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.
