinesses/properties/communities.

-Ends-

For further information, please contact:

Sulaiman Ali Al Maqbali, Communication Coordinator

Oman Tourism Development Company (OMRAN)

Tel: +968 2439 1181

Email: sulaiman.maqbali@OMRAN.com

Media Contact:

Holly Wallace

Edelman Middle East

Tel: +971 56 216 3831

E: MajidAlFuttaimCommunities@Edelman.com 

ABOUT OMRAN

Oman Tourism Development Company SAOC (OMRAN) drives the investment, growth and development of the rapidly growing tourism sector in the Sultanate of Oman. The company is the master developer of major tourism, heritage, urban and mixed-use projects, delivering some of nation’s most visionary and iconic destinations. As the leading executive government arm for tourism development, OMRAN has a proven track record of delivering tourism and related projects to a world-class standard, due to our core philosophy of sustainability, transparency and partnering with renowned regional and international investors. Importantly, by working in close collaboration with the local communities, as well as the public and private sector, sustainability is built into every project. The company’s portfolio of projects, asset management expertise and investment experience embraces the unique aspects of Oman’s culture and heritage, while safeguarding the natural beauty of the country for the future generations.

About Majid Al Futtaim

Founded in 1992, Majid Al Futtaim is the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia.

A remarkable business success story, Majid Al Futtaim started from one man’s vision to transform the face of shopping, entertainment and leisure to ‘create great moments for everyone, every day’. It has since grown into one of the United Arab Emirates’ most respected and successful businesses spanning 15 international markets, employing more than 43,000 people, and obtaining the highest credit rating (BBB) among privately-held corporates in the region.

Majid Al Futtaim owns and operates 23 shopping malls, 13 hotels and four mixed-use communities, with further developments underway in the region. The shopping malls portfolio includes Mall of the Emirates, Mall of Egypt, City Centre malls, My City Centre neighbourhood centres, and four community malls which are in joint venture with the Government of Sharjah. The Company is the exclusive franchisee for Carrefour in 38 markets across the Middle East, Africa and Asia, and operates a portfolio of 243 outlets in 14 countries.

Majid Al Futtaim operates 331 VOX Cinema screens and 37 Magic Planet family entertainment centres across the region. In addition to iconic leisure and entertainment facilities such as Ski Dubai, Orbi Dubai and Ski Egypt, among others. The Company is parent to the consumer finance company 'Najm', and a Fashion and Home retail business representing international brands such as Abercrombie & Fitch, AllSaints, lululemon athletica, Crate & Barrel and Maisons du Monde. In addition, Majid Al Futtaim operates Enova, a facility and energy management company, through a joint venture operation with Veolia, a global leader in optimised environment resource management. The Company also owns the rights to The LEGO Store and American Girl in the Middle East and operates in the food and beverage industry through a partnership with Gourmet Gulf.

www.majidalfuttaim.com

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© Press Release 2018

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