Oman Tourism Development Company (Omran), the executive arm of the government of Oman for the development of the tourism sector, and Majid Al Futtaim have partnered to develop an OMR5bn ($13bn) mixed-use community in Muscat, Oman.
The mixed-use community, known as Madinat Al Irfan, spans more than 4.5 million m².
Developed in three phases, the mixed-use community will feature more than 11,000 residential units featuring villas, townhouses and apartments, 100,000m² of retail space, 700,000m² of office space, as well as a number of cultural and lifestyle offerings.
The joint venture project investment value is estimated at OMR5bn over a period of 20 years. It is anticipated to create more than 30,000 direct and indirect jobs in the country.
Omran chairman Ali bin Masoud Al-Sunaidy said: “The development of Madinat Al Irfan is a great addition to Muscat and reflects the vision of His Majesty Sultan Qaboos bin Said to diversify the Omani economy.
“The benefits to the local economy and tourism are already being realized, but it will also bring great economic and social benefit to the whole of the Sultanate.
“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 of Oman for the future generations.”
Omran CEO Peter Walichnowski said: “In the heart of Muscat, Madinat Al Irfan is Oman’s largest urban development which exemplifies OMRAN’s leading role in fueling expansion of the country’s tourism and real estate infrastructure, setting the benchmark for future sustainable urban lifestyle developments across the Sultanate.
“This is another important step forward in the transformation of Muscat’s real estate and tourism offering towards setting a new international benchmark for urban development living.
“Using the most innovative and sustainable development and business partnership approaches, while remaining true to Oman’s unique and rich cultural heritage – Madinat Al Irfan is fast becoming a key catalyst for economic and social growth and opportunities.
“When you look at what is being achieved here, I truly believe this is the most exciting urban development in the Gulf region today – and today’s partnership with Majid Al Futtaim is key to this.”
The first phase of the project is scheduled for completion by 2023 and the entire community is set to be completed by 2025.
Image: The companies’ officials sign agreement to develop $13bn mixed-use community in Oman. Photo: courtesy of Omran.