Omran, Majid Al Futtaim Lays Foundation Stone for Muscat’s “City for the Future”

Omran, Majid Al Futtaim Lays Foundation Stone for Muscat’s “City for the Future”

Oman Tourism Development Company (Omran), the tourism arm of Oman’s government, and UAE’s retail giant Majid Al Futtaim hosted a ceremony on November 14 to lay the foundation stone for Madinat Al Irfan, Muscat’s new “City for the Future,” Invest-Gate reports.

“As the master developer of 4.9 mn square meters of the core of Madinat Al Irfan, Majid Al Futtaim is currently crafting the first phase which includes serviced plots available for commercial, residential, educational, healthcare, leisure, and hospitality developments,” Majid Al Futtaim said in an official statement.

The first phase of the city will be developed over the forthcoming five years and will encompass a number of public amenities.

During the ceremony, Majid Al Futtaim and Omran also revealed the formation of a joint venture (JV) company between the two entities, dubbed Madinat Al Irfan Development Company, to oversee the development and delivery of the new city, according to the statement.

Commenting on the news, Talal Al Rahbi, chairman of the Madinat Al Irfan Development Company, said “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. We believe that Madinat Al Irfan’s mixed-use offering will transform Oman’s economy with significant socio-economic benefits to the sultanate.”

In July, both companies signed JV to build the OMR 5 bn (USD 12.9 bn) mixed-use community – Madinat Al Irfan – covering an area of 4.5 mn square meters of land adjacent to the Oman Convention and 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, Omran said back in a statement.

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