Oman Tourism Development Company (OMRAN) and UAE-based Majid Al Futtaim have announced a strategic partnership to develop the western area of Madinat Al Irfan. The joint venture will see the development of a vibrant mixed-use community that will serve as the new urban centre for Muscat.

The announcement was made at a signing ceremony and joint press conference at the Oman Convention & Exhibition Centre in Muscat, which was attended by members of the royal family, high-level government officials and senior leadership of OMRAN and Majid Al Futtaim.

This new partnership plays a major role in Oman national economic diversification agenda and reflects OMRAN’s strategic role as a catalyst of investment that forges solid partnerships with developers like Majid Al Futtaim to create sustainable urban destinations and significant socio-economic benefits to the Sultanate.
  
The new mixed-use community is located at the western area of Madinat Al Irfan and spans over 4.5 million square metres. The project investment value is estimated at OMR 5 billion over a period of 20 years and is anticipated to create more than 30,000 direct and indirect jobs in the country. Centrally located in Muscat’s urban corridor, the development will create a modern downtown for residents, businesses and visitors.

His Excellency Dr Ali bin Masoud Al-Sunaidy, Chairman of OMRAN said, “The development of Madinat Al Irfan is a great addition to Muscat and reflects the vision of His Majesty Sultan Qaboos bin Said to diversify the Omani economy. The benefits to the local economy and tourism are already being realized, but it will also bring great economic and social benefit to the whole of the Sultanate.  The overall scale of the project is unprecedented and directly aligns with the government’s vision to invest in sustainable developments to strengthen and diversify the economy of Oman for the future generations.”
 
Peter Walichnowski, CEO of OMRAN commented, “In the heart of Muscat, Madinat Al Irfan is Oman’s largest urban development which exemplifies OMRAN’s leading role in fueling the expansion of the country’s tourism and real estate infrastructure, setting the benchmark for future sustainable urban lifestyle developments across the Sultanate. This is another important step forward in the transformation of Muscat’s real estate and tourism offering towards setting a new international benchmark for urban development living.  Using the most innovative and sustainable development and business partnership approaches, while remaining true to Oman’s unique and rich cultural heritage – Madinat Al Irfan is fast becoming a key catalyst for economic and social growth and opportunities.  When you look at what is being achieved here, I truly believe this is the most exciting urban development in the Gulf region today.”
 
Upon completion in three key stages, Madinat Al Irfan will feature more than 11,000 residential units comprising villas, townhouses and apartments, 100,000 square metres of retail space, 700,000 square metres of office space, as well as a number of cultural and lifestyle facilities. The first phase of the project is scheduled for completion by 2023.

Source: OMRAN

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