Majid Al Futtaim to boost Oman investment to Dh6.7b by 2020

5/9/2016 3:52:13 AM

(MENAFN- Khaleej Times) Majid Al Futtaim the leading shopping mall retail and leisure pioneer across the Middle East and North Africa region on Monday announced it will increase its investment in Oman by OR515 million to OR705 million (Dh6.7 billion) by 2020 reaffirming its long-standing commitment to the sultanate.

The company's investment strategy includes Mall of Oman (estimated at OR275 million) City Centre Sohar (OR45 million) My City Centre Sur (OR15 million) and additional investments from its retail leisure and entertainment businesses (OR180 million) including Magic Planet Carrefour and VOX Cinemas. Majid Al Futtaim's investments are anticipated to create more than 42000 direct and indirect job opportunities in the sultanate in the next five years.

When it opens in 2020 Mall of Oman will be the largest integrated retail leisure and entertainment destination in the sultanate. The super-regional mall will feature 350 outlets in a 137000sqm retail space. It will feature firsts including Oman's largest snow park with an 8000sqm play area and a Little Explorers edutainment centre.

It will also include the sultanate's first Abercrombie & Fitch and largest VOX Cinemas and Magic Planet the leading family entertainment centre in the region as well as a 13200sqm Carrefour hypermarket and a 292-room hotel completing its integrated offer. It is estimated that Mall of Oman's development will generate 29000 direct and indirect job opportunities.

City Centre Sohar set to open in 2018 will be the largest shopping and lifestyle destination in its governorate. The regional mall will be home to 100 new retail outlets across 40000sqm. These will include businesses owned and managed by Majid Al Futtaim such as a 7400sqm Carrefour hypermarket and entertainment options including VOX Cinemas and Magic Planet. The mall will create an estimated 8000 employment opportunities in Oman.

My City Centre Sur which will open in 2017 will be Majid Al Futtaim's first community mall in Oman. The My City Centre retail concept which was launched by Majid Al Futtaim two years ago features a tailored mix of lifestyle-orientated retail and service outlets aimed at serving the everyday needs of local communities. My City Centre Sur will include 16500sqm of retail space comprising 50 outlets a 6850sqm Carrefour hypermarket Oman's first City Centre Clinic and a Magic Planet. The project will create more than 3500 direct and indirect job opportunities.

"We have always been pioneering in the Omani market. We are proud to renew our commitment to be the leading GCC investor in the Sultanate through our OR705 million investments which include the development of Mall of Oman City Centre Sohar and My City Centre Sur as well as additional investments from our retail leisure and entertainment businesses. We look forward to completing our projects and seeing them deliver more great moments for everyone everyday" said Alain Bejjani chief executive officer of Majid Al Futtaim Holding.

Majid Al Futtaim is also expanding its existing City Centre Qurum shopping mall in Muscat. The revamp will see the introduction of Centrepoint the multi-brand retail concept as well as additional car parking spaces. Furthermore the company is developing the next phase of Al Mouj Muscat an oceanfront mixed-use destination and expanding its VOX Cinemas and Carrefour hypermarkets to new locations across the sultanate.

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