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Oman launches its biggest ‘urban’ development

Dubai

Oman’s largest “urban” development costing 5 billion Omani riyals and to feature 11,000 homes has been launched in a joint venture between Dubai’s Majid Al Futtaim Group and Omran (Oman Tourism Development Co.). The location of the “Madinat Al Irfan” is minutes away from the new Muscat International Airport and adjoins the Oman Convention & Exhibition Centre.

The project will also see the creation of 100,000 square metres of retail space and 700,000 square metres for offices. It will be built in three phases over 20 years.

Located in the western area of Madinat Al Irfan, it spans over 4.5 million square metres. “This is another important step forward in the transformation of Muscat’s real estate and tourism, offering a new international benchmark for urban development living,” said Peter Walichnowski, CEO of Omran. “Madinat Al Irfan is fast becoming a key catalyst for economic and social growth and opportunities.” The first phase of the project, scheduled for completion by 2023, will see investment in land infrastructure that will enable the development of mixed-use components.

Madinat Al Irfan will be the second mixed-use community by Majid Al Futtaim in Oman, following the Al Mouj Muscat. The community is currently home to more than 2,000 families and will include 6,000 residential units when completed by 2025.

In the retail arena, Majid Al Futtaim operates City Centre Muscat, My City Centre Sur and City Centre Qurum.

According to Alain Bejjani, CEO at Majid Al Futtaim — Holding, “Our long-standing commitment to this country has led us to invest 705 million riyals and create employment opportunities for more than 42,000 people. We are Oman’s largest non-energy Gulf investor and a long-term contributor to the local economy.

“We are pleased to partner with Omran to be part of what is set to be the largest development in Oman.”

Majid Al Futtaim will be responsible for managing the development of all assets as part of the western area of Madinat Al Irfan.

“Omran’s public-private strategic partnership approach is successfully bringing together the highest standards of expertise and quality with local knowledge and passion,” said Walichnowski. “We are already seeing this positive impact at Madinat Al Irfan, with the Oman Exhibition and Conference Centre precinct, which is now making a vital contribution to Oman’s MICE sector.”

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