Majid Al Futtaim, a Dubai mall, retail and leisure business with operations spanning much of the Middle East and North Africa, has announced that it will increase its Omani investments with a regional mall in Muscat.
Bringing the firm’s investments in the sultanate up to 705 million Oman rials (OMR), Majid Al Futtaim CEO Alain Bejjani revealed the plans alongside other senior executives and staff at a dinner gala celebrating the company’s 15 years of trade with Oman.
Current projects initiated by the enterprise include the Mall of Oman, with construction set to begin in 2016 and wrap up in 2020; and three “City Centres”—accessible, convenient retail shopping centers including My City Centre Sur, opening in 2017, lifestyle destination City Centre Muscat, and City Centre Qurum.
Additionally, the company is preparing for the next stage of development at Al Mouj Muscat — Arabic for “The Wave” — offering upscale lifestyle and leisure opportunities with abundant proximity to waterways and an 18-hole golf course.
The projects in development are expected to generate over 42,000 jobs in Oman, the Arabian Peninsula's second largest country, over the next five years. Many of its existing Omani outlets are managed by Omani residents.
Majid Al Futtaim also intends to continue expansion of its existing retail and entertainment businesses including Magic Planet, Carrefour and VOX Cinemas.
Finally, Majid Al Futtaim plans to synchronize with Oman’s National Strategy for Tourism 2040, which has set a goal of increasing tourism’s contribution to the nation’s revenues by 6 percent annually — as well as doubling the number of visiting travelers to five million per year.