Majid Al Futtaim to invest further Dh5bn in Oman for mall development

Majid Al Futtaim, the region’s biggest shopping mall operator, on Monday announced a further Dh5 billion investment in the Sultanate of Oman over the next four years.

The company plans to deliver by 2020 the Mall of Oman – a super-regional 137,000 square metre mall with 350 outlets and the country’s first snow park.

Also on its radar for Oman is City Centre Sohar, in 2018, with 100 outlets across 40,000 sq metres and My City Centre Sur, next year, the company’s first community mall in the country.

“We have always been pioneering in the Omani market,” said Alain Bejjani, the chief executive of Majid Al Futtaim.

“We are proud to renew our commitment to be the leading GCC investor in the sultanate through our 705 million Omani rial (Dh6.72bn] investments, which include the development of malls 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, every day.”

The Dubai-based group’s announcement comes amid a raft of new announcements from the retailer about expansion within the region.

The conglomerate said last year it planned to double in size within five years as it boosts investments across the Arabian Gulf and Egypt.

Last month, it announced that its Mall of Egypt would open in September with Africa’s first indoor ski slope.

In February, Majid Al Futtaim announced two new malls in Riyadh – Mall of Saudi, with one of the world’s largest indoor snow parks, and City Centre Ishbiliyah.

The first phase of development at Mall of Saudi will start in the middle of next year and is due to be completed by 2022.

In March, Majid Al Futtaim Retail announced the opening of its first Hyperstar hypermarket in Islamabad, Pakistan.

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Andrew Scott

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