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Under the patronage of His Highness Sayyid Haitham bin Tariq Al Said, Minister of Heritage and Culture
Muscat, Oman, 04 May 2016: Under the patronage of His Highness Sayyid Haitham bin Tariq Al Said, Minister of Heritage and Culture, Majid Al Futtaim unveiled its plans to increase its total investment in the Sultanate to OMR 705 million by 2020, which includes the development of City Centre Sohar, a new regional mall. The announcement was made to Omani dignitaries at a launch event which reinforced Majid Al Futtaim's commitment to its investments in Oman.
The company's Chief Executive Officer Alain Bejjani, and Majid Al Futtaim's Oman country head, Talib Omar as well as other Majid Al Futtaim senior executives and Omani employees welcomed a number of esteemed guests to a gala dinner, following the retail and leisure pioneer's announcement. In addition to revealing new developments, the gala evening celebrated Majid Al Futtaim's 15 years of investment and relationship-building in the Sultanate of Oman.
The company's current investment strategy includes further new developments, such as Mall of Oman and My City Centre Sur, as well as the next stage of development at Al Mouj Muscat and the expansion of its existing retail and entertainment businesses including Magic Planet, Carrefour and VOX Cinemas.
Majid Al Futtaim's planned investments are anticipated to create more than 42,000 direct and indirect job opportunities in the Sultanate in the next five years. A significant percentage of the management at Majid Al Futtaim's malls in the Sultanate is made up by Omani nationals and this number is set to increase once the new malls are completed.
The continued investment in Oman's retail, leisure and entertainment infrastructure by Majid Al Futtaim supports the country's National Strategy for Tourism 2040, which targets a 6 per cent rise in the contribution of the tourism sector to GDP and a near doubling of visitor numbers to five million annually.
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Disclaimer: All facts and figures in this release are accurate at the time of issuance.
About Majid Al Futtaim
Founded in 1992, Majid Al Futtaim is the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa (MENA).
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 14 international markets, employing more than 33,000 people, and achieving the highest credit rating (BBB) among privately-held corporates in the Middle East.
Majid Al Futtaim owns and operates 19 shopping malls, 12 hotels and three mixed-use communities, with further developments underway in the region. The shopping malls portfolio includes Mall of the Emirates, City Centre malls, and also four community malls which are in joint venture with the Government of Sharjah. The Company holds exclusive rights to the Carrefour franchise in 38 markets across Middle East, Africa and Central Asia, and with the Hyperstar brand in Pakistan, operates a portfolio of more than 160 outlets in 14 countries.
Majid Al Futtaim operates 183 VOX Cinema screens and 24 Magic Planet family entertainment centres across the region, in addition to iconic leisure and entertainment facilities such as Ski Dubai and iFly Dubai, among others. The Company is parent to the consumer finance company issuing 'Najm' and "Voyager" credit cards, a fashion retail business representing international brands such as Abercrombie & Fitch, AllSaints and lululemon athletica, and a healthcare business that operates a network of City Centre Clinics. In addition, Majid Al Futtaim operates Enova, a facility 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 in the Middle East and operates in the food and beverage industry through a partnership with Gourmet Gulf.
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Press Release 2016
