Video: OMR5 billion Madinat Al Irfan project to transform Oman's real estate sector

Energy Wednesday 27/June/2018 22:22 PM
By: Times News Service

Muscat: Oman Tourism Development Company Omran and real estate giant Majid Al Futtaim have announced that they would be collaborating to build Madinat Al Irfan, an OMR5 billion project.
Madinat Al Irfan would be a mixed-use community, similar to Al Mouj, Muscat, besides being the Sultanate’s largest urban development project that would create a new downtown area for the Muscat capital district.
It would come up adjacent to the Oman Convention & Exhibition Centre (OCEC) over a 20-year period in stages.
The project will comprise more than 11,000 residential units, 100,000 square metres of retail space as well as 700,000sq.m. of office space.
Both parties pointed out that they would be developing the western area of Madinat Al Irfan.
The eastern area currently being developed by Omran sits alongside Wadi Park, just minutes from the newly opened Muscat International Airport.
It is a multi-use district adjoining the OCEC, a venue for conferences, trade shows and concerts.
The whole project would span an area of 4.5 millionsq.m. It is anticipated to create more than 30,000 direct and indirect jobs in the country. Dr. Ali bin Masoud Al Sunaidy Minister of Commerce and Industry, 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.”
Many benefits
“Besides benefits to the local economy and tourism, it will also bring great economic and social benefits to the whole of the Sultanate,” he added.
Peter Walichnowski, CEO of Omran, remarked: “In the heart of Muscat, Madinat Al Irfan is Oman’s largest urban development, which exemplifies Omran’s leading role in fuelling expansion of the country’s tourism and real estate infrastructure.
“I truly believe this is the most exciting urban development project in the Gulf today.
“Omran has been entrusted with strengthening and diversifying the national economy to support Oman’s Vision 2040 through pioneering tourism infrastructure and lifestyle development across Oman.
“In the years to come, Madinat Al Irfan will have major positive national implications, contributing approximately OMR400 million to the local economy.”
“Our partnership with Majid Al Futtaim is a clear demonstration of how Omran’s public-private strategic partnership approach is successfully bringing together the highest standards of expertise and quality with local knowledge and passion,” the Omran CEO added.
Three stages
Upon completion in three key stages, Madinat Al Irfan will feature more than 11,000 residential units comprising villas, townhouses and apartments, 100,000 sq.m. of retail space, 700,000 sq.m. of office space, as well as a number of cultural and lifestyle offerings.
Alain Bejjani, CEO, Majid Al Futtaim – Holding, said: “I am incredibly proud of the efforts made to seal this partnership and excited by the opportunity given to Majid Al Futtaim to continue playing a key role in Oman’s economic development. Our long-standing commitment to this country has led us to invest OMR705 million and create employment opportunities for more than 42,000 people.”
First phase to finish in 2023
The first phase of the project, scheduled for completion by 2023, will see investment in land infrastructure that will enable the development of mixed-use components, it was revealed.