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14 November, 2018

Foundation stone laid for $13bln Madinat Al Irfan real estate project in Oman

OMRAN and real estate giant Majid Al Futtaim laid the foundation for the project

Image used for representational purposes only

Image used for representational purposes only

Getty Images/Tinpixels/getty images

Muscat: Oman Tourism Development Company OMRAN and real estate giant Majid Al Futtaim laid the foundation of Madinat Al Irfan, an OMR5 billion project on Wednesday.

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 S.A.O.C.

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.

Dubbed a ' City for the Future', Madinat Al Irfan will be a mixed-use community, similar to Al Mouj Muscat, besides being the Sultanate’s largest urban development project to create a new downtown area for the Muscat capital district.

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"The total project will include roughly 11,000 residential units of all kinds from apartments, town houses, villas and also will include roughly 70,000 square metres of retail and more than 400,000 square metres of office space. We basically want to become the new downtown of Muscat," said Hawazen Esber, Chief Executive Officer of Majid Al Futtaim – Communities.

It would come up adjacent to the Oman Convention and Exhibition Centre over a 20-year period in stages. However, the first phase of the project is scheduled for completion by 2023.

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