Muscat: Dentons has advised Oman Tourism Development Company SAOC (Omran) on a partnership with leading UAE developer Majid Al Futtaim (MAF), relating to the largest flagship urban mixed-use development project in the Sultanate. The signing ceremony was held at the Oman Convention & Exhibition Centre (OCEC) with ministers, government officials and senior officials of both organisations in attendance.
The US$13 billion development will be located in the western area of Madinat Al Irfan, near the new Muscat International Airport, and will span over 4.5 million square metres with 11,000 residential units and 800,000 square metres of retail and office space. The project is due for completion in 2025.
Dentons negotiated the Joint Venture Agreement with MAF and the Service Agreement for delivering the first phase of the project.
Dentons' Managing Partner and Head of Corporate and Real Estate in Muscat, Nick Simpson, said, "We are delighted to have assisted Omran on not only the largest proposed development in Oman, but one of the biggest real estate deals likely to take place in the Middle East in 2018. The development will have a significant and positive impact on Omani employment, the local construction industry, foreign direct investment and the tourism sector."
For further information, please contact:
Charlene Singh
Business Development & Marketing Manager - Middle East
Dubai
+971 4 402 0870
charlene.singh@dentons.com
About Dentons
Dentons is the world's largest law firm, delivering quality and value to clients around the globe. Dentons is a leader on the Acritas Global Elite Brand Index, a BTI Client Service 30 Award winner and recognized by prominent business and legal publications for its innovations in client service, including founding Nextlaw Labs and the Nextlaw Global Referral Network. Dentons' polycentric approach and world-class talent challenge the status quo to advance client interests in the communities in which we live and work. www.dentons.com
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