Developer says it plans to invest $1.3bn in the Sultanate
The UAEs Majid al-Futtaim (MAF) has announced plans for a $714.3m mall development in Oman.
Mall of Oman, which is set to open in 2020, will include 350 retail outlets as well as Omans largest snow park.
The announcement is also part of MAFs $1.3bn investment in the sultanate.
As well as Mall of Oman, MAF is set to develop City Centre Sohar and My City Centre Sur, valued at $116.9m and $39m respectively.
Earlier this year, MAF said its 2015 revenues grew to AED27.3bn ($7.43bn), an 8 per cent year-on-year jump as it continues to expand in the Middle East and African regions.
At the end of 2015, total assets sat at AED51bn for the company, which owns and operates 19 shopping malls, 12 hotels and three mixed-use communities. Its net debt reached AED9bn, the company said in a statement.
Majid al-Futtaim adapts growth plans
Ahmed Ismail, MAF Ventures
Ahmed Ismail, MAF Ventures
Majid Al-Futtaim (MAF) Holding has continued to expand its regional reach, posting healthy returns for 2015 and announcing plans to build new malls. The firm has also increased its franchise operations.
In 2015, MAF Holdings revenues grew 8.2 per cent to AED27.3bn ($7.4bn) and its earnings before interest, taxes, depreciation and amortisation (Ebitda) by 6.9 per cent to AED3.8bn. Net profit rose 28.8 per cent to AED3.3bn. Over the period, the contribution from MAF Ventures entities grew 34 per cent, to AED1.4bn.
Our contribution is significant financially, but more significant when you think about our contribution to the brand equity, says Ahmed Ismail, CEO of MAF Ventures. Read more.
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