02 May 2016
Dubai-based retail and leisure developer Majid Al Futtaim (MAF) said on Monday that it would create 42,000 new job opportunities in Oman as part of an investment of 515 million Omani rials ($1.337 billion) over the next five years.
As part of the strategy, the conglomerate will invest 275 million rials in the Mall of Oman project, 45 million rials in City Centre Sohar, 15 million rials in My City Centre Sur and the remainder in its existing retail, leisure and entertainment businesses, according to a press statement.
The company has already invested 190 million rials in three projects since 2001, creating more than 23,000 jobs in their construction and operation. The latest cash injection is estimated to generate another 42,000 jobs, MAF said.
Mall of Oman, with 350 outlets and 137,000 square metres of retail space, will be the sultanate's largest retail outlet when it opens in 2020. It will be home to a snow park, as well as a Carrefour hypermarket and a 292-room hotel.
City Centre Sohar will consist of 100 retail outlets when it opens in 2018 and My City Centre Sur will be MAF's first community mall in Oman when it opens in 2017. Operating in the sultanate for 15 years, MAF already operates three mall projects in the capital Muscat.
MAF in February reported annual revenue of 27.3 billion United Arab Emirates' dirhams ($7.43 billion) in 2015, an 8 percent year-on-year increase. This was on the back of earnings from 19 shopping malls and 12 hotels. It also holds the Carrefour franchise in 38 markets in the Middle East, Africa and central Asia, operating about 150 outlets in 13 countries.
(Writing by Shane McGinley)
© Zawya 2016
Dubai-based retail and leisure developer Majid Al Futtaim (MAF) said on Monday that it would create 42,000 new job opportunities in Oman as part of an investment of 515 million Omani rials ($1.337 billion) over the next five years.
As part of the strategy, the conglomerate will invest 275 million rials in the Mall of Oman project, 45 million rials in City Centre Sohar, 15 million rials in My City Centre Sur and the remainder in its existing retail, leisure and entertainment businesses, according to a press statement.
The company has already invested 190 million rials in three projects since 2001, creating more than 23,000 jobs in their construction and operation. The latest cash injection is estimated to generate another 42,000 jobs, MAF said.
Mall of Oman, with 350 outlets and 137,000 square metres of retail space, will be the sultanate's largest retail outlet when it opens in 2020. It will be home to a snow park, as well as a Carrefour hypermarket and a 292-room hotel.
City Centre Sohar will consist of 100 retail outlets when it opens in 2018 and My City Centre Sur will be MAF's first community mall in Oman when it opens in 2017. Operating in the sultanate for 15 years, MAF already operates three mall projects in the capital Muscat.
MAF in February reported annual revenue of 27.3 billion United Arab Emirates' dirhams ($7.43 billion) in 2015, an 8 percent year-on-year increase. This was on the back of earnings from 19 shopping malls and 12 hotels. It also holds the Carrefour franchise in 38 markets in the Middle East, Africa and central Asia, operating about 150 outlets in 13 countries.
(Writing by Shane McGinley)
© Zawya 2016
