Dubai-based real estate developer Majid Al Futtaim and Oman Tourism Development Company (Omran) have signed a joint venture (JV) to build an OMR 5 bn (USD 12.9 bn) mixed-use community, Invest-Gate reports.

Situated in the Western area of Madinat Al Ifran, the JV aims to develop a mixed-use community that will become Oman’s largest urban development project. The partnership will also play a major role in the sultanate’s national economic diversification agenda, a statement from Omran highlights.

Spanning 4.5 mn square meters of land adjacent to the Oman Convention & Exhibition Center (OCEC), the development is estimated to cost around USD 12.9 bn over a 20-year period as part of Oman Vision 2040 economic development strategy, aiming to create around 30,000 direct and indirect jobs in the sultanate in the future, according to Omran.

“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,” says Omran Chairman Ali bin Masoud Al-Sunaidy.

Upon completion in three key stages, Madinat Al Irfan will feature more than 11,000 residential units comprising villas, townhouses, and apartments, in addition to, 100,000 square meters of retail space, 700,000 square meters of office space, as well as a number of cultural and lifestyle offerings. The development will serve as an integrated, sustainable and inclusive community, complementing the values of Omani society, the statement adds.

Omran is the executive arm of Oman’s government for the development of the tourism sector.