(MENAFN- Muscat Daily) Muscat- H E Sayyid Khalid bin Hilal al Busaidi, Minister of the Diwan of Royal Court on Wednesday laid the foundation stone of RO5bn Madinat al Irfan project. To come up near the Oman Convention & Exhibition Centre, it will be Oman's 'City for the Future'.
The ceremony was hosted by Oman Tourism Development Company (Omran), the executive arm of the government for the development of the tourism sector, and Majid al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa, and Asia.
The ceremony also led to the announcement of joint venture company between Omran and Majid al Futtaim, named Madinat Al Irfan Development Company which will oversee the project.
It has eight board members, chaired by H E Talal al Rahbi, deputy secretary general of the Supreme Council for Planning.
Speaking on the occasion, H E Rahbi said, 'We are delighted to celebrate the establishment of the Madinat Al Irfan Development Company and highlight the progress taking shape in the first phase of the new city. The overall scale of the project is unprecedented and directly aligns with the government's vision to invest in sustainable development to strengthen and diversify the economy. We believe that Madinat al Irfan's mixed-use offering will transform Oman's economy with significant socio-economic benefits to the country.'
As the master developer of 4.9mn sq m of the core of Madinat al Irfan, Majid al Futtaim is working on the first phase of the master plan which includes serviced plots available for commercial, residential, educational, healthcare, leisure and hospitality development. 'Phase one of the city, consisting of approximately 250,000sq m, will be developed over the next five years and will include public amenities. When complete, the first phase of the joint venture development will be a vibrant mixed-use community that will serve as the new urban centre for Muscat, integrating residential communities and places of commerce and leisure. It will create more than 30,000 direct and indirect jobs,' H E Rahbi said.
Peter Walichnowski, CEO of Omran, said, 'The partnership with Majid al Futtaim is in line with our strategic approach in bringing together the highest standards of expertise in quality development with genuine local heritage and passion. This partnership will strongly contribute to the strengthening and diversification of the economy to support Oman's Vision 2040 through pioneering tourism infrastructure and lifestyle development. By partnering with Majid al Futtaim, I have no doubt that we will create a fantastic array of world-class experiences for the benefit of the local community and international visitors alike.'
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