Tuesday 16 / April / 2024
Muscat: Majid Al Futtaim plans to open two major shopping malls in Oman–My City Centre Sur and City Centre Sohar--this year.
My City Centre Sur—an OMR15.2 million investment—will offer 16,500 square metres of gross leasable area, with a tailored mix of practical and lifestyle-oriented stores and services, making it an ideal location for the community to shop and socialise. The shopping centre will feature a 6,800-square metre Carrefour Hypermarket as well as 50 select stores, including food and beverage outlets.
Located in one of Oman’s growing coastal cities in the eastern province, My City Centre Sur is set to become a key destination for both residents and the increasing number of tourists visiting nearby attractions.
Likewise, City Centre Sohar will have 130 stores, a Carrefour Hypermarket and a nine-screen Vox Cinemas branch, according to reports. The project will have a capital expenditure of $116.84 million. Located on the Batinah Highway, City Centre Sohar will add 40,000 square metres of gross leasable area to the Sultanate’s retail sector. Sohar, a port city and a major industrial hub, has seen substantial economic activity in recent years.
The opening of malls in Oman follows the inauguration of My City Centre Al Dhait in January, according to a company release to announce its financial results.
The Mall of Oman, which will feature 350 stores and 137,000 square meters of gross leasable area, will open in Muscat in 2020.
Also, work continues on City Centre Al Zahia and My City Centre Masdar in the United Arab Emirates, City Centre Almaza in Egypt, and City Centre Mall in Ishbiliyah and Mall of Saudi in Riyadh
Majid Al Futtaim’s retail division generated strong revenue growth and closed last year at 25.9 billion dirhams, an 8 per cent increase compared with 2016's figures. Earnings before interest, taxes, depreciation and amortisation declined by 1.6 per cent to 1.2 billion dirhams.
Majid Al Futtaim Retail grew its grocery market share by opening eight new Carrefour Hypermarkets and 21 supermarkets during 2017, as well as completing the acquisition of Retail Arabia, the franchise owner of Geant in the United Arab Emirates, Bahrain and Kuwait. In total, Majid Al Futtaim Retail added 58 stores, increasing its presence to 231 outlets in 14 countries across the Middle East, Africa and Asia. Other key milestones for Majid Al Futtaim Retail during 2017 included the opening of two new Carrefour stores in Kenya, the announcement of the largest and most advanced distribution hub in the region, and the implementation of a number of new in-store innovations to ensure seamless customer experiences.
Majid Al Futtaim continues to explore organic and inorganic growth opportunities that have the potential to enhance its capabilities and cement its position as the market leader across the industries in which it operates. In response to the evolving needs of its digitally savvy customers, the company will continue to merge the online and offline worlds with the acceleration of digital integration within the business.
The company continues to invest in strategic plans to enhance customer experience, develop talent, reinforce its omni-channel offering, and ensure the business is well-positioned for long-term growth.
“Majid Al Futtaim’s diverse businesses and the markets in which we operate are experiencing rapid change and new innovations. At the same time, our region continues to face volatility, our competition is becoming global and the needs of our customers continue to evolve. Despite these challenges, we have delivered a solid performance as a result of a clear growth strategy, with unparalleled customer experiences and talent capability-building at its core. These pillars, along with our focus to become as prominent digitally as we are physically, will continue to drive our resilience and competitiveness,” said Alain Bejjani, chief executive officer at Majid Al Futtaim Holding.
